Complex Estate Plans: Practical Strategies for Families to Consider with Impaired Beneficiaries

In today’s episode, we are joined by Scott E. Squillace who is a business, tax, and estate planning attorney with 34 years of experience practicing law. His practice includes estate planning needs for an international clientele, corporate executives, small business owners, physicians, attorneys, and other professionals. In this episode, we talk about how his life circumstances that evolved over decades made him very comfortable with his niche. He shares advice on dealing, approaching, and communicating with clients with or has a family member with mental illness or substance abuse. How to work with trust instruments & trustees, and more.

 

In This Episode:

  • [01:33] Meet Scott E. Squillace as he talks about his personal history that made him comfortable with his niche demographic.
  • [05:09] Legal considerations when dealing with somebody in their family that has a special need or substance abuse.
  • [07:25] Should you trust instruments and give the power to people with substance abuse or mental disorders the power to replace trustees.
  • [12:35] Coping and foreseeing the prosocial development of this niche.
  • [21:47] Scott shares his thoughts on the law on committing someone who shows signs & symptoms of mental illness or substance use, against their will.

 

Key Takeaways:

  • Don’t be afraid to ask questions. Understanding the wellness of everyone in the family system is a good place to begin. Everything starts with awareness.
  • Confidentiality is paramount to building the trust that you need to do this work.
  • Pick a good trustee who has good judgment, similar family values, and can weather the storm.
  • Trusts are much more accessible and affordable for everyone.

 

Meet Scott E. Squillace

Scott E. Squillace is the founder of Squillace & Associates, P.C. – a boutique law firm in Boston’s historic Back Bay where he specializes in estate and business planning matters including tax and philanthropic planning for high-net-worth individuals and families. His practice includes estate planning needs for an international clientele, corporate executives, small business owners, physicians, attorneys, and other professionals. Scott began his practice career 34 years ago as a corporate attorney at Skadden Arps where he assisted in opening its Paris and Moscow offices in the early 1990s. Scott has significant business counseling experience as an in-house corporate attorney.

 

He has a focus on helping same-sex couples and members of the LGBT community with their unique planning needs and authored Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples. He has been a columnist for Practical Estate Planning and lectures and writes frequently on estate and business planning as well as charitable giving strategies and planning for the LGBT community.

 

Scott is a Certified Legacy Advisor of The Sunbridge Legacy Institute, a Certified Master Trustee by the Independent Trustee Alliance (ITA), and holds the designation of Accredited Estate Planner (AEP) from the National Association of Estate Planners & Councils (NAEPC). In 2020, Scott received the BEPC Excellence Award, awarded each year to one Member in recognition of their contributions to the estate planning profession. He currently serves on the Board of Advisors of Eastern Bank and on the Board of Directors of The Boston Foundation.

 

Resources:

Scott’s Facebook Business Page: https://www.facebook.com/SquillaceLaw/

Scott’s Twitter Business Account: https://twitter.com/squillacelaw/

Scott’s LinkedIn Business Page: https://www.linkedin.com/company/squillace-&-associates-p-c-/

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