Spiro J. Verras Blog

Friday, January 29, 2021

Are There Different Types of Trusts?

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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Thursday, January 28, 2021

How Is My Property Transferred at Death?

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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Tuesday, December 29, 2020

How Are Irrevocable Trusts Taxed?

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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Tuesday, December 22, 2020

How Are Revocable Trusts Taxed?

A trust can be a valuable estate planning tool for a number of reasons.
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Monday, November 30, 2020

What Is a Family Limited Partnership (FLP)?

There are so many estate planning tools that most people remain unaware of. Generally speaking, people associated estate planning with wills. They might know a little about trusts.
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Monday, November 9, 2020

What Should Be in Your Business Succession Plan?

For many small business owners, their business is their life’s work. It is something that they have invested time, money, and a lot of heart into. When considering this, it can be downright surprising how many times small business owners fail to have a business succession plan in place. A properly crafted business succession plan can help ensure the continued longevity and success of a small business. If you are a small business owner, a

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Tuesday, October 20, 2020

What Is an ABLE Account?

Estate planning for those with special needs and those with loved ones who have special needs can be a particularly delicate process. To plan to provide support for someone with special needs requires careful planning due to the fact that he or she may rely on need-based government benefits such as SSI and Medicaid. A gift, inheritance, or any additional income could result in the loss of these benefits.

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Tuesday, October 13, 2020

Should You Establish a Third-Party Special Needs Trust?

When thinking about estate planning, you need to consider the unique position and circumstances of your family and loved ones. For instance, do you have a loved one with special needs? You may, of course, want to provide financial support for them. While the intention behind this is great, giving financial gifts or leaving outright inheritances for individuals with special needs may actually end up doing more harm than good.

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Wednesday, September 16, 2020

What Is Trust Administration?

If you have established an estate plan, been involved in the probate process, or started researching either of these things, you have probably heard of estate administration. Fewer people, however, have heard of trust administration. It is, however, an important thing to be aware of. This is especially true considering there is a common misconception that trusts do not require follow up attention after the settlor of the trust passes on. People tend to think transfers and other trust affairs happen automatically.

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Wednesday, September 9, 2020

How to Support Your Elderly Loved One During the COVID-19 Pandemic

It is no secret that times have been tough this year. The public health crisis that is the Covid-19 pandemic persists and, some days, it can feel like there is no end in sight. Older Americans have been one of the toughest groups hit not only be the virus but on collateral impacts of the virus in the form of social distancing measures. Due to the fact that COVID-19 seems to have a much more severe impact on seniors, the older population has, understandably, had to exercise extreme caution over these past few months. Social distancing measures are crucial to staying safe from the virus.

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