Thomas H. Sullivan
Attorney at Law
How an Estate Planning Letter of Intent Can Help Your Family
Posted on: July 13th, 2018
Estate planning is an important task that everyone should undertake as it helps to protect your family and loved one’s financial future. But estate planning can do much more than focus on finances, it can also provide for care of those you leave behind. One aspect of estate planning that is often overlooked but can be quite useful is the letter of intent. This document is typically contained within an estate plan and includes instructions on how the estate and decedent’s executors should manage the estate’s assets and care for family and loved ones....
The Biggest Threats to Successful Estate Planning
Posted on: June 11th, 2018
Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes....
How many plans do I need?
Posted on: May 1st, 2018
Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans - financial, tax, legacy, and estate - are vital to your financial well-being and protection of your assets and family. All of these plans are closely linked, affecting one another but also serving different purposes....
Basics of Beneficiary Forms and Estate Planning
Posted on: April 3rd, 2018
In the event of your untimely death, the manner in which your beneficiaries -- or those people who receive your assets from your estate -- are determined is highly dependent on how your property is titled....
How to Leave Assets to Adult Children
Posted on: March 16th, 2018
When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn't necessarily mean they should receive equal shares of your estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to “compensate” a child who has been a primary caregiver....
4 Things to Consider Regarding Early Inheritance
Posted on: February 23rd, 2018
Nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams while we’re alive to enjoy them, and there’s no real financial penalty for doing so, provided that you structure the arrangement correctly. Here are four important factors to take into account when planning to give an early inheritance....