Webinar attendees come to understand what is involved in the planning process for a special needs family and the importance of preserving your loved one’s financial security and quality of life. Presented by Elville and Associates’ Managing Principal and Lead Attorney Stephen R. Elville, this webinar is a broad reaching discussion about planning for their loved one with special needs.

The key issues of understanding the role of public benefits, making decisions about the future, Maryland ABLE, creating flexibility in your planning, and using estate planning and trusts to protect assets are discussed along with the types of special needs trusts and their specific purposes (along with who the decision makers and beneficiaries can be in these trusts). Also, touched upon is the “planning team concept” – how your planning team (attorney, financial advisor, CPA, and others) – can work together to help provide your family peace of mind during the special needs planning process.

 

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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August is national ABLE to Save Month! We are celebrating the Maryland ABLE program during ABLE to Save Month, which makes it possible for Marylanders with disabilities to have greater independence and financial stability. A Maryland ABLE account can change the way people with disabilities and their families participate in the community, build financial wellness, and plan for the future by empowering them to save and invest for the added expenses that come with having a disability. 

During ABLE to Save Month, learn more about how a Maryland ABLE account can help people with disabilities and their families pay for everyday needs, save and invest with a tax-advantaged account, and prepare for the future while keeping federal and state means-tested benefits such as SSI and Medicaid. During ABLE to Save Month and beyond, should you have any questions about Maryland ABLE accounts, please reach out to Maryland ABLE’s Communications Manager, Kelly Nelson, at knelson@marylandable.org.

The attorneys and staff at Elville and Associates have been fortunate to maintain a very strong relationship with Maryland ABLE over the years through its focus on special needs planning here at the firm.  A Maryland ABLE account can be a powerful tool used as part of family’s special needs planning. 

For more detailed information pertaining to your circumstances, it is very important to partner with a law firm that specializes in the area of special needs planning and understands the nuances associated with it.  Founded in June 2010 by Stephen Elville, J.D., LL.M., Elville and Associates is an estate planning, elder law, and special needs planning practice.  It is the firm’s mission to provide practical solutions to its clients’ needs through counseling, education, and the use of superior legal-technical knowledge.  As it relates to special needs planning, the firm works collaboratively with individuals and families and their professional advisors to counsel, educate, and create a comprehensive plan for the family and their special needs loved one.  This includes, among other planning considerations:

• establishing proper estate planning for the family, including the use of special needs trusts
• leveraging means tested public benefits
• selecting the proper team to provide lifetime management
• planning for appropriate housing and an ongoing system for advocacy
• providing financial security
• planning for caregiving needs
• coordinating the entire extended family’s planning
• protect the beneficiary from predators and preserving assets for other heirs

Should you have any questions about Elville and Associates and its services, please contact Steve Elville at steve@elvilleassociates.com, or by phone at 443-393-7696 x108.  Community Relations Director Jeff Stauffer may also be reached at jeff@elvilleassociates.com, or at 443-393-7696 x117.

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#MarylandABLE

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Understanding Alzheimer’s and Dementia: A discussion of the risk factors, stages of the disease, and current research will be provided by Ellen Perticone, Owner of Senior Placement Navigators, in collaboration with the Alzheimer’s Association. Topics to be discussed include:

• Understand the relationship between Alzheimer’s and dementia
• Find out how Alzheimer’s disease affects the brain
• Explore the risk factors and stages of the disease
• Learn about current research and FDA-approved treatments that address some symptoms
• Identify Association resources

 

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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Pets are an integral part of American life. For many, the great joy, love, affection, and satisfaction derived from the experience of pet ownership is one of life’s great experiences. Millions of pet owners across the country make huge sacrifices for the care and maintenance of their pets and consider them part of their family. Pet ownership also provides many ancillary benefits to people, including improved health. Stephen R. Elville, Managing Principal and Lead Attorney of Elville and Associates, P.C., leads a discussion about how individuals may develop pet-related provisions in their estate plan for the care, maintenance, security, and long-term well-being of the pet(s), thereby creating an empowering situation for the owner, the trustee of a trust for the benefit of a pet, the caretaker or custodian of the pet, and for the pet itself. The following topics are discussed:

 

(1) Why clients should consider the use of pet care provisions in Wills and Trusts;

(2) Why pet care provisions in power of attorney documents are equally important;

(3) Understanding Maryland law relating to pet trusts;

(4) Utilizing a stand-alone pet trust versus other alternatives;

(5) Understanding practical pet care provisions outside of formal pet trusts;

(6) Utilizing Letters of Wishes for pet care;

(7) The structure of pet trusts – how does it all work; and

(8) The funding and alignment of assets in pet trusts and pet care-related provisions.

 

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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Most people want to pass their assets to their children or grandchildren, but naming a minor as your estate plan beneficiary can have unintended consequences. It is important to establish a plan that doesn’t involve leaving assets directly to a minor.

There are two main problems with naming a minor as your life insurance policy, retirement account, or estate plan beneficiary. The first is a large sum of money cannot be left directly to a minor. Instead, a court will likely have to appoint a conservator to hold and manage the money. The court proceedings will cost your estate, and the conservator may not be someone you want to oversee your children’s money. Depending on the state, the conservator may have to file annual accountings with the court, generating more costs and fees.

The other problem with naming a minor as your estate plan beneficiary is that the minor will be entitled to the funds from the conservator when he or she reaches age 18 or 21, depending on state law. There are no limitations on what the money can be used for, so while you may have wanted the money to go toward college or a down payment on a house, the child may have other ideas. 

The way to get around these problems is to create a trust and name the minor as beneficiary of the trust. A trust ensures that the funds are protected by the trustee until a time when it makes sense to distribute them. Trusts are also flexible in terms of how they are drafted. The trust can state any number of specifics on who receives property and when, including allowing you to distribute the funds at a specific age or based on a specific event, such as graduating from college. You can also spread out distributions over time to children and grandchildren. 

If you do create a trust, remember to name the trust as beneficiary of any life insurance or retirement plans. If you forget to take that step, the money will be distributed directly to the minor, negating the work of creating the trust. 

For more information about estate plan beneficiary choices, please click here.

To create a trust, be sure to consult with your attorney.  It is extremely important to talk with your attorney before creating any estate planning or legal documents, especially a document such as a trust.  Consult with the estate planning attorneys at Elville and Associates to make sure you have all the estate planning and legal documents you need.  The firm offers free consultations for estate planning clients to understand your situation and goals and create a path forward for your family and you, offering peace of mind along the way.  To set your initial consultation, contact Legal Administrator Mary Guay Kramer at mary@elvilleassociates.com, or by phone at 443-741-3635.  Or, reach out to Community Relations Director Jeff Stauffer at jeff@elvilleassociates.com, or by phone at 443-393-7696 x117.

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Elville and Associates partners with the staff at the National Multiple Sclerosis Society (NMSS) to learn about what MS is, the services and resources they have for people affected by MS, and how to get involved. You also have the opportunity to hear from someone living with MS. Feel free to send in questions to Jeff Stauffer, Community Relations Director with Elville and Associates at jeff@elvilleassociates.com, prior to the event.

 

Attendees:

– Learn what MS is

– Understand who the National Multiple Sclerosis Society is, resources we have available and how to get involved

– Hear from someone living with MS

 

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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This webinar is an in depth overview that will thoroughly educate 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 will thoroughly educate attendees about estate planning and incapacity planning issues. Some of the topics she will address include: – understanding the planning process, including the reasons for estate planning – wills vs. trusts – probate vs. non-probate and understanding non-probate devices – the absolute importance of incorporating “flexibility” in your planning – planning for incapacity – understanding the importance of financial powers of attorney, advance medical directives and MOLST – Medicaid – myths versus reality – estate tax planning – asset protection and protecting shares for children and grandchildren – understanding why having outdated documents could provide challenges in the future – how to achieve perfection for your legacy

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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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 $3.5 million for individuals, and from $23.4 million to $3.5 million for couples. While it is unclear if this proposed estate tax legislation will pass, it is likely that changes to the estate tax are coming. Even if Congress takes no action, the current tax rate will sunset in 2026 and essentially be cut in half, to about $6 million per individual. 

One way to make up for any estate tax your estate may have to pay is to set up an irrevocable life insurance trust (ILIT) and funding it with an insurance policy that includes a death benefit that will pay your heirs some or all of the amount your estate will be taxed. If you purchase such a life insurance policy directly, it may be taxed as part of your estate. But if an ILIT owns the policy, it may pass outside your estate.

Irrevocable Life Insurance Trust Requirements

While an ILIT can be highly beneficial, it is also complicated to set up and maintain properly. The following are some of the requirements: 

1. Trustee. If you are setting up the ILIT you cannot also serve as a trustee. If you are the trustee, you have control of the trust, which could lead to the trust being included in your estate. You will need to name another trusted person or financial institution to act as trustee. 
2. Policy ownership. The irrevocable life insurance trust must own the life insurance policy. If you transfer an existing policy to the trust and die within three years, the policy will still be considered a part of your estate. To avoid this risk, the trust can purchase a policy directly rather than receive an existing policy. 
3. Premiums. You need to transfer funds to the irrevocable life insurance trust to pay the policy premiums, which creates an issue with gift taxes. A transfer to a trust is usually not subject to the $15,000 yearly gift tax exclusion. In order for a gift to qualify for the exclusion, the recipient must have a “present interest” in the money. Because a promise to give someone money later does not count as a present interest, most gifts to irrevocable life insurance trusts aren’t excluded from the gift tax. To avoid this, you can use something called a “Crummey” power which gives beneficiaries the right to withdraw the funds transferred to the trust for up to 30 days. As part of the process, the trustee needs to send them a letter, known as a Crummey letter, letting them know about the trust funding and their right to withdraw the funds. After the 30 days have passed, the trustee can use the funds to pay the annual insurance premium. You run the risk of the beneficiaries withdrawing the funds, but if they know that by allowing the money to stay in the irrevocable life insurance trust they will receive more money later, it shouldn’t be a problem. 
4. Beneficiaries. The beneficiary of the life insurance policy is usually the irrevocable life insurance trust. Once the funds are deposited in the trust, the trustee can distribute the assets to the beneficiaries in the way specified by the trust. For example, if your beneficiaries are minors, you can wait to have the trustee distribute the assets. Keeping the assets in the irrevocable life insurance trust will also protect them from your beneficiaries’ creditors.   

Downside of Irrevocable Life Insurance Trust

The downside of an irrevocable life insurance trust is that you do not have the ability to change it once it is set up — although the policy would effectively be canceled if you stopped paying the premiums.

If you are considering this type of trust, discuss it with your attorney. 

It is extremely important to talk with your attorney before creating any estate planning documents, especially such a tool as an irrevocable life insurance trust.  Consult with the estate planning attorneys at Elville and Associates to make sure you have all the estate planning documents you need.  The firm offers free consultations for estate planning clients to understand your situation and goals and create a path forward for your family and you, offering peace of mind along the way.  To set your initial consultation, contact Legal Administrator Mary Guay Kramer at mary@elvilleassociates.com, or by phone at 443-741-3635.

#elvilleeducation  

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“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 care planning, asset protection, nursing home and assisted living selection and placement, special needs planning, guardianship, Social Security issues, Veterans’ Benefits, senior housing issues, powers of attorney, advance medical directives, wills, trusts, and more. Elville and Associates’ President and Principal Attorney Stephen Elville leads you through this webinar discussion to learn why an Elder Law consultation is an integral part of the planning process. Attendees learn: – what is involved in an Elder Law consultation? – why does an Elder Law consultation serve as a basis for change? – what do clients want to know and what do they learn in an Elder Law consultation? – what important Elder Law concepts and new laws are attorneys advising clients about in 2020? Available to clients, advisors, and the general public, 1.5 continuing education hours are available for Certified Financial Planners and CPAs attending this presentation.

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

Posted in Videos & Webinar Recordings | Comments Off on Learn What Elder Law Attorneys Are Advising Clients in 2020 with Stephen Elville

“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 care planning, asset protection, nursing home and assisted living selection and placement, special needs planning, guardianship, Social Security issues, Veterans’ Benefits, senior housing issues, powers of attorney, advance medical directives, wills, trusts, and more. Join Elville and Associates’ Managing Principal and Lead Attorney Stephen Elville as he leads you through this webinar discussion to learn why an Elder Law consultation is an integral part of the planning process. Attendees will learn: — what is involved in an Elder Law consultation? — why does an Elder Law consultation serve as a basis for change? — what do clients want to know and what do they learn in an Elder Law consultation? — what important Elder Law concepts and new laws are attorneys advising clients about in 2021? — how could the Biden administration’s proposed tax changes affect elder law?

More Webinars from Elville and Associates

The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates.  We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

Posted in Videos & Webinar Recordings | Comments Off on Webinar — Learn What Elder Law Attorneys Are Advising Clients in 2021