Two Timely Tips
Make Sure Your Benefi-
ciaries Can Be Located!
One of the common
problems faced by person-
al representatives and suc-
cessor trustees is trying to
find beneficiaries men-
tioned under a decedent’s
will or trust. Your estate
planning paperwork may
have all the t’s crossed and Joseph S. Karp,
i’s dotted, but if your per- C.E.L.A.
sonal representative cannot find the
Mary Jones to whom you’ve left your
jewelry, or your successor has no idea
who the Joe Blow is who you ear-
marked $10,000 for, your wishes
can’t be carried out. And if a lawyer’s
office gets involved in the hunt, that
billable time is going to be deducted
from what your loved ones receive.
Your actual estate planning docu-
ments—your will and/or your trust—
are not where you list specifics about
your intended beneficiaries. Instead,
put this information in a separate, in-
formal list, and keep the list updated.
The list should include names, cur-
rent addresses and other contact in-
formation of your beneficiaries. It’s
also a good idea to put down just what
the relationship is between you and
your beneficiary—for example, your
cousin, or former housekeeper who
worked for you in 1960-1980. All of
this information can provide clues if
the beneficiary is difficult to find.
The list should be kept updated and
kept with your original estate plan-
ning documents in a safe place. Also,
be sure to let your personal represen-
tative or successor beneficiary know
just where to find them. Af-
ter all, if you don’t know
where to find these people
today, it’s only going to get
more difficult for others to
find them as time goes on.
Let Uncle Sam Know
You’re There!
Many couples who col-
lect social security and
whose non-social security
income is under $19,600,
might conclude they need not file a
tax return. That may have been true
last year, but this year is different.
Thanks to the federal government’s
economic stimulus plan, anyone with
income of at least $3,000 will be el-
igible for a rebate. Couples will get a
minimum rebate of $600; and singles,
$300. But to get it, you must file.
Retirees should file a Form 1040 or
1040 A. The rebate is not taxable.
Happy filing.
★ Listen to Joe Karp with
★
Anita Finley on Saturday,
April 5 from 7:30-8:00 AM
on WSBR 740AM and on the
Internet at www.wsbrradio.com.
★ ★
Joseph S. Karp is a nationally certified
and Florida Bar-certified elder law attorney
(C.E.L.A.) specializing in the practice of Trusts,
Estates and Elder Law. His offices are locat-
ed at 2500 Quantum Lakes Drive, Boynton
Beach; 2875 PGA Blvd., Palm Beach Gar-
dens; and 1100 SW St. Lucie W. Blvd., Port
St. Lucie. Call him at 561-752-4550 (Boyn-
ton); 561-625-1100 (Palm Beach Gardens);
or 772-343-8411 (Port St. Lucie). Toll-free
from anywhere: 800-893-9911. E-mail: KLF@
Karplaw.com. or website www.karplaw.com