Margolis & Bloom
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Success Stories

Innovative Strategy Permits Man to Set Aside Funds For Disabled Son

A client's daughter initially came to see us with the sole goal of protecting the funds her father had transferred into trust for her disabled brother. Although disabled, her brother still works. Shortly thereafter the father had to move to a nursing home.

 

Client's Estate Plan Protects Children and Grandchildren

A widowed client with four children came to see us about protecting and providing for her disabled daughter. We created a supplemental needs trust for her daughter to be funded at our client's death and assisted her in finding a professional trustee to manage the funds for her daughter's benefit.

 

Senior Acts to Protect Daughters and Grandchildren

A client is 78 years old, widowed and living alone. He has three daughters and seven grandchildren, with whom he shares a close relationship. Unfortunately, one of his daughters is divorced and has precarious finances. Another has been successfully treated for breast cancer, but he is still worried about her.

 

Wife of Nursing Home Resident Protects Home and Vacation Home

Our client and her son came into our office, having been referred by her estate planning attorney. Our client had been paying for her husband who had been in a nursing home for several years. While they had been well off, she was getting nervous since she was depleting her life savings paying for her husband's care and was leaving no money for herself to live.

 

Protection and Management of Medical Malpractice Settlement for Minor

Our clients' son was paralyzed at birth and ultimately recovered a large medical malpractice settlement due to the fine work of their personal injury law firm. But then the family had to decide how the funds would be managed, whether some of the recovery should be "structured" meaning put in a tax-free annuity, what planning should take place to qualify their son for public benefits, such as MassHealth and Supplemental Security Income, and what should happen to the funds at their son's death.

 

Planning Both for Child with Special Needs and Other Children

Our clients came in initially wanting to create a simple estate plan that met their goals. They have three children, two sons and a daughter with special needs. They wanted their assets to go to their children equally, but did not know if their daughter should receive her inheritance directly. Doing so would disqualify her from receiving public benefits from the state and they knew that she would not be able to manage the funds well.

 

Planning to Reduce Estate Taxes

A client called because her husband had taken an unexpected turn and was hospitalized two days earlier. Besides their simple wills, health care proxies and durable powers of attorney, they had been putting off establishing a proper estate plan for years.

 

Planning in Advance to Reduce Long-Term Care Costs

Our clients, a married couple, were both in good health until a couple of years ago, when the wife was first diagnosed with dementia. She's doing fine right now, and they are still living together in the same house that they bought right after they were married. They don't see any reason why she would have to move out of their home any time soon. Over the years the family managed to save a small nest egg, mainly IRA's and 401K's, and a few stocks here and there, and they were worried that all of their savings would have to pay for her future care when she eventually needed it. The clients wanted to make sure that they both would be taken care of, but they also wanted to protect some of their savings for their children.

 

Planning to Protect the Big House

Our client came to see us with one of her sons with the goal of protecting her large house for herself and her family of five children. She is in her mid-70s and in good health. Her husband had passed away a few years earlier.