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 of 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 purpose 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
BASIC ESTATE PLANNING STEPS FOR NEWLYWEDS IN MIAMI
Although many Florida residents understand the advantages of estate planning, not many actually spend the necessary amount of time and resources required to create a foolproof estate plan. Marriage often makes couples consider estate planning seriously enough to take some basic steps. Such estate plans can be made with the help of an attorney. Retirement accounts and life insurance are important parts of an estate Read More
WRITING A FLORIDA WILL CAN HELP YOUR CHILD AVOID ISSUES
Residents of Miami, Florida, might be aware that approximately 70 percent of Americans do not have a valid will. People have different reasons for not writing a will. While some people think that they do not have a significant amount of assets to include in a will, others avoid writing a will because they think that it may be costly. However, neither is necessarily true. Writing a will with the help of a lawyer 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
