If you are a parent, grandparent or other relative of a minor in Florida, you may wish to help with saving for that minor’s future college education. There can be many different ways of doing this. As you investigate your options, you may hear about education trusts. While these can be appropriate vehicles via which you can assist with facilitating higher education for a loved one, investing in them may or may not be Read More

If you are looking to set up a trust or have been asked to be a trustee for someone else, you should understand what is required of a trustee in Florida. This position is far more than one of honor as it carries with it significant fiduciary duties and even potential liability. According to the National Paralegal College, a trustee is entrusted with carrying out the wishes of a deceased person as stipulated. In some Read More

When embarking on estate planning, Florida residents have many choices to make and factors to consider. In addition to providing for one’s heirs, leaving assets to a charitable organization is a common thing for people to outline in a trust. There are multiple vehicles that allow for this and charitable remainder trusts are one of those options. According to Investopedia, these trusts are irrevocable and tax exempt. Read More

When it comes time to discuss estate planning options, Florida residents may wish to investigate creating either a trust or a will. Both types of documents give people the ability to stipulate in writing their wishes for how assets should be handled after they die. However, the way in which a trust does this is different than the way in which a will does this. OnTheMoneyRadio.org indicates that trusts may be more Read More

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

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

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

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

Estate planning is often a difficult subject for families to broach, especially if an aging parent appears to be suffering from mental decline. There are a variety of cognitive conditions that may affect elderly Miami residents, including complications from stroke, Alzheimer’s disease or progressive dementia. This can be heartbreaking for adult children to witness, not to mention complicated if their parents’ wills Read More

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