Law Office of Patrick Sullivan, P.C.

03/23/2023

Families inherit money and sometimes make the right moves investing and spending. Inheritances can also ignite disruption, divorce and a host of bad behavior – far from the hopes and plans of the benefactor. What happens when you leave what’s probably one of your biggest investments: your individual retirement plan?

Families inherit money and sometimes make the right moves investing and spending. Inheritances can also ignite disruption, divorce and a host of bad behavior – far from the hopes and plans of the benefactor. What happens when you leave what’s probably one of your biggest investments: your indivi...

03/20/2023

Trusts can manage how you leave assets to your family. This video shows how Trusts can create and preserve your legacy.

Trusts can help you create and preserve your legacy. This video shows how they may be of benefit to you and your family.

03/17/2023

Wills help you control how your assets are distributed. Learn how you can provide your family with a financial roadmap in this video.

Wills help you control how your assets are distributed. Learn how you can provide your family with a financial roadmap in this video.

08/25/2022

Wills help you control how your assets are distributed. Learn how you can provide your family with a financial roadmap in this video.
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06/29/2022

Protect and control your assets after your lifetime with trusts. Watch this video to learn how trusts can help carry out your wishes.

07/01/2021

If you are thinking about establishing a trust, you need to select a trustee—someone who is charged with administering the trust according to your wishes. Perhaps you are considering naming a family member, or maybe you are wondering whether it would be wiser to designate your attorney or another trusted professional. Choosing a trustee is an important decision that requires great care and an analysis of your unique circumstances.

If you are thinking about establishing a trust, you need to select a trustee—someone who is charged with administering the trust according to your wishes. Perhaps you are considering naming a family member, or maybe you are wondering whether it would be wiser to designate your attorney or another ...

06/30/2021

Conventionally, estate planning has focused on how to minimize estate taxes and designate who gets what when you die. If you are a business owner, however, managing your affairs in the modern world has become more complicated, and quality of life issues involving health care, personal finances, and how critical business planning decisions are to be made are becoming increasingly more important.

Conventionally, estate planning has focused on how to minimize estate taxes and designate who gets what when you die. If you are a business owner, however, managing your affairs in the modern world has become more complicated, and quality of life issues involving health care, personal finances, and....

06/29/2021

If you own your home and perhaps a second home, you may still want to expand your real estate holdings. Real estate investment trusts differ from most estate planning trusts as they offer investors an indirect way of participating in property ownership, often with greater liquidity and less personal involvement.

If you own your home and perhaps a second home, you may still want to expand your real estate holdings. Buying stock in real estate-related companies offers investors a way of participating in property ownership, often with greater liquidity and less personal involvement than through direct ownershi...

06/28/2021

Even if you are just starting to build your estate and do not need complex estate planning, there are several steps you should consider taking immediately in order to protect your family and to reduce expenses in the event of your death.

Even if you are just starting to build your estate and do not need complex estate planning, there are several steps you should consider taking immediately in order to protect your family and to reduce expenses in the event of your death.

06/25/2021

Are you hoping the business you’ve worked so hard to build will live on for the benefit of your family once you’re gone? So was Angelo (a hypothetical case), the founder of a thriving $3 million car dealership. His dream was to pass the company on to his son, Matthew. But Angelo, a widower, had never found the time to plan his estate. After Angelo’s death, his estate faced a significant estate tax liability.

Are you hoping the business you’ve worked so hard to build will live on for the benefit of your family once you’re gone? So was Angelo (a hypothetical case), the founder of a thriving $3 million car dealership. His dream was to pass the company on to his son, Matthew. But Angelo, a widower, had ...

06/24/2021

Increased mobility in today’s society has changed the ways in which we live, work, and play. Compared to previous generations, it is now quite common for work and recreational activities to cross state lines, resulting in ownership of property and formal relationships in more than one state. However, the expanded opportunities created by mobility may come at a price: the increased likelihood that several states may be able to tax your estate when you die. If you were to die today, do you know if more than one state would attempt to levy taxes on your estate?

Increased mobility in today’s society has changed the ways in which we live, work, and play. Compared to previous generations, it is now quite common for work and recreational activities to cross state lines, resulting in ownership of property and formal relationships in more than one state. Howev...

06/23/2021

Special needs trusts are set up for individuals with disabilities whether from birth, illness, or as a result of an accident. These types of trusts, which are often created by the parents of a special needs or disabled child, can be used to help with finances, and even pay for “extras,” such as transportation, therapy, or day care, often without affecting eligibility for government benefits. Typically, the parents act as the trustees.

Special needs trusts are set up for individuals with disabilities whether from birth, illness, or as a result of an accident. These types of trusts, which are often created by the parents of a special needs or disabled child, can be used to help with finances, and even pay for “extras,” such as ...