Introduction

Miami stands at the crossroads of domestic and international finance, shaped by a unique combination of Florida state law, federal regulation, and a dynamic local economy. Whether you are a high school student navigating your first bank account, a young entrepreneur launching a business, or a resident managing an inheritance, understanding the legal framework governing money in Florida is not optional, it is essential.

The Financial Literacy Graduation Requirement

• In Florida, and at Immaculate-La Salle, financial literacy is not a recommended elective anymore, it is a graduation requirement. Under the Dorothy L. Hukill Financial Literacy Act, all students entering high school from the 2023–2024 school year onward must complete a half-credit course in personal finance before they can earn a diploma.
• What the Curriculum covers:
• The different types of bank accounts and their respective legal protections under federal and state law.
• How credit scores are calculated, what factors affect them, and the legal rights consumers hold under the Fair Credit Reporting Act.
• Federal income tax obligations, including how taxable income is determined and how to read a W-2 form.
• Strategies for managing debt, including the difference between secured and unsecured obligations and the legal consequences of default.

Banking

• Under Florida Statute § 655.77, minors have the explicit legal right to make deposits into and withdrawals from their own bank accounts, and any such transactions are fully valid under state law. This provision was enacted to give younger residents meaningful access to the financial system without requiring adult intermediaries for every transaction.
• Despite the permissive language of the statute, most major financial institutions operating in Miami including national banks such as: Chase, Wells Fargo, and Truist,  maintain their own internal policies that require a parent or legal guardian to co-sign when opening an account for a minor.
• In terms of Joint Accounts, Florida acknowledges that a joint account is generally treated as belonging to both account holders equally and in full, not as a shared split of ownership, but as a 100% ownership interest held concurrently by each party.
• This shared ownership could lead to legal exposure, as if one party has their assets frozen or seized, that joint account may be affected.
• For Miami residents who are approaching 18 years of age, financial advisors and attorneys recommend to transition any joint account into an individual account upon reaching age of majority.

UTMA and Inherited Assets

• When a minor in Florida receives a substantial financial gift, an inheritance, or a settlement, the law does not simply allow that money to be handed over and spent freely. Florida follows the Uniform Transfers to Minors Act (UTMA), a legal framework designed to protect significant assets until the recipient is mature enough to manage them responsibly.
• For a UTMA, the minor is the legal owner of the assets, however, a designated adult is appointed to manage those assets until a specified age of transfer, usually around 21 years old.
• Florida imposes an additional layer of oversight when the asset value exceeds $15,000. If a minor removes a settlement, inheritance or other that exceeds the threshold, a court appointed “Guardian of the Property” is installed to oversee the funds, even in cases where both parents are living and present.

Florida Taxes

• One of the most frequently discussed financial advantages of residing in Florida, and specifically in Miami, is the complete absence of a state income tax. Florida is one of only a handful of states that imposes no tax on wages, salaries, investment income, or self-employment earnings at the state level.
• All residents who earn above the applicable standard deduction threshold, approximately $15,000 to $16,000 for individual filers in 2026, remain fully subject to federal income tax administered by the Internal Revenue Service.
• Employers are required to withhold federal taxes from employee paychecks regardless of state law, and individuals with income from freelancing, gig work, or self-employment must manage their own federal withholding and quarterly estimated payments.
• Florida imposes a base state sales tax of 6% on most consumer goods and services. Miami-Dade County adds a local surtax, bringing the effective rate for most transactions in Miami to approximately 7% or more.
• Under federal law, any individual earning more than $400 in net self-employment income in a given tax year is required to file a federal tax return and pay self-employment taxes, which cover Social Security and Medicare contributions.

Financial Checklist and Q&A:

• Audit your bank account: consult with your bank about transitioning any joint account to an individual account.
• “How do I know if I completed the financial literacy requirement?” inquired Camila Arancibia. (For ILS with your counselor) ensure you have completed or are currently completing the financial literacy requirement.
• “Should I keep track of my revenue stream if I make money off freelance?” questioned Francisco Cazelato. Make sure you keep accurate records of your revenue throughout the year and report to the IRS.
• “How do I open a company if I’m not 18 yet?” asked Matias Torres. If under 18 and wish to open an LLC in FL, speak to an attorney to handle the filing requirements. (Also, converse with your parents so they are aware of your venture).