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.
They came to Margolis & Associates to find answers to these questions. We were able to work with the clients to craft an appropriate trust for their son, help them choose an independent trustee with whom they feel comfortable, and decide how much of the settlement to structure for optimum tax and investment results.
We developed a very close relationship with the clients and were successfully able to manage the trust funds for their son while taking his needs into consideration. We were even able to guide these clients throughout the process of building a new home which was modified to make it accessible for their son.