Spiro J. Verras Blog

Thursday, May 10, 2018

Protecting Your Assets from Creditors with an 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 . . .

Tuesday, April 24, 2018

Previously Denied Veterans May Now Be Eligible for Benefits

What are the eligibility requirements for veteran’s benefits?

Our military members dedicate their lives to protecting our country. When military veterans return from service, they deserve to receive medical care and compensation for the injuries they suffered as a result of their service. Veterans who suffer a service related disability may be eligible to receive monthly disability benefits.
Read more . . .

Tuesday, April 17, 2018

Cutting a Relative Out of Your Will

How do I disinherit a child in Florida?

With a will, you generally have the power to leave your assets to whomever you desire. At times, a parent may elect to leave a child out of his or her will, or a spouse could attempt not to include his or her partner in the will. Disinheriting someone is a difficult decision sometimes dictated by pragmatic rather than revenge based motives.

Read more . . .

Friday, March 23, 2018

Exploring Long Term Care Insurance

What services will long term care insurance cover?

Today, approximately 46 million people in America are over the age of 65.  By the year 2060, that figure is estimated to double to 98 million people, with elderly individuals comprising 24 percent of the total population, according to the most recent Population Reference Bureau report. With each generation living longer than the last, it is imperative that you and your loved ones have a plan in place for your long term care costs.

Read more . . .

Wednesday, March 14, 2018

Estate Planning: Is My Will Enough?

You took the plunge and created a will.  Now you may find yourself asking, is your will sufficient to protect your assets and heirs after your death?  The answer varies depending on your finances, your familial situation, and your ultimate desires as to your legacy. Making a will is an important first step for many. While it will represent the end of the estate planning journey for some, others use their will as a launching point to create a more Read more . . .

Monday, February 19, 2018

Creating an Educational Trust

What are the benefits of an educational trust?

College education prices are rising each year.  Parents can expect to pay anywhere between $9,000 and $34,000 in tuition and fees annually, depending on whether your child attends a public or private university.  In addition to tuition costs, parents must anticipate the costs of housing expenses, food, books, and other supplies.  To help provide for your child’s future educational needs, you may wish to consider setting up an educational trust.

Read more . . .

Monday, February 12, 2018

The Costs of Probate in Florida

How can I reduce the expense of probate?

If you pass away in the state of Florida, your assets will likely need to go through probate.  Probate is the court-administered process through which the validity of a will is established, assets are located, expenses settled, and the remaining proceeds distributed to the heirs.  The value of the estate will determine, in part, the costs of probate in Florida.

Read more . . .

Thursday, February 1, 2018

Estate Planning for Business Owners

Why is it important for small business owners to have an estate plan?

Creating a comprehensive estate plan is one of the most important steps that you as a business owner can take to safeguard your assets and protect your loved ones.  Without an estate plan in place, your loved ones and your business may flounder if you died unexpectedly.  Your heirs could even be forced to enact a quick sale of your business to satisfy probate related tax obligations.

Read more . . .

Monday, January 22, 2018

Making Your Advance Directive in Florida

What is an advance directive?

An Advance Health Care Directive or Advance Directive is a legal document that states your preferences for medical actions that you want or do not want to be taken if you are critically ill or injured.  An Advance Directive should be included in all estate plans as it provides doctors and loved ones with clear guidance on how you want to be treated if you reach the end of your life.  Each state has its own unique Advance Directive form.

Read more . . .

Tuesday, December 19, 2017

Make Estate Planning Part of Your New Year’s Resolution

What will happen if I die without an estate plan?

The New Year is rapidly approaching, which means now is the time to start thinking about your New Year’s resolution.  Most of consider setting our goals as getting in shape or making better financial decisions.  Estate planning may not be something that many consider, but you should.  Fewer than half of all Americans have even a basic will in place.  Without an estate plan, your assets could be heavily taxed, go to unwanted individuals, and potentially even become the property of the state.
Read more . . .

Friday, December 15, 2017

Celebrity Estate Planning Fails

How can I make a foolproof estate plan?

Many of us would assume that most celebrities have comprehensive estate plans.  After all, wealthy celebrities have access to professional managers and experienced attorneys.  Despite their wealth, at least three mega-celebrities passed away in recent years without an adequate estate plan in place, leaving their loved ones broken hearted and grappling with substantial estate taxes.
Read more . . .

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