Private Client Services Attorneys in Wellesley, Massachusetts
Private Client Services
- Estate Planning
- Business Succession Planning
- Asset Protection Planning
- Trusts & Estates
- Charitable Planned Giving
- Elder Law & Long Term Care Planning
- Special Needs Planning
- Tax Planning
Estate PlanningWilchins Cosentino & Novins's Private Client Services Group provides high net worth individuals with legal and tax planning advice for their estates, trusts, business activities, investments and insurance. At the core of these services is a close, confidential relationship with our clients through which we learn and understand their goals and objectives for transferring wealth to future generations either outright or via managed trusts, preserving wealth by minimizing income, estate, gift and generation skipping transfer taxes, directing the disposition of assets during life and after death, and protecting assets from creditors.
We pride ourselves on developing effective and comprehensive estate plans in close consultation with our clients, using trusted estate planning techniques that are most relevant with the client’s goals and objectives. We assist clients in estate and trust planning by preparing the necessary core documents, including wills, revocable and irrevocable trusts, minors trusts, durable powers of attorney, health care proxies, realty trusts, as well as asset transfer documentation and beneficiary designations for retirement accounts and insurance policies.
Where appropriate, Wilchins Cosentino & Novins's attorneys counsel clients on the more complex and sophisticated planning techniques, utilizing plans that may involve family limited liability companies or limited partnerships, qualified personal residence trusts, defective grantor trusts, grantor retained income and annuity trusts, private foundations and/or charitable trusts. Clients frequently designate members of the firm to serve as executors and/or trustees of various trusts or to otherwise serve in a fiduciary or advisory capacity.
In addition to the members of our Private Client Services Group, our firm has a multi-disciplined team of attorneys who provide personalized advice in areas that touch on our clients’ estate planning as the need arises — including the areas of estate and probate litigation, real estate, corporate law and family law. We also closely work with the other members of our clients’ professional advisory team (such as accountants, financial planners, insurance advisors, appraisers and other valuation experts) to ensure there is an integrated estate planning strategy by which our clients address some of their most important, challenging and sensitive decisions.
We understand that estate planning is an ongoing process which requires adaptation and revision as circumstances change and as new laws (including tax laws) are enacted. We frequently and regularly communicate with our clients after documents have been signed or plans have been implemented to ensure they are up-to-date and continue to satisfy our clients’ goals and objectives.
Business Succession Planning
We have extensive experience dealing with family concerns and negotiating solutions for different members of the family or owners. The firm often provides consultation with owners and family members in attempting to balance the interest of the parties, while protecting the value of the entity and by providing family members or owners with the appropriate control and equity that is necessary or appropriate.
Asset Protection Planning
We know that litigation creates tremendous risk and exposure to our clients. As an option to litigation, we can assist clients in establishing an Asset Protection Trust. An Asset Protection Trust allows clients to retain an interest in the trust while removing it from the reach of future creditors. Current laws in several states have permitted this type of trust, which provides for the transfer of assets to an irrevocable trust. The trust incorporates spendthrift provisions in the trust document.
Trusts & Estates
Similarly, Wilchins Cosentino & Novins attorneys regularly assist clients in trust administration, either by providing counsel or by actually serving as a trustee or other fiduciary by appointment of our clients. Trusts present unique tax, business, family and personal issues, and each type of trust can present its own set of particular benefits and challenges. Our group utilizes its extensive background, knowledge and skill in this area to help clients, including fiduciaries and beneficiaries, to learn about, evaluate and balance the financial, tax and personal considerations.
We regularly counsel clients in unfortunate cases of estate or trust disputes. Where litigation (or mediation or arbitration) is required or has otherwise commenced, our team of attorneys (including our trial attorneys) has the sophisticated experience to expertly represent our client’s interests throughout the process. This experience extends to a wide range of areas, such as contests of wills and trusts, allegations of undue influence or incapacity, disagreements over the suitability or conduct of proposed or existing fiduciaries, partitions of property, reformations of will and trust documents, instituting actions for fiduciary appointment or removal and intra-family conflicts.
Charitable Planned Giving
Elder Law & Long Term Care Planning
In addition to planning in advance of a long-term-care need, we also have extensive experience in preparing and filing applications for Medicaid coverage,
including subsequent dealings with caseworkers and hearing officers. We can also be a valuable resource for referring clients to qualified elder health professionals, such as geriatric care managers and private and public health care agencies.
Estate planning for elders involves several special considerations because of the very specific rules that apply to long-term-care planning. The firm works regularly with elder clients to craft tax-efficient plans suited for their personal needs, including the use of certain types of irrevocable and revocable trusts, wills and testamentary trusts, life estate and special power of appointment deeds, intra-family agreements and transactions, caregiver contracts, long-term-care insurance, reverse mortgages, durable powers of attorney, health care proxies, advance care directives and other important documents.
Wilchins Cosentino & Novins also has extensive experience helping clients file for guardianships and conservatorships when mental and/or physical disabilities prevent a person from being able to competently make decisions about their personal, health and/or financial affairs. Guardianship and conservatorship proceedings take place in the probate and family courts, where our team of attorneys has extensive experience in both amicable and contested cases.
Special Needs Planning
Our attorneys regularly work with clients to put together estate plans that are tailored to the needs of a child or other beneficiary with special needs and considers how those special needs interrelate with the planning for other intended beneficiaries. A “special needs trust” is frequently an integral tool used in this planning, whether it be a third party “supplemental needs trust,” a first party “D4A trust” or a “pooled trust” that is created by a nonprofit organization. We provide information and advise clients as to the purposes and different uses for these trusts, including advice as to appropriate funding of the trusts, and how
to enable a disabled beneficiary to have access to trust funds for a wide variety of needs while still preserving eligibility for federal and state health care, as well as other benefits including Medicaid and SSI.
In addition to the more traditional uses, a particularly valuable use of the D4A-type of special needs trust is to use it to hold funds that a disabled person receives from the settlement of a personal injury or medical malpractice lawsuit, an unexpected inheritance or from a life insurance policy.
Our attorneys frequently help clients to prepare and file an array of tax returns (including income tax returns, gift tax returns and estate tax returns) or work with their accountants on these filings.