I can't recall the last time that Carnival and Valentines happened in the same day (or weekend). Has this been causing you mixed programs or are you simply going ahead with one of the two?
I'm sticking with Valentines, in my opinion that is the bigger occasion. Most people I know are making similar decisions as well.
Our family never does anything for Carnival (I actually had to Google it to see what you were talking about!), so it isn't really a big deal to us.
Here in my country Carnival is huge in some locations and they spend a lot of money preparing it. It's not exactly like in Rio, but a smaller version of it.