Types of Assets That Are Exempt From Probate in Florida
When someone dies, in most cases their estate must be probated to determine who will inherit which assets. The process can be costly and time-consuming, and it opens the estate to often unwanted public scrutiny. Fortunately, there are ways to avoid or minimize the impact of probate. In fact, certain types of...
Digital Estate Planning – Assigning Online Access To Accounts
Digital estate planning is a crucial aspect of modern estate planning that addresses the management and transfer of digital assets upon a person's death or incapacitation. Digital assets include many online accounts and digital files, such as social media profiles, emails, digital photos, online banking accounts, cryptocurrency, and more. In Florida,...
What Steps Can I Take Now To Protect My Assets If I Need Assisted Living?
Planning for assisted living and taking steps to protect your assets is a prudent move that can provide financial security and peace of mind for both you and your loved ones. As you age and potentially face the need for assisted living, careful financial planning can help preserve your assets and ensure...
Asset Protection Strategies for Floridians
In our litigious society, all of us are potentially at risk of seizure of our assets due to various forms of liability. Liability for debts can arise due to accidents, malpractice, breach of a personal guarantee, and many...
The Need to Include Planning for Long-Term Care in Your Estate Planning
Seniors are gradually becoming a larger proportion of the American population. The U.S. Census Bureau predicts that this growth will become more and more rapid in the future. By the middle of the next century, it is estimated that there could...
“Strange Inheritance” Reports on a Verras Law Client Who Inherited the World’s Largest Autograph Collection
The Fox Business News show “Strange Inheritance” recently visited the offices of Verras Law, P.A. to meet with probate attorney Spiro J. Verras and his client Juan Carlos Saucedo-Campos, who inherited the estate of legendary autograph collector Jack Kuster, including over 35,000 celebrity autographs and 17,000 never-before-seen celebrity photographs.
Kuster, a native of...
Are Inherited IRAs Protected From Creditors?
IRAs are excellent tools for accumulating tax-deferred (or, in the case of Roth IRAs, tax-free) retirement savings. They are also popular because, under the "retirement funds" exemption of federal bankruptcy law, they are protected from creditors.
An inherited IRA can have a significant tax downside, since in the case of a tax-deferred IRA the IRS...