News

What Is a 529 Plan and How Can It Benefit Your Family and You?

Authored by: Olivia R. Holcombe-Volke, J.D. – olivia@elvilleassociates.com, 443-393-7696

When 529 college savings plans first arrived on the scene (Section 529 of the Internal Revenue Code was adopted in 1996), the primary motivation was addressing the reality of rising college tuition. Through various subsequent iterations, including those of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Pension Protection Act of 2006, qualified distributions became tax-free, rollovers became allowable, and account owners became able to make some investment changes, expanding the appeal of 529 plans beyond merely paying for the ever increasing costs of college…

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A Guide for Choosing a Good Trust Protector

Authored by:Verena Meiser, J.D.lindsay@elvilleassociates.com, 443-393-7696

Trust Protectors are routinely included in modern trusts as powerful supervisors and enforcers of the Settlor’s intent beyond the Settlor’s lifetime. Since the role of a Trust Protector could be filled by an individual, such as a family member or friend, a professional, such as an attorney, accountant or financial adviser, or a corporate entity, Settlors have to make a choice. What factors should a Settlor consider to name a qualified Trust Protector who will also be willing to accept the responsibilities and potential liabilities?…

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Beneficiary-Controlled Trusts and Creditor Protection:  The Best of Both Worlds

Authored by: Matthew F. Penater, J.D., LL.M. matt@elvilleassociates.com, 443-393-7696

One of the rules in estate planning is to ensure that upon the death of parents, assets are not directed outright to minor children. A bequest directly to a minor child requires a Court-Ordered Guardianship of the Property, at worst, or a Custodianship under the Uniform Transfers to Minors Act (“UTMA”), at best. A Guardianship of the Property can only be obtained through Court action and once obtained, annual accountings must be filed with the Court. Upon a minor’s 18th birthday, all assets subject to the Guardianship are distributed outright to the child, whether it is $100 or $1.0 million. A Custodial arrangement under the UTMA may be utilized under specific circumstances and does not require annual accountings to the Court….

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Selecting the Right Assisted Living or Nursing Home – Where Do I Start?

Authored by: Lindsay Moss, J.D.lindsay@elvilleassociates.com, 443-393-7696

For many people caring for a loved one with disabilities, providing care in the home indefinitely is an unrealistic goal. As well-intentioned as most family caregivers are, the fact is that being a caregiver is extraordinarily hard.  Countless caregivers have come to Elville & Associates in crisis, burnt-out from the responsibilities of providing 24/7 care, not knowing where to turn. Acknowledging the extreme demands of being a caregiver and seeking help when at your wit’s end is OK! It is in the best interest of the disabled loved one to not be a burden, and to be cared for in an appropriate environment. This often means accepting the reality that the appropriate environment may be an assisted living or skilled nursing facility…

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Elville & Associates Rolls Out New Client Care Program at Client Event

At Elville and Associates’ 2016 Annual Client Event, Elville and Associates’ principal Stephen Elville introduced its next generation Client Care Program (“CCP”).  The following is a brief general description of the CCP.  Stephen R. Elville and discussed the specific details of the CCP at the Client Event and answered questions. Elville and Associates Client Care …

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Elville and Associates to Sponsor 11th Annual Scarecrow Classic 5K Run/1 Mile Walk Hosted by Brain Injury Association of Maryland

By: Jeffrey D. Stauffer, Community Relations Director –  jeff@elvilleassociates.com, 443-393-7696

Elville and Associates is pleased to announce it will sponsor the 11th Annual Scarecrow Classic 5K Run and 1 Mile Walk, to be held on Sunday, October 4, 2015 on the University of Maryland-Baltimore County campus.  For detailed information and to sign up for the event, visit biamd.org as the event nears and more details become available…

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Stephen Elville Offers Guidance to Advisors During Panel Discussion at Financial Planners Association Spring Symposium

By: Jeffrey D. Stauffer, Community Relations Director – jeff@elvilleassociates.com, 443-393-7696

Stephen R. Elville, Esq., Principal at the elder law, estate and special needs planning firm of Elville and Associates, was part of a panel discussion titled, “As Clients Age, the Next Wave of Challenges” at The Financial Planners Association of Maryland Spring Symposium on Thursday, May 26th in Columbia…

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Asset Protection in the Long-Term Care Context

By: Stephen R. Elville, Esq. Principal steve@elvilleassociates.com, 443-393-7696

Asset protection takes different forms depending on the situation.  During lifetime, with the exception of domestic asset protection jurisdictions such as Delaware, Nevada, Alaska, South Dakota, Wyoming, and approximately nine (9) others, asset protection is difficult to achieve, except in certain routine but little understood assets owned by most people, such as husband and wife property, IRAs, qualified plans, life insurance, and annuities…

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Elville and Associates to Sponsor NAMIWalks May 21st in Baltimore

Authored by: Jeffrey D. Stauffer, Community Relations Director — jeff@elvilleassociates.com, 443-393-7696

Elville and Associates is pleased to announce its sponsorship of the National Alliance on Mental Illness Walk, to be held May 21st in Baltimore’s Inner Harbor. This is the second consecutive year the firm will be sponsoring NAMIWalks. NAMI began its work in 1979 and has grown into the nation’s leading voice on mental health. Today, it is an association of hundreds of local affiliates, state organizations and volunteers who work in communities around the country to raise awareness and provide support and education that was not previously available to those in need…

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