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If You Service Your Car, Make Sure

You Also Service Your Estate Plan


Bob and Doris have the duration of the sur-
a b r a n d n e w c a r. vivor’s life (in legalese,
Hoping to make it last a “life estate”). But ef-
for years and provide fective Oct. 1, the spouse
the safety they want, can now choose either a
they get it regularly life estate OR one-half
inspected. The oil and ownership of the home-
water are checked stead property.
every few weeks. The This change may have
tire tread is inspected. far-reaching impact on
Necessary repairs are many Floridians, partic-
made as needed. ularly those in second
But their estate Joseph S. Karp, marriages. For example,
plan? That hasn’t been C.E.L.A. let’s say that Bob and
inspected in years! Although Bob Doris are in a second marriage. Both
and Doris put a great deal of thought Bob and Doris have children from
and money into their plan, they’ve prior marriages. Bob and his children
failed to heed their estate planning have always understood that if Doris
attorney’s recommendation that they survives Bob, she will have use of the
review it every three years, or soon- house, and after her death, Bob’s kids
er if there are any significant changes will get the house. But now, if Doris
in their lives. Nothing’s changed, say elects ½ ownership of the homestead,
the couple, so why bother? she has every right to leave her ½
Well, there’s ample reason to ownership to her own children.
bother: Even if you don’t think any Think Bob’s kids will like that?

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major changes have occurred in your See the problem?
own life, there are always
changes occurring in the law Listen to Joe Karp and Anita Finley on
itself… changes that can Saturday, November 20 from 7:00-7:30 AM

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impact on the effectiveness on WSBR 740AM and on the
of your estate plan. Con- Internet at www.wsbrradio.com.
sulting with your estate
planning attorney every few years This is but one example of how
ensures that your plan is up-to-date critical it is to have your estate plan
and compliant with any new laws. reviewed regularly, even if you
Some changes in the law make it think “nothing’s changed!” These
to the first page of the newspaper. unnoticed changes in the law can
For example, those with taxable compromise the effectiveness of
estates are almost universally aware your estate plan as surely as unseen
that the estate tax laws will likely rust can corrode the body of your
change in 2011, making review of car. See your estate planning attor-
their estate plans a necessity. ney for advice.
But other changes never make it Joseph S. Karp is a nationally certified
to page one. These legal develop- and Florida Bar-certified elder law attor-
ments fly under the public’s radar, ney (C.E.L.A.) specializing in the practice
of Trusts, Estates and Elder Law.
yet may significantly impact on many His offices are located at 2500 Quantum
people. Here’s one timely example Lakes Drive, Boynton Beach (561) 752-4550;
that most people aren’t aware of, 2875 PGA Blvd., Palm Beach Gardens
but which may have far-reaching (561) 625-1100; and 1100 SW St. Lucie W.
implications for Floridians: Blvd., Port St. Lucie (772) 343-8411.
Until Oct. 1, 2010, unless there Toll-free from anywhere: 800-893-9911.
E-mail: KLF@Karplaw.com or website
was a pre- or post-nuptial agreement www.karplaw.com.
stating the contrary, a person was Read The Florida Elder Law and Estate
required to give the surviving spouse Planning Blog at
full use of homestead property for www.karplaw.blogspot.com.

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