We study elliptically fibered K3 surfaces, with sections, in toric Fano threefolds which satisfy certain combinatorial properties relevant to F-theory/Heterotic duality. We show that some of these conditions are equivalent to the existence of an appropriate notion of a Weierstrass model adapted to the toric context. Moreover, we show that if in addition other conditions are satisfied, there exists a toric semistable degeneration of the elliptic K3 surface which is compatible with the elliptic fibration and F-theory/Heterotic duality.