Spiro J. Verras Blog

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 The fact that it is an irrevocable trust means that it cannot be rescinded, changed, or amended after it is created.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.
Read more . . .

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.
Read more . . .

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.
Read more . . .

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.
Read more . . .

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 . . .

What Circumstances Could Give Rise to a Claim of Undue Influence?

An estate plan is intended to represent the last wishes and desires of its creator. With an estate plan, you can direct whom you want to receive your hard-earned assets, name a guardian for any minor children, and address your own healthcare needs. Sadly, at times, vulnerable individuals are pressured or tricked into creating an estate plan that does not actually represent their wishes. Undue influence is a significant issue in estate planning, particularly when an elderly or ill individual is involved. Our Read more . . .

A guardianship is a legal relationship established between the guardian and the ward. When a person is deemed to be legally incapacitated, the court will establish a guardianship where the ward is the incapacitated individual and the guardian becomes a surrogate decision-maker, acting on behalf of the ward and appointed by the court. A guardianship may also be established for a minor who is not incapacitated, but still needs someone to look after them and act on their behalf.

The role of the guardian, in any circumstance, comes with substantial responsibilities that must be properly executed. A guardian can be held accountable for a failure to properly uphold his or her duties regarding acts taken on behalf of a minor or an incapacitated individual.
Read more . . .

What does it mean to fund your trust?

Revocable living trusts have become a preferred estate planning tool for Americans across the country. Trusts offer many advantages over wills, allowing the trust creator’s assets to pass to their named beneficiaries without the need for probate. Trusts can save your loved ones in tax implications, time, and stress. For a trust to function correctly upon your death, however, you will need to do more than just sign the trust document. A trust should be properly funded so that your assets will correctly transfer upon death.
Read more . . .

Finally having an established estate plan can be a big relief. It is so often something on a person’s to-do list that keeps being put off. When you have an estate plan in place, it can feel like a weight has been lifted from your shoulders. You know that your wishes have been memorialized in legally binding estate planning documents. You know how your family will be provided for after you pass.
Read more . . .

Will my assets be seized to cover the costs of my nursing home care?

The American population is aging and currently over 10 million Americans need long-term care services.  More than 70 percent of all people over the age of 65 need to anticipate requiring long-term care at some point during their lives, which could involve moving into a nursing home or benefitting from care at home.  With the costs of long-term care ever rising, it is critical that you take steps well in advance to protect your assets so that you can qualify for Medicaid. Our Read more . . .

Finally having an established estate plan can be a big relief. It is so often something on a person’s to-do list that keeps being put off. When you have an estate plan in place, it can feel like a weight has been lifted from your shoulders.
Read more . . .