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 a 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 that 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 trust. As 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
WHAT ARE THE DUTIES OF A WILL EXECUTOR?
As a Florida resident crafting your estate plan, you have probably already thought about the person you would like to name as your will's executor. Estate administration decisions are among the most important that you can make during the estate planning process. Even though some people would consider being an executor as an honor or compliment, it is important to realize that the job can become time-consuming, even Read More
SHOULD I TRY TO AVOID PROBATE IN FLORIDA?
If you are working on your estate plan, you may come across a lot of information regarding probate – and some of it may seem negative. According to the Florida Probate Code, there are two types of probate: formal and summary administration. A formal administration is necessary if the value of the estate in probate is worth more than $75,000. A summary administration takes place in the following circumstances: If 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
