For A Smarter Tomorrow,

Make Your New Year’s Plans Now

Here are some plan- responsibilities? One
ning moves to consider situation I frequently
as we turn the page on encounter is someone
another new year. whose spouse is agent,
Roth IRA’s are now even though that
available to those earn- spouse has become too
ing over $100,000 per cognitively or physical-
year. ly impaired to do the
job. If there has been a
If you have an exist- change, you need to re-
ing conventional re- vise your documents.
tirement plan like a
401K or a 403B, you Do you need to incor-
may want to investi- Joseph S. Karp, porate tax planning in
gate whether the Roth C.E.L.A. your estate planning?
is right for you. A Roth The estate tax situa-
does not have required distributions, tion remains unresolved for 2010 and
and is funded with after-tax dollars, beyond. At this writing, Congress has
so it can continue to grow tax free failed to prevent the estate tax from
for your own use, and for whom- expiring in 2010. If after returning
ever you leave it to. If you convert from recess Congress reinstates the
your traditional plan to a Roth, you tax, it could be made retroactive to
will have to pay taxes on the trans- Jan. 1, 2010. In 2011, the tax was

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ferred monies, of course. slated to return with an exclusion of
$1 million, but that too re-
Listen to Joe Karp with mains up in the air. Given this
Anita Finley on Saturday, confusing situation, anyone
February 6 from 7:30-8:00 AM with significant assets is
well-advised to consult with

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on WSBR 740AM and on the
Internet at www.wsbrradio.com. their estate planning/elder
law attorney.
The period that Medicaid can “look Wishing my readers prosperity
back” for asset transfers will increase and peace for the New Year!
in 2010. Joseph S. Karp is a nationally certi-
Thus, if you expect that a long- fied and Florida Bar-certified elder law
term nursing home stay is in the cards attorney (C.E.L.A.) specializing in the
practice of Trusts, Estates and Elder Law.
for you or a loved one, do not delay His offices are located at 2500
your planning. Despite the more Quantum Lakes Drive, Boynton Beach;
stringent requirements, there are still 2875 PGA Blvd., Palm Beach Gardens;
plenty of planning strategies that can and 1100 SW St. Lucie W. Blvd., Port
allow you to preserve a significant St. Lucie.
portion of your assets. Call him at 561-752-4550 (Boynton);
Have your family circumstances 561-625-1100 (Palm Beach Gardens);
changed? or 772-343-8411 (Port St. Lucie).
Toll-free from anywhere: 800-893-9911.
Are those people you’ve selected E-mail: KLF@Karplaw.com or website
as your agents under your power of www.karplaw.com.
attorney, your personal representa- Read The Florida Elder Law and Es-
tive, your health care surrogate, tate Planning Blog at
still able and willing to fulfill these www.karplaw.blogspot.com.