Spiro J. Verras Blog

Estate planning is important for everyone. It is not something just for older adults to take care of. Younger people tend to think that they do not need to estate plan because they have nothing of value.
Read more . . .

When you think of estate planning, most people will think of a Last Will and Testament, or simply, a “will.” A will can be an important part of your estate plan. It has the ability to go far beyond detailing what property you want distributed to which beneficiaries.
Read more . . .

How can I help my loved one in a nursing home make an estate plan?

The coronavirus pandemic has sent a message to all of us that our futures are uncertain. Most at-risk for serious illness or death from the virus remains the elderly. People aged 65 or older have a heightened risk of hospitalization or death from COVID-19. Perhaps the most vulnerable are Florida’s nursing home and assisted living residents. Nursing home residents are typically already in compromised health due to physical or mental illnesses.
Read more . . .

What are the benefits of making an estate plan right now?

The novel coronavirus continues to spread across the globe, bringing about illness, death, and economic turmoil in its wake. Currently, the death toll in the United States has exceeded 40,000, while more than 2.4 million people globally have been infected by COVID-19. Along with the magnitude of the illness, many Americans are now suffering financially. Necessary social distancing and stay-at-home orders have caused millions of Americans to lose their jobs.
Read more . . .

Do I need an estate planning attorney?

None of us know what the future holds. Creating an estate plan is about preparing for the unknown. A good estate plan will protect your loved ones, your assets, and yourself in the event of a serious injury, incapacity, or death. Your estate plan is about a lot more than just dividing up your assets. With your estate plan, you can ensure your spouse, children, or other loved ones are cared for, while also knowing that your last wishes will be respected and honored.
Read more . . .

How can I protect my non-biological child?

A comprehensive estate plan is important for everyone who wants to protect their assets and family, but it is even more critical for same-sex couples to create certain estate planning documents so that they are fully protected. In 2015, the United States Supreme Court passed a landmark ruling legalizing same-sex marriage for same-sex couples. This ruling afforded same-sex couples vital protections that heterosexual couples long took for granted, but it did not eliminate the need for some extra care when it comes to estate planning. Our Read more . . .

What does the SECURE Act mean for estate planning?

The Setting Every Community Up for Retirement Act or SECURE Act of 2019 will bring about significant changes to retirement and estate planning in the year 2020. President Trump signed the SECURE Act into law in December. Professionals in the retirement planning field have evaluated the new law as bringing about mostly positive changes for employees, with one major downside to traditional estate plans. Our Read more . . .

Why Simply Co-Owning Property May Not Be an Ideal Estate Plan

Often, people will purchase real estate or open a bank account with their spouse, child, or other loved one as a co-owner. This joint ownership is set up so that if one owner dies, the other will automatically inherit the property. In the state of Florida, there are several types of joint ownership, and some will allow for the automatic transfer of ownership upon the death of one co-owner. However, to simply have a co-owner on your major property is rarely sufficient for an estate plan. Relying on joint ownership could have implications on taxes and creditor rights, and it could even carry the risk of an unintended person receiving partial ownership of the property.
Read more . . .

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

The popular HBO series “Succession” explores dramatically a 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 problems, his four children each vie for control of the company. While audiences enjoy watching the heirs conspire against each other and their father as they attempt to wrest control over the family company, many of us may not realize that this sort of drama really happens in family-owned businesses when the founder has failed to establish a business succession plan.

Read more . . .

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

More than half of all Americans, includinga substantial minority of seniors, have no estate plan. Many of us shy away from discussing what we perceive as a morbid topic, so we rarely ask friends or family about the status of their estate planning. Nonetheless, if you are an adult with an aging parent, it is important to make sure that your parent has a valid estate plan. Tampa Bay estate planning lawyer Spiro Verras offers some tips on how to talk about estate planning with your parents tactfully.
Read more . . .

A Last Will and Testament can be used for a number of important things. Most people are aware that a will can instruct who you will leave your property to after you pass away and who will be in charge of administering your estate. A will can do much more, though. A will allows you to name a guardian to care for your minor children. It also allows you to name a trustee who will manage any property you leave to children or incapacitated persons. It can provide funeral, burial, and cremation instructions. It can even create a trust that can continue for a few years or for generations.

Read more . . .