Spiro J. Verras Blog

While you have likely heard of a prenuptial agreement, or “prenup,” you may not fully understand what it can do. Most people, of course, use a prenup to set some financial expectations for marriage. It may outline what assets and income will be considered marital assets and which will remain separate in the event of divorce, or even death. The majority of people, even those more familiar with prenups, however, may not consider the fact that a prenup can be a Read more . . .

Did you know there are different types of property that should be accounted for in your estate plan? There is intangible property, such as retirement accounts, insurance policies, bank accounts, cash, and other financial holdings. There is real property, which includes any real estate holdings you may have. Then, there is tangible property.
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Estate planning is not something that you should set and then forget. This is because so much of estate planning is a reflection of our current standing in life. Life, however, is constantly changing.
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Changes in the law are inevitable, especially during changes of presidential administrations. With President Biden’s term as president, there are likely to be changes in the arena of estate planning and related laws. In recent years, there have been some significant changes that have had serious impacts on estate planning.
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Estate planning often involves talking about things people generally wish to avoid. Thoughts of death or incapacitation do not generally make for normally pleasant conversations. Estate planning, however, is a topic all families need to confront.
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A will is often a central feature of a strong estate plan. While many people may think of a will as something where you set forth who you want to leave your assets and other property to when you pass away, it can be so much more. When you die without having a valid will in place, your heirs and estate can miss out on many valuable opportunities that you may have wanted for them.
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A trust can play a prominent role in estate planning, but many people do not know much about trusts. A trust is set up by the grantor, also referred to as the “settlor” or “creator,” of the trust. It is then funded by transferring property into the trust.
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A large portion of estate planning really focuses on how property and assets are to be transferred upon a person’s death. It may seem like a detail to some, but how your property is transferred when you pass away can have a significant impact on things like how long your beneficiaries will have to wait until they are able to access an inheritance and how much of an inheritance may be whittled away by things like taxes and court costs and fees. Here, we will discuss the different ways that property can be transferred at death.
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An irrevocable trust can come with many benefits. Its primary characteristic is the fact that the creator of the trust cannot amend the terms of the trust nor can the creator spend trust funds for anyone other than trust beneficiaries unless the terms of the trust permit it. In certain instances, the trust terms allow the trustee a limited ability to amend certain trust beneficiaries.
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A trust can be a valuable estate planning tool for a number of reasons.
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