It is an unfortunate fact that sometimes after the owner of an estate dies, the loved ones left behind are not happy with what they received – or did not receive – in the family will. Many residents in Miami can find themselves going through an estate dispute over such items as their loved one’s home, vehicles, bank accounts and personal possessions. According to the AARP, it is increasingly common for Baby Read More
DIFFERENCES BETWEEN WILLS AND LIVING TRUSTS
When it comes time for your estate planning, should you choose to draft a will or a living trust? Both of these documents may provide solid benefits for your family members and protection against probate disputes. However, each one of these options has separate advantages and drawbacks. At Luis E. Barreto & Associates, P.A., we have helped numerous Miami clients decide the option that is best for their Read More
ROBIN WILLIAMS’ FAMILY DISPUTE OVER ESTATE VALUE AND BELONGINGS
During the estate planning process, it can help to think about the possibility of loved ones disputing the terms of a will, even if the will has been carefully laid out. An estate disagreement can be distressing for Miami families who are grieving the loss of loved ones. In some cases, heirs may think that they were left out of assets they were entitled to. An especially common estate dispute can arise when a Read More
WHAT IS A CHARITABLE REMAINDER TRUST?
For many people, it is not enough simply to leave an inheritance to their loved ones after they are gone. Some wish to make a lasting impression by leaving a portion of their estate to a charitable cause. If you are like many Miami residents, you may have worthy hobbies, passions and beliefs that can be benefited by your generosity. It is possible through a charitable remainder trust to leave behind a sizeable amount Read More
PLANNING FOR YOUR PET’S CARE AFTER YOUR DEATH
A vital part of your estate planning is to designate your assets and property, such as inheritance money and your home, to your heirs. If you have pets, you might not realize that you will need to provide for their needs after your death as well. At the Miami law firm of Luis E. Barreto & Associates, P.A., we regularly include instructions for the care of pets in the wills and trusts of our clients, and we Read More
WHAT ROLE DOES A PERSONAL REPRESENTATIVE HAVE IN WILL PROBATE?
In Florida, a circuit court judge supervises the process of probating a will. A personal representative is appointed by the judge to administer the deceased individual's estate. Any person, bank or trust company can be appointed personal representative. An individual can be appointed personal representative if he or she is a legal resident of Florida and a close relative of the deceased. Any person under the age Read More
HOW DOES A JUDGE SUPERVISE ESTATE ADMINISTRATION IN FLORIDA?
Many Florida residents might be aware that probate is a court process that identifies and gathers all assets of a deceased person, pays all creditors and distributes the remaining assets to the person's beneficiaries. The entire probate process involves a number of people, such as the circuit court judge, the clerk of the circuit court, the executor of the estate, those parties who have claims on the estate, the Read More
IMPORTANT POINTS FOR MIAMI PARENTS CREATING SPECIAL NEEDS TRUSTS
Miami, Florida residents may know that many children with physical or mental disabilities may very well outlive their parents, so it is often a difficult task for those parents to make necessary arrangements for a disabled child's care after their death. Many parents of disabled children create a financial trust so that safeguards are in place for ensuring financial support for a child's lifetime. However, parents Read More
SURVIVING SPOUSES IN FLORIDA CAN FILE FOR AN “ELECTIVE SHARE”
Miami, Florida, residents would agree that when the breadwinner of a family passes away, the survivors or dependents have to face a number of financial challenges. In order to address this concern, English common law had a provision called elective shares. Under this provision, the survivors and dependents of a deceased breadwinner received certain financial protections. Laws have evolved since then and the Read More
OPT FOR ALTERNATE VALUATION TO SAVE ON FLORIDA ESTATE TAXES
Florida residents can use an alternate estate valuation method in order to save on estate tax. The alternate valuation method helps in situations where the value of a decedent's estate has decreased significantly due to market conditions. The gross value of a decedent's estate is the fair market value of all his or her property on the date of his or her death. However, if the gross estate value of the deceased Read More
