Thomas H. Sullivan

Attorney at Law

Gifting

What Impact Does the Citizenship of My Spouse Have On My Estate?

Posted on: December 3rd, 2019
According to the Pew Research Center, in 2017, there were 44.4 million foreign-born people living in the United States, 55% of whom were non-citizens. As a result, there are many occasions when a non-citizen may be the beneficiary of the estate of a U.S. citizen, for example, if the non-citizen immigrant married a U.S. citizen. There are no laws prohibiting this, though non-citizen spouses—regardless of whether they are in the U.S. legally or illegally—may be treated differently for estate and gift tax purposes....

Passing on Your Wisdom and Experience to the Next Generation

Posted on: November 7th, 2019
Each person accumulates a wealth of knowledge, experiences, and values throughout the course of their life. Regardless of whether you are financially wealthy, you have a great deal to share with your loved ones. An ethical will, sometimes also called a legacy letter, is a great way to pass on the wisdom that you have acquired and can be one of the most meaningful parts of your estate plan....

Loan, Gift, or Advancement: Why the Classification Matters

Posted on: May 18th, 2019
While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning. Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement....

Estate Planning Is More Than Just Death Planning

Posted on: May 13th, 2019
Many believe that estate planning is simply instructions on how to distribute your assets when you pass away, but the reality is that proper estate planning can do much more. While one major benefit of estate planning is to provide for your family and friends when you are gone, there are many benefits for you as well....

What does a discretionary trust mean?

Posted on: April 22nd, 2019
Sometimes giving assets outright to a beneficiary – such a child, a grandchild or a special needs loved one – is not the ideal method of distributing assets in an estate plan. In such a scenario, a discretionary trust can be a good estate planning tool. Below is some basic information on discretionary trusts and how they may be beneficial to your particular family’s needs....

What to do with the family heirlooms and keepsakes

Posted on: April 17th, 2019
When most people think of estate planning, they think of assets that include money, real estate, and personal property. But, included in someone’s estate could be invaluable personal property, such as family heirlooms or keepsakes. This type of property should not be overlooked in your estate plan just because it may not have a high dollar value because it still has sentimental value that cannot be quantified. Part of a thorough estate plan is determining how you want these priceless family heirlooms and keepsakes distributed once you are gone. ...
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