Elville and Associates, P.C.

This situation is very common yet represents one of the most difficult challenges a family may ever face. Oftentimes such non-cooperation may indicate the need for a guardianship of the person or property of the disabled person. In other cases, where the disabled person has mental capacity, guardianship may be avoided through negotiation and compromise, and the use of existing powers of attorney and Advance Medical Directives, or the execution of new documents. Counseling and a well-developed approach are keys to success, especially where guardianship is determined to be the only reasonable course of action. The attorneys at Elville & Associates provide counseling to assist families and individuals in all such situations so that a plan of action may be developed and implemented.

In almost all such cases, it is advisable to utilize the services of a geriatric care nurse or manager to assess the situation, make recommendations, and assist the family at this difficult time. Elville & Associates works with geriatric care nurses/managers to provide the highest level of service possible during this monumental time of transition.

IRA and Qualified Plan assets are unique and should be considered a separate aspect of your estate planning. Failure to understand this important fact can lead to the destruction of the amazing tax advantages afforded under the current laws and unnecessary loss of over fifty-percent of the retirement assets. Since the average inheritance is dissipated in two (2) years, understanding how to leave retirement assets to your loved ones, including asset protecting such assets, should be of paramount concern to anyone who has accumulated such assets over their lifetime.

There are several options for asset protection, from pre-crisis planning strategies (planning prior to a crisis) to crisis planning strategies (planning once a crisis has already occurred). Education and informed decision making are the keys. In any such situation, counseling through an elder law consultation begins the process of education and information gathering, leading to a plan of action that will provide comfort and clarity to parents and children.

The first step in the process is to attend an elder law consultation with one of our attorneys. Certain resources are available. However, education and informed decision making about the planning for and utilization of such resources is critical. Other issues include evaluation by a geriatric care nurse and proper placement.

Depending on the circumstances, the most prudent course of action to have all family member attend an elder law consultation and all estate planning documents should be implemented as soon as possible, including Will or Revocable Trust, powers of attorney, and Advance Medical Directive. In some cases, asset protection strategies may need to be implemented, and an evaluation by a geriatric care nurse may be appropriate.

Asset protection has become a paramount issue in our dramatically changing and unpredictable world. Clients can rest assured that through the use of leading-edge techniques, continuing client and beneficiary education, and implementation of various flexibility measures, it is possible to customize your estate plan to provide various degrees of asset protection for the shares of your loved ones. The degree of asset protection that can be structured is limited only by your wishes and desires.

Many grandparents share this concern. The answer is a definite “yes”. Rest assured that you can utilize many modern techniques to control your grandchild’s (or child’s) share in exactly the manner you wish, and for as long as you wish, thereby ensuring that your grandchild will receive the full benefit of your gift and that your intentions will be fulfilled.

If you are married, your estate plan should provide for the full utilization of each spouse’s state and federal estate tax exemptions. This is the first step in estate tax reduction. Next, the plan must be properly funded so that the plan can work optimally. Next, if necessary, more advanced techniques for estate tax reduction can be utilized, including gifting, shielding life insurance proceeds from taxation, utilizing valuation discounts, and more.

Become informed. Be proactive and attend one of our Estate Planning Essentials Workshops. In this interactive session, you will learn that estate planning is not a static set of documents, but an on-going process involving initial development of the plan, maintenance and updating of the plan, lifetime learning and education for children and other beneficiaries, proper and on-going funding of the plan, all leading to the efficient management and smooth administration of the final distribution of the estate to your loved ones. Furthermore, you will learn that the total cost of estate planning involves the entire lifespan process, from inception of the plan, throughout lifetime, and in its administration after death.

Limited available statistics suggest that the average person updates their estate plan only once every nineteen (19) years. Because of this, older estate plans are not updated to keep pace with changes in the tax laws or to take advantage of the most modern estate planning techniques available. For example, from 2001 to 2010, there were several major changes to the state and federal estate tax laws. For those persons with taxable estates (estates of over one million dollars) and whose documents have not been updated since approximately 2005, it is likely that those documents are not optimized for the Maryland estate tax, thereby increasing the possibility that a state estate tax could be generated upon the death of the first spouse to die. Another example is the new Maryland Statutory Power of Attorney – all clients should update their power of attorney documents to include this form (now in the Code of Maryland) in conjunction with a supplemental power of attorney. Another example is the continuously evolving Maryland Advance Directive, now providing for further flexibility options for agent decision making.

Basic estate planning begins with consideration of Wills (probate) versus Revocable Trusts (avoidance of probate) and the nature and function of each. Non-probate probate devices such as joint ownership, life estate deeds, payable on death and transfer on death designations, and beneficiary designations, while rarely used as the sole method(s) of planning, should also be understood as to their function and uses. As always, education is the key to understanding and the ultimate success of the planning.

Much like timing the stock market, it borders on impossible to know the “right” time to address your Elder Law planning needs. Any time you have questions about protecting assets and making resources last through retirement, disability, special needs, or critical care situations, it definitely makes sense to seek professional advice sooner than later. While there is a plethora of information available on the internet and from other well-intentioned sources, much of the information is conflicting, and many times simply wrong. No print or online resource can address specifically the demands of your particular situation. Further, unfortunately it has been our repeated experience that by the time many clients come to us for counseling, an incorrect or poorly conceived course of action has already been taken, resulting in undesirable consequences; or, a course of action that should have or could have been implemented years earlier was not, resulting in lost opportunity.

The best interest of all family members is served when you secure the counsel of an experienced professional who practices special needs planning. Take comfort in knowing you have performed a thorough investigation and have taken steps to preserve both your family’s assets and expected government benefits to provide your loved one with the best future you are able.

Elder Law attorneys are not just lawyers, they are counselors. A good Elder Law attorney is empathetic to the needs of clients and the situations they face. This “practice with empathy” approach is what distinguishes Elville & Associates, as our focus is on following: the individual, problem solving and solutions, comprehensive counseling, use of the “planning team” concept, including the strategic use of geriatric care professionals, and more. As individuals enjoy longer and longer lives, families are struggling with long-term care expenses, maintaining the dignity of loved ones in end-of-life care situations, protecting a financial legacies from the continually rising costs of living and medical care, the plight of the caregiver, and much more. The elder lawyers at Elville & Associates, P.C. understand that families need answers as well as empathy. In all matters relating to Elder Law, contact our skilled attorneys who can help protect your assets and address your very unique needs and concerns.

Supplemental Security Income (SSI) is a federal program that helps people with disabilities and very low incomes pay for food, clothing and shelter. SSI is often confused with Social Security Disability Insurance (SSDI). One of the main differences between the two programs is that SSDI is available to people with disabilities no matter how much money they earn or have, while SSI places very strict limits on a recipient’s income and assets. However, in most states, an SSI beneficiary who receives even $1 from the program also qualifies for Medicaid health coverage, which can be far more valuable than SSI’s benefit itself. Because SSI’s income and resource limits are so restrictive, it pays to know the basics about the program before deciding whether it is right for your family member or you.

Social Security Disability Insurance (SSDI) is one of the major federal programs that provides monetary assistance to people with disabilities. Unlike some other programs for people with disabilities (like Supplemental Security Income (SSI), an SSDI recipient can qualify for benefits no matter how much money she has and, in many cases, no matter how much she earns. Although the lack of strict financial standards makes SSDI benefits easier to manage once they are obtained, not everyone with a disability can qualify for SSDI, so it pays to know the rules before filing an application for benefits.

Every adult is assumed to be capable of making his or her own decisions unless a court determines otherwise. If an adult becomes incapable of making responsible decisions, the court will appoint a substitute decision maker, usually called a “guardian,” but called a “conservator” or another term in some states. Guardianship is a legal relationship between a competent adult (the “guardian”) and a person who because of incapacity is no longer able to take care of his or her own affairs (the “ward”). The guardian can be authorized to make legal, financial, and health care decisions for the ward. Depending on the terms of the guardianship and state practices, the guardian may or may not have to seek court approval for various decisions. In many states, a person appointed only to handle finances is called a “conservator.” Some incapacitated individuals can make responsible decisions in some areas of their lives but not others. In such cases, the court may give the guardian decision making power over only those areas in which the incapacitated person is unable to make responsible decisions (a so-called “limited guardianship”). In other words, the guardian may exercise only those rights that have been removed from the ward and delegated to the guardian.