Many people in Florida can leave a legacy through making donations to charitable organizations in their estate planning. Our attorneys at Luis E. Barreto & Associates, P.A., know that setting up a charitable trust can be a wonderful way to benefit not only the organization, but also you. Here is what you need to know about exploring this option. Florida law notes that the agency you wish to benefit must be a Read More
THE BAKER ACT AND DECLARING INCAPACITY
Estate planning involves more than just deciding who gets what after you die. It is about planning for the unexpected, whether that means death, a sudden accident that leaves you with permanent brain damage, the onset of a mental illness, or a developing addiction to alcohol and/or drugs. Our attorneys at Luis E. Barreto & Associates, P.A. are often asked by family members how incapacity is declared so that the Read More
WILLS CONTESTATION INVOLVES FRAUD ACCUSATIONS
It is not uncommon for people in Miami to believe that wills are ironclad. However, it is possible for people to initiate legal action for contesting a will. Usually, people will need to show that the will was created from an undue influence such as a manipulative family member or financial advisor, that the person who made the will was not competent to make such decisions or that there was some form of fraud. One Read More
THE BENEFITS OF CREATING A TRUST FOR PETS IN FLORIDA
While people in Florida cannot leave property to a pet, they can make provisions to ensure their animal is properly cared for in the event they become incapacitated or pass away. Under the state’s law, a pet trust can be created to outline what should be done with an animal in those circumstances. These trusts are advantageous over a will, because a will’s instructions for pet care are not legally enforceable, and Read More
UNDERSTANDING REVOCABLE TRUSTS IN FLORIDA
A living trust, also known as a revocable trust, carries advantages that are not available in a traditional will. This type of estate plan is often considered because of its potential for avoiding probate and reducing tax implications with an estate upon one's death. However, it is important to understand this method of estate planning to ensure that it is the appropriate option based on personal needs and Read More
WHEN SHOULD I UPDATE MY ESTATE PLAN?
It may be shocking to hear, but if you have an estate plan in place, you are actually in the minority. As the American Bar Association points out, 55 percent of Americans pass away without having a will or end-of-life document in place. However, you should know that your work does not end once your plan is created. You will have to make sure that you update that plan at least once a year, experts suggest, in order Read More
UNDERSTANDING HOW ESTATES ARE TAXED IN FLORIDA
Because of current laws, estates in Florida are rarely taxed. As the Florida Department of Revenue points out, there is no state estate tax. Florida did away with its so-called “sponge” estate tax in 2005. Only if someone passed away prior to Dec. 31, 2004, is it necessary to file a Florida state estate tax return. Certain estates may still be subject to the federal tax rate. The Internal Revenue Service notes Read More
USE ESTATE PLANNING TO AVOID SIBLING RIVALRY
In addition to giving you peace of mind, an effective estate plan can ensure that your survivors understand your final wishes for your assets. At Luis E. Barreto & Associates, P.A., our attorneys know how important it is that you leave a legacy without conflict. There are several considerations for people who wish to prevent sibling rivalry when determining heirs and their inheritance. As a report from Read More
SHOULD I SET UP AN IRREVOCABLE LIFE INSURANCE TRUST?
If you have a substantial amount of wealth, using an irrevocable life insurance trust may be wise. As the Florida Department of Revenue points out, the state does not collect an estate tax. However, the federal government imposes a 40 percent tax rate on estates valued at more than $5.43 million. There are ways to keep assets out of that taxable sum, one of which is to set up an irrevocable life insurance Read More
CHOOSING AN EXECUTOR FOR YOUR WILL IN FLORIDA
As you are working on your estate planning, you will have to make a decision regarding who will be the executor of your will. At Luis E. Barreto & Associates, P.A., we know how serious the responsibility is. Our goal is to help ensure you make the right decision so the transfer or distribution of your assets runs smoothly. The executor of a will is in charge of a number of tasks, including the Read More
