Spiro J. Verras Blog

How can I select an heir to carry on the family business?

The popular HBO series “Succession” touches on a sensitive but sadly all too common issue—heirs fighting for control of the family empire. The series centers on the Roy family, who control a media and hospitality empire. As the family’s patriarch ages and suffers health issues, his four children each vie for a position in the company moving forward. While audiences enjoy watching the heirs go to troubling lengths to assert themselves in the family company, many of us may not realize that this drama is all too real for some families. Our Read more . . .

How should I bring up the topic of estate planning with my aging parents?

The topic of estate planning can be a delicate one. Fewer than half of all Americans have an estate plan and many shy away from discussions of this morbid but critical issue. For adults with aging parents, it is absolutely essential that you have a conversation about your parent’s wishes for after their death. However, starting off the discussion can be daunting. Our Read more . . .

A will can be used for a number of important things. Most people are only aware of the fact that a will can instruct who you will leave your property to after you pass away. It can do much more, though.
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What changes could come to the field of estate taxation if a new President takes office?

The 2020 election is fast approaching and the outcome of this highly anticipated election could have much import on our daily lives. One area that may see change should a Democratic President take office is that of estate planning. Several top Democratic candidates have proposed drastic changes to popular estate tax laws. Now might be the ideal time to

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Probate, the court-overseen process of settling the estate of a deceased individual, has become something people are always talking about avoiding. Probate, among many other things, involves the gathering of assets and the distribution of property from a decedent’s estate to his or her heirs. It is also the time when any creditors of the estate are paid. Unfortunately, like many things involving the legal system, there are drawbacks to probate. So many drawbacks, in fact, that more and more people are looking for ways to avoid the process either partially or altogether.
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The most effective and comprehensive estate plan includes planning for all aspects of our lives that are important to us. It plans for family. It plans for loved ones. It plans for well-being, both health and financial. It also plans for things like business.
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An Irrevocable Life Insurance Trust (ILIT) is a trust specifically established to own your life insurance policy for you. You establish the trust by transferring ownership of your life insurance policy to the trust. The fact that it is an irrevocable trust means that it cannot be rescinded, changed, or amended after it is created. Once you put your life insurance in the trust, you cannot change the trust terms or get back ownership of the life insurance policy you placed in the trust. 

You do, however, have great power as you are establishing the terms of the trust.
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How do I best ensure my heirs receive my cryptocurrencies?

Cryptocurrency soared in popularity and value in recent years.  As more of our economy has moved to the digital world, it is perhaps no surprise that our currency is becoming digitalized.  Digital currency allows for ease of transfer at any time of the day. Over $335 billion is now held in cryptocurrencies. With the increasing popularity of cryptocurrencies, laws and regulations have had to evolve to address concerns.
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There is a reason so many seek to avoid or limit probate proceedings when they are estate planning. For starters, probate can be expensive. Also, probate can drag on for quite some time.
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There are many reasons why the validity of a will may be challenged. In most cases, however, a family member may feel that he or she has been wrongfully cut out of a will or that the contents of the will do not appear to accurately reflect what they thought would be in there. Whatever the reason, there are several grounds upon which a person may bring a challenge to a will.
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Will My Small Estate Need to Go Through Probate in Florida?

Some of us will have smaller sized estates. Perhaps you are just starting off in your career, single, or elderly, you may not have that many assets. Those with smaller sized estates may find themselves wondering whether they really need an estate plan and if so what that should be included within that plan. Our Read more . . .