Ross Spano Law, P.A.

Happy Father's Day! Thanks for All You Do!

“You can tell what was the best year of your father's life, because they seem to freeze that clothing style and ride it out."
- Jerry Seinfeld

Dads, you play such an important role in your children's lives, even though they sometimes enjoy a few laughs at your expense. Thank you for the many sacrifices you make so your children can grow, spread their wings, and fly! Happy Father's Day!

Cheers,

Ross Spano

Thank You for Your Sacrifice! Happy Memorial Day!

"Heroes never die. They live on in the hearts and minds of those who follow in their footsteps." - Emily Potter

Now and always, we're grateful for the ultimate sacrifice made by so many, so we can enjoy the blessings of liberty. Happy Memorial Day to you and yours!

Cheers,

Ross Spano
https://mailchi.mp/rossspanolaw/thank-you-for-your-sacrifice

Your Family Will Thank You - The Importance of Advanced Medical Directives.

Disclaimer: This is a HEAVY (but IMPORTANT) topic.

Terri Schiavo.... just saying her name evokes strong feelings for those of us who watched the events of her life, and the public battle over her death, unfold. In her mid-30’s, Terri collapsed in 1990 from a cardiac arrest, depriving her brain of oxygen. Experts disagreed about the extent of her cognitive impairment, but it was clear she could not survive without a feeding tube.

Terri had no written advanced medical directive; in other words, it wasn’t clear what she wanted. Would she want to live in such a condition, or would she want to die?

Beginning in 1995, and lasting for 10 years, her husband and her parents engaged in a bitter legal battle over this very question and, consequently, whether Terri’s feeding tube should be removed. The case made its way to the highest courts in the land, and even Congress and the President attempted to intervene. Ultimately, Terri’s feeding tube was removed, and she died on March 31, 2005.

What would you want if you were in Terri’s condition? Would you want your family guessing or, worse yet, fighting over the question? Would you want to survive indefinitely in such circumstances?

A sad reality is that the battle over Terri’s life could have been avoided with a simple advanced medical directive, a document called a Living Will. It allows a person to state in advance how they want to be treated, or not treated, if they’re ever in an end of life, end-stage, or persistent vegetative condition. No confusion or fighting among family and no fear about being trapped in an arguably lifeless body.

If you’re interested in how we can help you and your family have clarity and peace of mind, contact me at (813) 244-7758 or [email protected].

Cheers!

Ross Spano

Breakfast with my very special, beautiful daughter, Kali Vallee. What an amazing woman she is… an unwavering follower of Jesus; a loving, nurturing momma to her babies; a faithful, supportive wife to her husband; and a sensitive, committed daughter to her momma and me. I was thinking about her this morning… if 25 years ago, you’d asked me what I want for my baby girl, I would have described her life exactly as it is today. God is good!

Estate Planning... Why It's Not Just for the Wealthy 😃 https://mailchi.mp/rossspanolaw/estate-planning-why-its-not-just-for-the-wealthy

I’ve heard it so many times over the years: “I’m not rich. I don’t need an estate plan!” Even the word “estate” causes some to dismiss the need to plan. In fact, however, there are a number of reasons why most people, even those who wouldn’t consider themselves wealthy, should have an estate plan. Here are just a few:

Probate

Even when someone isn’t wealthy (maybe owning just a home, bank accounts, personal property, and possibly a modest retirement account), probate is still required to transfer assets to beneficiaries. Probate is a court case that requires an attorney and a judge to oversee and approve the transfer of assets and pay creditor claims. Probate takes significant time (up to a year or more) and can be very expensive (sometimes costing tens of thousands of dollars).

Conflict

In my experience, some of the smallest probate estates involve the biggest conflicts, many times causing latent relational tensions to resurface. However, clearly directing how assets should be distributed, as well as the person trusted to make distribution, greatly reduces the chance of misunderstanding and resulting conflict among family members.

Guardianship

Another problem arises by failing to name someone to handle personal affairs (financial and medical) during periods of temporary or permanent incapacity. Without an estate plan, no one has the legal authority to help, and often, a guardianship case must be opened, in which a court chooses the person with authority to make these decisions. Even those with little wealth can have this problem and, in most cases, can least afford to pay for guardianship.

These are just a few of the reasons to have an estate plan, even if you’re not what you’d consider wealthy. You can avoid probate, discourage conflict among family, and avoid guardianship. If we can help, please contact us at (813) 244-7758 or [email protected]. And remember, if competent, caring estate planning help is a must, Ross Spano Law is the friend you can trust!

Cheers!

Ross Spano

Hindsight Can Be 20-20... But Only if You're Around to See It 🤔 - The Dangers of Self-Help Planning! Click here to learn more: https://mailchi.mp/rossspanolaw/hindsight-can-be-20-20-but-only-if-youre-around-to-see-it

Over the years, I’ve seen it so many times. Well intentioned people, hoping to save a few bucks, create their own last will and testament, trust, or other estate planning document, and the result is disastrous. The thing about estate documents is that, most often, you don’t get the benefit of hindsight. Why? Because the mistake doesn’t come to light until it’s too late. At that point, the family is left with the difficult task of picking up the pieces.

Using form legal documents can be problematic, for example, because they fail to include required language or proper statutory references. Financial institutions regularly refuse to acknowledge powers of attorney for this reason. Not knowing which form to use can also be an issue, for instance, thinking a living will allows family members to make medical decisions when, in fact, it does not; instead, it provides end of life care instructions.

Online document assembly programs can offer a little more direction and are generally less expensive than hiring an attorney. The problem, however, is they can never replace the value and experience of a legal professional who’s been trained to identify known traps and pitfalls (which can completely thwart someone’s objectives) and educate clients about available planning strategies and options that can save time and money and avoid potential conflict among beneficiaries.

We offer complimentary estate planning consultations, and we would appreciate the opportunity to learn about your objectives and offer our recommendations to accomplish them. You can reach us at (813) 244-7758 or [email protected]. And remember, if competent, caring estate planning help is a must, Ross Spano Law is the friend you can trust.

Cheers,

Ross Spano

How Do I Create Power of Attorney? 😃 Before It's Too Late... Click here to learn more: https://mailchi.mp/rossspanolaw/how-do-i-create-power-of-attorney

Revocable Trust vs. Irrevocable Trust... What's the Difference? Click here to find out: https://mailchi.mp/rossspanolaw/revocable-trust-vs-irrevocable-trust

So, what’s the difference between a revocable trust and an irrevocable trust? It may seem obvious at first, and in a way, it is. A revocable trust can be changed, amended, or revoked altogether, whereas an irrevocable trust can’t be changed or revoked. With a revocable trust, the creator can typically access the assets held in the trust, but access to assets held in an irrevocable trust is strictly limited. But when is one used as opposed to the other and why?

Revocable trusts are most often created simply to avoid probate, the expensive and time-consuming court process usually required to transfer a decedent’s assets to their beneficiaries. I usually recommend revocable trusts because it’s important that my clients, while avoiding probate, also have the ability to amend their trust if necessary, for example, to change their mind about how assets are distributed or who should make distribution. It’s also important that my clients have absolute access to their assets during their lifetimes. Upon death, however, even a revocable trust usually becomes irrevocable so beneficiaries can’t change the way assets are then distributed.

Irrevocable trusts, on the other hand, are often created to protect assets from unknown judgment creditors. In short, if the trust creator can’t access the assets in the irrevocable trust, neither can a judgment creditor. Irrevocable trusts are also used in the context of Medicaid planning. If assets are placed into a Medicaid planned irrevocable trust far enough in advance, the creator can still qualify for Medicaid (long-term care benefits) and, in many cases, still transfer protected assets to their beneficiaries when they die. When creating an irrevocable trust, however, it’s very important to name a trustee who can be trusted to manage the trust’s affairs as intended and authorize distribution in appropriate situations.

If we can help you better understand the differences between a revocable trust and an irrevocable trust, or provide you with information or assistance concerning the preparation of your own estate plan, please contact us at (813) 244-7758 or [email protected].

Cheers,

Ross Spano