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, …
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, …
Be Careful Not to Name Minors as Your Estate Plan Beneficiary Read More »
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 »
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: Stephen R. Elville – Managing Principal and Lead Attorney with Elville and Associates, P.C. At the outset, you should understand that my purpose here is to alert clients, professional advisors, and others that the following information should be given credence and thoughtful consideration for the protection of assets, inheritances, and your general legacy, all …
Potential 2021-2022 Tax Increases – What You Should Know and What You Can Do About Them Read More »
A Message from Elville and Associates’ Managing Principal and Lead Attorney Stephen R. Elville Surely our times are challenging. History teaches us that during the punishing winter of 1776, Thomas Paine’s pamphlet, The Crisis, intended to bolster the willpower and determination of George Washington’s soldiers, many of whom were ready to quit, changed the course …
By: Ellen S. Platt, MEd, CRC, CCM, Certified Aging Life Care Manager with The Option Group, LLC – Guest Contributor As Sheila Martin (name changed to protect patient confidentiality) walked down the hallway of the hospital after her mother’s emergency admission, the realization hit her hard that, had she educated herself on care options earlier, …
The Benefits of Being Proactive with Decisions on Aging Read More »
The American Rescue Plan of 2021 is designed to provide economic relief to millions of Americans in the wake of the COVID-19 pandemic. In addition to “stimulus” payments, the Plan includes several lesser-known tax provisions. Understanding how they may affect you can help your income tax planning and withholdings in 2021 and beyond. Tax Changes …
Tax Provisions in the American Rescue Plan Act of 2021 Read More »
By: Dr. Michelle Fritsch – PharmD and founder of Retirement Wellness Strategies – Guest Contributor Is your attitude the RESULT of what is happening around you? Is it what others do to you? Is it the RESULT of your life circumstances? OR – is your attitude your CHOICE? I propose your attitude is your CHOICE! …
Attitude – the Choice Is Yours and the Impact Is Huge! Read More »
