A life estate can be an excellent tool for Medicaid planning, probate avoidance, and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks is essential in determining whether it is appropriate for your situation. What are Life Estates? In a life estate, two or more people each have an ownership …
Now is the time to think about steps you can take to keep your estate from being taxed with an irrevocable life insurance trust that allows you to pass money on to your heirs and avoid state and federal estate taxes. Senate Democrats have proposed lowering the current estate tax exemption from $11.7 million to …
An Irrevocable Life Insurance Trust Can Help Avoid Estate Taxes Read More »
“Elder Law attorneys are not just lawyers, they are counselors.” Elder Law encompasses many concepts – planning for individuals and families who do not have taxable estates, but who are primarily concerned about the protection of their assets and addressing disability and long-term care issues. Elder Law also encompasses the following: Medical Assistance (Medicaid), long-term …
Learn What Elder Law Attorneys Are Advising Clients in 2020 with Stephen Elville Read More »
“Elder Law attorneys are not just lawyers, they are counselors.” Elder Law encompasses many concepts – planning for individuals and families who do not have taxable estates, but who are primarily concerned about the protection of their assets and addressing disability and long-term care issues. Elder Law also encompasses the following: Medical Assistance (Medicaid), long-term …
Webinar — Learn What Elder Law Attorneys Are Advising Clients in 2021 Read More »
A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs. Mercedes Goosley owned a home in Pennsylvania. In 2013, she named one of her six children, Joseph, as her agent …
Court Case Illustrates the Danger of Using Online Power of Attorney Form Read More »
By their very nature, special needs trusts (SNTs) are usually designed to terminate, or at least radically change, when the trust’s primary beneficiary dies. But terminating a special needs trust is not as simple as merely writing a check to the remainder beneficiaries and calling it a day. There are several key considerations and requirements …
Terminating a Special Needs Trust – What Happens to Assets? Read More »
By: Stephen R. Elville – Managing Principal and Lead Attorney – Elville and Associates, P.C. Every good estate plan (a will-based plan or trust-driven plan) should address contingencies. Some of these contingencies are basic and commonsensical, such as what happens if the individual beneficiary or charitable organization you leave property to does not survive you …
People whose disabilities arose later in life will be able to open Maryland ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law. In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Act, which created a new form of tax-free savings account for people with disabilities …
Eligibility for Maryland ABLE Accounts to Expand with New Age Adjustment Act Read More »
This webinar is an in depth overview that thoroughly educates attendees about the essentials of estate and elder law planning. Presented by Elville and Associates’ Managing Principal and Lead Attorney Stephen R. Elville, in our Estate Planning and Elder Law Essentials webinar Steve thoroughly educates attendees about estate planning and incapacity planning issues. Some of …
Estate Planning and Elder Law Essentials with Stephen Elville Read More »
The “For the 99.5%” Act was introduced on March 25, 2021 by Senator Bernie Sanders. This proposed Act represents the beginning of the real discussion surrounding the long-awaited Biden-era tax increases. Among many things being proposed in the For the 99.5% Act are a reduction in the federal estate tax exemption to $3.5 million per …
