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 person, and a reduction in the federal gift tax exemption to $1 million per person.  These proposed reductions from the current $11.7 million per person exemptions, along with many other proposed in the For the 99.5% Act will have far-reaching impacts on a substantial number of Americans and their estate and tax planning.  You can read a copy of the For the 99.5 Act here.  Because the discussion has begun, the first question appears to be when and not if significant tax increases will occur as a result of the For the 99.5% Act.  The second question is whether you will be ready.  Although nothing is certain, initial indications are that the coming nine (9) remaining months in 2021 represent the ticking clock of time remaining to anticipate and prepare for these potential changes.  Thoughtful couples and individuals should act now to evaluate the potential for changes in the laws and the planning strategies that we anticipate will continue to be available throughout the remainder of 2021. 

At Elville and Associates, it is our mission to educate and counsel our clients using the very best leading- edge legal-technical knowledge available.  To set a time to discuss the impacts of the For the 99.5% Act on your estate and tax planning, contact Steve Elville at steve@elvilleassociates.com, or at 443-393-7696 x108.  You may also reach out to Mr. Elville’s Legal Administrator, Mary Guay Kramer, at mary@elvilleassociates.com, or at 443-741-3635.  

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#elvillewebinarseries – view our upcoming educational webinar schedule here!  

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Join Elville and Associates as we welcome Dr. Tyler Raup, a clinical audiologist with Chesapeake Hearing Centers, for this insightful webinar presentation about “The Impacts of Hearing Loss as We Age.”

The itinerary/topics include:

-How we hear

-Common causes of hearing loss

-Impacts of hearing loss on overall health

-Impact of hearing loss on cognition and brain function

-How your hearing loss impacts yourself and those around you

-What can be done if you do have hearing loss

 

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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On Thursday, March 23^rd, Elville and Associates, an estate planning, elder law, and special needs planning firm in Columbia and Annapolis, was selected as the 2021 Recipient of the Brain Injury Association of Maryland’s Organizational Leadership Award.  The Award is given annually in appreciation of an organization’s dedication to and support of the work of the Brain Injury Association of Maryland.

Upon learning of the firm’s honor, Elville and Associates’ Managing Principal and Lead Attorney Stephen Elville remarked, “I am humbly proud to receive this award on behalf of Elville and Associates from such an important, devoted, and mission-oriented organization as the Brain Injury Association of Maryland. Elville and Associates is privileged to partner with Executive Director Bryan Pugh and his staff of professionals at the Brain Injury Association of Maryland in a collaborative effort to positively affect the lives of those individuals and families impacted by traumatic brain injury.  Thank you to BIAMD for this award and for the opportunity to be a part of your important work.”

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.  Bryan Pugh and the Brian Injury Association of Maryland staff may be reached at 410-448-2924.

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The first of the long-awaited Biden tax proposals have been introduced in Congress.  In short, income tax rates will likely increase soon, and estate and gift tax exemption amounts will decrease. Now is the time to proactively review estate and tax planning for individuals and couples.  We encourage you to read detailed information regarding the Biden tax proposals.  

In the coming weeks and months, look to this blog, along with other information and webinar workshops available on our website at www.elvilleassociates.com, for updates about the Biden tax proposals and these pending legislative changes, recommended resources, education, and planning ideas.  If you do not have an estate plan or have not updated your estate planning in several years; or if you have general planning questions or seek to form a personal estate planning team of advisors, please contact our office to set an appointment.  To reach Steve Elville, please email him at steve@elvilleassociates.com, or by phone at 443-393-7696 x108.  

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 using superior legal-technical knowledge.  As it relates to the Biden tax proposal, these are the types of issues our clients want and need to know about to ensure their planning works as intended and is up to date with the most recent changes in the law.  It is extremely important clients revisit their estate plans with their attorneys every few years, and at a maximum every five. 

The firm counsels its clients based on the core principles of the Elville Legacy System™ — the six steps to perfect estate planning.  Mr. Elville has also developed programs for clients who wish to streamline the planning process but still wish to enjoy the benefits of the educational component throughout, including Elville Self-Direct Select™ and Elville Self-Direct Protect™, a limited-attorney-assistance client education program for estate planning.  The firm also offers an Advisors’ Forum every two months for its planning team partners, a continuing education series that covers the latest topics in the world of estate planning, elder law, and special needs planning.

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Over the years, many people have asked me about long-term care asset protection in light of Medicaid spend-down requirements.  How many?  Hundreds, possibly thousands.  And yet, how is possible it that so many people do little or no planning for long-term care and wait for a crisis to occur?  

Long-Term Care Asset Protection Laws Have Changed

In years past, this was somewhat understandable. Twenty or so years ago laws related to long-term care and asset preservation were fairly unsettled compared to now. Consequently, the strategies were relatively unsophisticated.  This is no longer the case. 

Today, however, couples and individuals who seek to engage in long-term care asset preservation must proactively engage in up-to-date strategies that are based on accepted estate planning principles.  While subject to state laws and regulations, many of these asset strategies can even be put into effect at the onset of a long-term care crisis.

One example of a planning tool that is designed to protect the assets of a loved one requiring long-term care is the Medicaid asset protection trust.  It is an irrevocable gifting trust whereby a grantor (i.e., a parent, grandparent) retains some power and a modicum of control while protecting gifted assets from the claims of beneficiary creditors. It may also offer some favorable tax advantages. Unfortunately, this protection tool is underutilized by the estate planning community, especially considering the potential power and the flexibility it provides to accomplish elder and long-term care goals. 

Be sure your estate planning attorney is well-versed in laws related to protecting assets and long-term care. Learning about modern techniques for long-term care and asset protection is simply a matter of scheduling an elder law consultation. Doing so generally opens a world of possibilities through education and counseling.  So don’t be “stuck in the ’80s” or even the ’70s or ’60s when it comes to understanding what your family needs to know about long-term care asset preservation.  

To schedule a time to meet with Stephen Elville to discuss your family’s needs related to long-term care asset protection or any estate planning, elder law or special needs planning matter, contact him at steve@elvilleassociates.com, or by phone at 443-393-7696 x108.

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Join Elville and Associates’ Principal Attorney Meghan McCulloch and Associate Attorney Michael Joseck as they offer this webinar discussion about the very important topic of trustees, their duties, and how to choose the right one for you. Choosing a Trustee is one of the most intensive pieces of the estate planning process, and a choice not to be taken lightly. Ensure you’re educated about all of the factors that go into making this important decision, along with understanding their responsibilities. Points of emphasis will include:
– What is a Trustee and what are their responsibilities?
– Types of Trustees and their characteristics – advantages and disadvantages
– The perfect Trustee – setting the benchmark for selection
– Trustee selection – why is it so important?
– Trustee succession and plan design – why so difficult, why so crucial?
– Trustee roles in Wills and Trusts
– What are some reasons to consider appointing a Corporate Trustee?
– Why should you be concerned about “Successor Trustee risk”?

 

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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Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members.  Do married couples need an estate plan? Yes. Here’s why…

Dying Without an Estate Plan

If you die without an estate plan, the state will decide where your assets go.  Each state has laws that determine what will happen to your estate if you don’t have a will. If you are married, most states award one-third to one-half of your estate to your spouse. The rest is divided among your children. If you don’t have children, that portion will be divided among other living relatives, such as parents or siblings.  Do married couples need an estate plan to prevent the state from making these decisions for them? Yes. An good estate plan keeps the state out of your estate when you die.

In Case You or Your Spouse Becomes Incapacitated

Married couples need an estate plan so they can access each other’s financial information should one become incapacitated.  While your spouse may be able to access your joint bank accounts and make health care decisions for you, what if something happens to your spouse? It is important to have back-up plans. And even if your spouse is healthy, he or she may not be able to access everything without a power of attorney.  To avoid this, it is important to make sure you have estate planning documents in place while you both are healthy.  

Understanding the Estate Planning Process

There are key talking points to discuss with your spouse as you engage in the estate planning process that can help the process go smoothly.

Work in partnership with your spouse and understand the key components of estate planning for married couples. Through education, such as Elville and Associates’ estate planning process, you’ll be guided through these considerations during your planning.  

Wills

The most basic estate planning document is a will. If you do not have a will directing who will inherit your assets, your estate will be distributed according to state law, which, as noted, gives only a portion of your estate to your spouse. If you have children, a will is also where you can name a guardian for your children.  Estate planning for married couples will enable you to take care of your children’s needs and protect their best interests.

Trusts

You may also want a trust to be a part of your estate plan.  It permits you to name someone to manage your financial affairs. You can name one or more people to serve as co-trustee with you so that you can work together on your finances. This allows them to seamlessly take over in the event of your incapacity. Trusts have many options for how they can be structured and what happens with your property after your death. There are several different reasons for setting up a trust. The most common one is to avoid probate. If you establish a revocable living trust that terminates when you die, any property in the trust passes immediately to the beneficiaries. This can save your beneficiaries time and money. Certain trusts can also result in tax advantages both for the donor and the beneficiary. These could be “credit shelter” or “life insurance” trusts. Other trusts may be used to protect property from creditors or to help the donor qualify for Medicaid.  Married couples need estate planning through trusts to avoid probate, name someone to manage their financial affairs, and ultimately save their beneficiaries time and money.  

Power of Attorney

The next most important document is a durable power of attorney. A power of attorney allows a person you appoint — your “attorney-in-fact” or “agent” — to act in your place for financial purposes if and when you ever become incapacitated. Without it, if you become disabled or even unable to manage your affairs for a period of time, your finances could become disordered and your bills not paid, and this would place a greater burden on your family. They might have to go to court to seek the appointment of a conservator, which takes time and money, all of which can be avoided through a simple document.

Health Care Proxy

Similar to a durable power of attorney, a health care proxy appoints an agent to make health care decisions for you when you can’t do so for yourself, whether permanently or temporarily. Again, without this document in place, your family members might be forced to go to court to appoint a guardian. Include a medical directive to guide your agent in making decisions that best match your wishes.

Do not assume your spouse is automatically protected when you die.  Married couples need estate planning for the multitude of reasons mentioned above.  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 Community Relations Director Jeff Stauffer at jeff@elvilleassociates.com, or by phone at 443-393-7696 x117.  

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Everyone thinks they know about Social Security disability, but do they really? Presented by Elville and Associates’ Social Security disability attorney and principal, Meghan McCulloch, this webinar recording provides a general overview of the Social Security disability eligibility rules and adjudication process along with practical examples.

Topics Include:

• The difference between SSI and SSDI

• Medical qualifications for disability and Social Security’s “Sequential Evaluation”

• How to prove disability and common misconceptions

• Ancillary Social Security benefits

• Practical examples and demonstrations

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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It can be hard to tell if you or a loved one has Parkinson’s disease (PD). With early detection, treatment and expert care, many people live longer, productive lives with Parkinson’s. The rate of progression varies from one person to another, but there are many common symptoms and scenarios. Learn to spot the early signs of Parkinson’s Disease and steps to take to manage the disease.

Dawn Lewis Teaches How to Spot the Early Signs of Parkinson’s Disease

Presented by The Parkinson’s Foundation’s Development Manager Dawn Lewis, this webinar video teaches about the importance of early detection, treatment, and expert care. Key takeaways from the webinar include: Knowledge on the signs a neurologist uses to assess a diagnosis of PD) , Lifestyle changes to manage to the progression of PD — Resources available through the Parkinson’s Foundation Open to clients, financial advisors, and the general public.

This webinar is offered in partnership with the Howard County Library System, a longtime supporter of Elville and Associates and its educational programs. To learn more about the HCLS, its educational programs and calendar of events, please visit https://live-howardcounty.pantheonsit…​ or contact Ms. Rohini Gupta, Adult Curriculum Specialist, at rohini.gupta@hclibrary.org.

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.

Tags: Parkinson's Disease, Webinar
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https://www.youtube.com/watch?v=Rc-eFMJghKY

Offered by Elville and Associates’ Principal Meghan E. McCulloch, this presentation discusses the guardianship process in-depth and what families and parents need to know to prepare for it.

Among the topics of discussion are: What is guardianship? What are the benefits and drawbacks? What are the main questions every family should ask before making the decision to pursue guardianship? What are some of the alternatives to guardianship? What are the nuances of incapacity planning, including the importance of powers of attorney and advance medical directives in the planning process? This presentation is open to clients, financial advisors, and the general public. 1.5 continuing education hours are available for professionals who attend 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.

Tags: guardianship
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