Can You Sue if You Have Been Committed Under the Baker Act?

The state, whether that is referring to the state of Florida or the general concept of government, deals with a recurring dilemma: keeping the citizens safe and secure while also ensuring their liberties and freedoms are reasonably protected. A notable example that illustrates the state of Florida’s struggle with this question is the Baker Act, which is used to get prompt medical care for those who are exhibiting Read More

REAL ESTATE APPRAISALS FOR INHERITED PROPERTIES

Upon the death of a resident in Florida, a personal home or other real estate is often part of the decedent’s estate. What happens to these assets may depend on what estate plans had been put in place. In some cases, a person may choose to leave a home to a relative who will then live in the home. In other cases, a home or other property ends up being sold. This can happen when a will or a trust was in place or even Read More

WHAT ARE SOME PLANNED GIVING OPTIONS?

Over the last couple of decades, the concept of planned giving seems to have gained a lot of momentum in Florida and the rest of the United States. As people consider various options when engaging in estate planning activities, thoughts about how to also incorporate some philanthropy make sense. Even donations to be made during the course of a person’s life can impact an overall estate and therefore make sense to Read More

WHAT ARE COMMON ESTATE PLANNING MISTAKES?

If you are like many other Florida residents, you might think that having a will or a trust is not necessary if you are still relatively young. Maybe you have been meaning to draft an estate plan but just haven’t gotten around to it yet. Whatever your hurdle, it is worth making estate planning a priority. The reality is that everyone can benefit from a properly created estate plan whether your estate is large or 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

INCORPORATING COLLECTIONS INTO YOUR ESTATE PLAN

If you have a collection that has either sentimental or monetary value, you should make sure to include it in your estate plan. At Luis E. Barreto & Associates, P.A., we know how important it is to ensure those items are tended to following your passing. Putting the right measures in place can give you peace of mind regarding your collection. One of the first steps you should take is to get an accurate 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

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

THE IRS, TAXATION RATE AND THE TRUE VALUE OF AN ESTATE’S FINE ART

A beautiful painting is wonder to behold and often a good investment, as many residents of Miami, Florida, may agree. Some fine art increases in value over the years and can add great wealth to an estate. For example, thirteen pieces stolen from a museum 23 years ago have an estimated value of half a billion dollars. The FBI and the museum have offered $5,000,000 for information that helps recover the stolen Read More

MAKING BUSINESS VALUATION A PART OF ESTATE PLANNING

For business owners, knowing the value of their business is important. If the owner is looking to sell the business they naturally hope for a high valuation. In other cases, a high valuation can secure better insurance policies and bigger loans at lower interest rates. How a business is valued will often be influenced by the purpose of the valuation. For example, if one partner wants to buy out another, he or she Read More