close
Karen is a Partner and Wealth & Fiduciary Advisor at Evercore Wealth Management, providing families, foundations and endowments with comprehensive, goals-based wealth planning and a Managing Director at Evercore Trust Company, N.A. She is a member of Evercore Trust’s Personal Trust Advisory Committee, which is responsible for setting the firm’s fiduciary policy for the personal trust business. She is also a member of Evercore Trust Company’s Fiduciary Oversight Group and Compliance and Operational Risk Committee.
Before joining Evercore in 2008, Karen was responsible for the New York metropolitan regional trust group at U.S. Trust and provided the division with technical expertise and advice on all fiduciary, risk management, and business issues. She has over 40 years of experience advising ultra high net worth families in wealth planning and fiduciary and family offices services.
Karen received her B.S. in Criminal Justice from The American University and holds her Certified Financial Planner license.
She is a past member of the Estate Planning Council of New York City, as well as a past board member and past Treasurer of Opus 118, Harlem School of Music.
Jay is a Partner and Portfolio Manager at Evercore Wealth Management, managing investment assets for families, foundations and endowments. He is a member of the Strategic Planning Committee and the Investment Management Committee.
Jay joined Evercore in 2008. He was previously a managing director at U.S. Trust, which he joined in 1983. He was responsible for managing individual client portfolios, mutual funds and common trust funds. Jay also held several management roles, including supervising all client-facing portfolio managers and managing the New York Wealth Management and Wealth Advisory Groups.
Jay earned a B.B.A degree, magna cum laude, from Boston University and an M.B.A. from New York University Graduate School of Business. He is a member of the New York Advisory Board of the Caron Treatment Centers.
Families facing addiction, autism and other physical, mental, and emotional health issues are not alone, even if it can feel that way at first. Over three million children in the United States, or almost 5% of the total, have some form of disability; one in every 44 are now diagnosed with an autism spectrum disorder.1 Millions more young Americans suffer from mental health issues, substance abuse or, often, both. And about 6.5 million people age 65 and older suffer from Alzheimer’s and other related dementias,2 the dark side of the longevity gains addressed in Aging with Attitude (and Gratitude) by Jeff Maurer.
If your family is among these numbers, you don’t need to feel alone, or have to plan or care for your loved one on your own. While every family is as unique as the people and circumstances involved, experienced guidance – and guiding principles – can really help. Here are a few suggestions; please contact your Evercore Wealth & Fiduciary Advisor to learn more and to discuss your specific situation.
Every family with a special needs member needs a support network. In addition to family members and medical professionals, members can include a care manager, educators, therapists and counselors, an attorney, an accountant, and a wealth and fiduciary advisor.
Special needs planning discussions should start early and occur regularly, from diagnosis and as the situation evolves. For some families, comprehensive planning might start with the birth of a special needs child; others will receive a diagnosis later or even much later, when a family member develops cognitive challenges associated with aging. Whatever the timeline, the important thing is to work with your team and start planning as soon as possible.
Your team can help you determine how your family member with special needs can reach their full potential, and how much that will cost. The team will also help you plan for your own and other family members’ needs too. Some of the biggest questions you are likely to have will be around future care, as the primary caregivers age, and how much responsibility other family members can and should assume – and how they can be supported in that.
Families with the financial wherewithal to provide for the care of their loved one may still wish to access government programs, such as Medicaid, the Supplemental Security Income program, and certain vocational or socialization programs that are only offered to those enrolled in these government programs. As improper use of funds can disqualify a special needs individual from benefits, consider establishing a special needs trust and engaging a trustee or co-trustee with a full understanding of government programs, including the strict regulations concerning the use of trust assets. If drafted properly, the use of a special needs trust does not prevent a family from using the assets of the trust or other assets to provide for the beneficiary.
Who will serve as a fiduciary, or co-fiduciary, to counsel the family, provide objective oversight, and balance your wishes with the evolving needs of your beneficiary after your lifetime? Who will work with your other advisors and serve as a single point of contact for your family? Trustees of special needs trusts should have a deep appreciation of the circumstances and aspirations of the beneficiary with special needs, to ensure that the trust will serve its purpose as a positive contribution to the quality of that person’s life, and to the family as a whole. The trustee should be prepared to work with – and often lead – the family’s dedicated team.
There are plenty of resources for the many families with special needs individuals. Wealth can help, as well as add complexity. The right choices for your family should be shaped by your unique goals and circumstances, in close consultation with your team of experienced advisors.
The Evercore Wealth Management and Evercore Trust Company recent webinar Special Needs: Protecting the Whole Family with Wealth Planning explored this topic with our guest Ann Koerner, who founded National Care Advisors in 2008 to provide consulting services for attorneys, financial planners and trustees who support individuals with complex care needs and their families.
Please reach out to your Evercore Wealth & Fiduciary Advisor or contact wealthmanagement@evercore.com to access the replay.
Karen Francois is a Partner and Wealth & Fiduciary Officer at Evercore Wealth Management and the Chief Fiduciary Officer at Evercore Trust Company, N.A. She can be contacted at francois@evercore.com.
Jay Springer is a Partner and Portfolio Manager at Evercore Wealth Management and the Chief Investment Officer of Evercore Trust Company, N.A.; he is also a member of the New York Advisory Board of the Caron Treatment Centers. Jay can be contacted at springer@evercore.com.
Volume 46 of Independent Thinking® by Evercore Wealth Management provides insights into navigating volatile financial markets, heightened inflation, and a rapidly shifting economic landscape.
The publication discusses the implications of a strong U.S. dollar, strategies for investment positioning amid rising interest rates, and the benefits of tax-loss harvesting in a down market. It also addresses the importance of specialized planning for families with special needs and offers perspectives on aging and wealth.
The edition emphasizes resilience, adaptability, and the value of long-term planning in the face of uncertainty. The overarching message is one of maintaining perspective and leveraging opportunities even in challenging times.
Investment and Wealth Management services are provided by Evercore Wealth Management, LLC an investment advisor registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Trust and custody services are provided by Evercore Trust Company, N.A. a national trust bank regulated by the Office of the Comptroller of the Currency.
Client retention rate is based on data from 06/30/24 – 06/30/25. Assets under management are as of 06/30/25
