Spiro J. Verras Blog

What is a codicil and when is it used?

The field of estate planning is mired in confusion for many of us.  Terms like “intestacy” and “testamentary capacity” may elicit uncertainty in the minds of individuals with limited exposure to the estate planning world.  Unclear on the definitions of many estate planning terms and unsure about the steps to take to create an estate plan, some people may put off estate planning until it is too late.  Our Tampa Bay estate planning lawyers offer some definitions of important concepts in estate planning to help you enter the estate planning process with knowledge and clarity.

Essential Estate Planning Terms to Know

Review the definitions below and be sure contact an estate planning lawyer for more information about any concepts that remain unclear to you.

How might a 1031 exchange form a part of your estate plan?

 Real estate has long comprised a large portion of many investor’s estates.  Now, with the passage of the Tax Cuts and Jobs Act of 2018, many investors may wish to consider making real estate a larger part of their portfolio because the Act offers several benefits for tax reduction both during and after your lifetime.  To ensure your real estate holdings are passed with minimal taxation to your loved ones, you will want to make sure your real estate holdings are thoroughly considered and included in your estate plan.

What types of insurance should I secure to protect my assets?

In our litigious society, all of us are potentially at risk of seizure of our assets due to various forms of liability. Liability for debts can arise due to accidents, malpractice, breach of a personal guarantee, and many other circumstances. Professionals like doctors, lawyers, and dentists, as well as business and property owners, are particularly vulnerable to potential liability. Fortunately, there are steps that we as Floridians can take to protect our assets.

Will my stepchildren receive a portion of my assets if I die without a will?

There are over 1,300,000 households with stepchildren in the United States, according to Census Bureau data. Stepfamilies are a growing percentage of the American population, and the bond between a stepparent and stepchild can be quite strong. Most stepparents will want to ensure their stepchildren are protected after their death, but may not be aware that under Florida law, stepchildren are not automatically protected. Our

What types of elder abuse commonly occur in the U.S.?

Buzz Aldrin, the famed American astronaut who became the second man to walk on the moon, recently filed a claim in Florida against two family members and his former business manager alleging elder exploitation. Aldrin, who is now 88, seeks to retain control of his business Buzz Aldrin Enterprises and his not-for-profit organization, ShareSpace Foundation. The suit comes months after Aldrin’s family filed a request to be appointed as...

How can I gift my reward points or frequent flyer miles to my family after my death?

Fans across the world mourned the loss of chef and television star Anthony Bourdain this past June. Now, details as to Bourdain’s estate plan have emerged. Given his celebrity status, much national attention has centered on Bourdain’s assets and what steps he took to ensure the assets go to whom he desired.

What is the best way to transfer assets upon my death to my non-U.S. citizen spouse?

Today, at least one in five married households in America include one spouse who was born outside of the United States, according to Census Bureau data. For those spouses who are married to a non-U.S...

What special estate planning considerations exist for blended families?

Over half of all families in the United States are either remarried or re-coupled, according to U.S. Bureau of Census data. Across the nation, 1,300 stepfamilies are forming every day, and the number of remarriages is estimated to be rising every year. Blended families today commonly include children, stepchildren, former spouses, and in-laws.

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 . . .