Spiro J. Verras Blog

What factors should I look for when naming a trustee?

Selecting a trustee for your trust is one of the most important decisions you will make when you embark on your estate planning journey. Your named trustee will be responsible for transferring assets within the trust to the beneficiaries or continuing to manage your trust after your death. A trustee’s role can be complicated and may last for several years. Our

What will happen to my assets held in cryptocurrency if I die?

Cryptocurrencies have soared in popularity and value in recent years. Millions of investors now hold a portion of their assets in cryptocurrencies. While touted as the currency of the future, cryptocurrencies can prove hazardous if not accounted for in your estate plan.

Can a trust shield my assets from creditors?

Estate planning serves many purposes, one of the most vital of which is to protect your assets from creditors’ claims. Estate planning aimed at shielding assets from creditors is often referred to as asset protection. Read more . . .

What are the eligibility requirements for veteran’s benefits?

Our military members dedicate their lives to protecting our country. When military veterans return from service, they deserve to receive medical care and compensation for the injuries they suffered as a result of their service. Veterans who suffer a service related disability may be eligible to receive monthly disability benefits.
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How do I disinherit a child in Florida?

With a will, you generally have the power to leave your assets to whomever you desire. At times, a parent may elect to leave a child out of his or her will, or a spouse could attempt not to include his or her partner in the will. Disinheriting someone is a difficult decision sometimes dictated by pragmatic rather than revenge based motives.

What services will long term care insurance cover?

Today, approximately 46 million people in America are over the age of 65.  By the year 2060, that figure is estimated to double to 98 million people, with elderly individuals comprising 24 percent of the total population, according to the most recent Population Reference Bureau report. With each generation living longer than the last, it is imperative that you and your loved ones have a plan in place for your long term care costs.

You took the plunge and created a will.  Now you may find yourself asking, is your will sufficient to protect your assets and heirs after your death?  The answer varies depending on your finances, your familial situation, and your ultimate desires as to your legacy. Making a will is an important first step for many. While it will represent the end of the estate planning journey for some, others use their will as a launching point to create a more Read more . . .

What are the benefits of an educational trust?

College education prices are rising each year.  Parents can expect to pay anywhere between $9,000 and $34,000 in tuition and fees annually, depending on whether your child attends a public or private university.  In addition to tuition costs, parents must anticipate the costs of housing expenses, food, books, and other supplies.  To help provide for your child’s future educational needs, you may wish to consider setting up an educational trust.

How can I reduce the expense of probate?

If you pass away in the state of Florida, your assets will likely need to go through probate.  Probate is the court-administered process through which the validity of a will is established, assets are located, expenses settled, and the remaining proceeds distributed to the heirs.  The value of the estate will determine, in part, the costs of probate in Florida.

Why is it important for small business owners to have an estate plan?

Creating a comprehensive estate plan is one of the most important steps that you as a business owner can take to safeguard your assets and protect your loved ones.  Without an estate plan in place, your loved ones and your business may flounder if you died unexpectedly.  Your heirs could even be forced to enact a quick sale of your business to satisfy probate related tax obligations.

What is an advance directive?

An Advance Health Care Directive or Advance Directive is a legal document that states your preferences for medical actions that you want or do not want to be taken if you are critically ill or injured.  An Advance Directive should be included in all estate plans as it provides doctors and loved ones with clear guidance on how you want to be treated if you reach the end of your life.  Each state has its own unique Advance Directive form.