Bob and Doris have a brand new car. Hoping to make it last for years and provide the safety they want, they get it regularly inspected. The oil and water are checked every few weeks. The tire tread is inspected. Necessary repairs are made as needed. But their estate plan? That hasn’t been inspected in years! Although Bob an d Dori s put a great deal of thought and money into their plan, they’ve failed to heed their estate planning attorney’s recommendation that they review it every three years, or soon- er if there are any si gnificant changes in their lives. Nothing’s changed, say the couple, so why bother? Well, there’s ample reason to bother: Even if you don’t think any major changes have occurred in your own life, there are always changes occurr ing in the law itself… changes that can impact on the effectiveness of your estate plan. Con- sulting with your estate planning attorney every few years ensures that your plan is up-to-date and compliant with any new laws. Some changes in the law make it to the first page of the newspaper. For example, those with taxable estates are almost universally aware that the estate tax laws will likely change in 2011, making review of their estate plans a necessity. But other changes never make it to page one. These legal develop- ments fly under the public’s radar , yet may significantly impact on many people. Here’s one timely example that most people aren’t aware of, the duration of the sur- vivor’s life (in legalese, a “life estate”). But ef- fective Oct. 1, the spouse can now choose either a life estate OR one-half ownership of the home- stead p roperty. This change may have far-reaching impact on many Floridians, partic- ularly those in second marriages. For example, let’s say that Bob and Doris are in a second marriage. Both Bob and Doris have children from prior marriages. Bob and his children have always understood that if Doris survives Bob, she will have use of the house, and af ter her death, Bob’s kids will get the house. But now, if Doris elects ½ ownership of the homes tead, she has every right to leave her ½ ownership to her own children. Think Bob’ s kids will like that? See the problem? This is but one example of how critical it is to have your estate plan reviewed regularly, even if you think “nothing’s changed!” These unnoticed changes in the law can compromise the effectiveness of your estate plan as surely as unseen rust can corrode the body of your car. See your estate planning attor- ney for advice. Joseph S. Karp is a nationally certifiedand Florida Bar-certified elder law attor- ney (C.E.L.A.) specializing in the practice of Trusts, Estates and Elder Law. His offices are located at 2500 Quantum LakesDrive,BoyntonBea ch ( 561) 752- 4550 ; 2875 PGA Blvd., Palm Beach Gardens Joseph S. Karp, C.E.L.A. # # # # Listen to Joe Karp and Anita Finley on Saturday, November 20 from 7:00-7:30 AMon WSBR 740AM and on the Internet at www.wsbrradio.com. If You Service Your Car, Make Sure You Also Service Your Estate Plan
