If you contract COVID 19 and are hospitalized, what kinds of interventions do you want?  According to a May 12, 2020 report from Kaiser Health News, one thing many older people definitely DON'T want is to be placed on a ventilator. To make sure their wishes are honored, they are revising their health care advance directives to reflect that preference, and making sure their designated health care surrogates are aware of it. While the pandemic has made people of all ages keenly aware of the need for health care documents, older people tend to feel a greater sense of urgency. They are mor ..read more

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Madonna found money owed her for appearing in a gaming company's video.  Robert DeNiro had money from Warner Brothers studios. Even Bloomberg LP (yes, that Bloomberg) had checks waiting for him from New York State. You need not be a celebrity to find missing money, though. A number of online resources are available to you so you can conduct your own hunt. If you're stuck at home, looking for money you didn't know was coming to you could be a pleasant diversion. And potentially profitable. What constitutes missing money? Among the items: Utility deposits. Insurance payouts. 401ks that ..read more

As estate planning attorneys, we generally encourage clients to discuss their estate plans and financial plans with their adult children, even if they provide them with just a rough overview. Many clients, for many reasons, are reluctant to do that. Interestingly, a recent poll shows that the reluctance is mutual! A January 2020 survey conducted by Mass Mutual of 1,500 adults ages 25-44 reveals that 47% consider it “very important” or “extremely important” to talk with their parents about their parents’ retirement savings. Half anticipate that one of their parents will live past 90. And two ..read more

Here’s an intriguing, somewhat salacious estate planning story straight out of Tinsel Town. It even sounds like a Hollywood movie. Not surprisingly, it involves two marriages, children from both, and of course, big money. Read on and take a break from the 24/7 pandemic information overload. Plus, you'll see why people who have remarried and have children from prior marriages must pay the most exacting attention to their estate plans. Malibu resident Joe Kaplan started out in his family's Missouri meat-packing business after college graduation. He went on to make his fortune in financial se ..read more

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There are 71,000 people living in 691 licensed nursing homes in Florida, and thousands more in assisted living residences. Nursing homes and assisted living residences provide comfort, security and help. But these days, they also provide everything the corona virus needs to get a foothold: groups of older, more susceptible people living in close proximity to one another. A blizzard of new federal and state rules to protect residents' health have been issued over the last few weeks. Those same rules are leaving many residents lonely and isolated, as well as demanding heroic efforts from fa ..read more

Warren Buffet, the CEO of Berkshire Hathaway, is worth $82.2 billion. His estate plan provides for his children in a manner consistent with his philosophy: Leave your children enough to do anything, but not enough to do nothing. The bulk of his fortune will go to charity when he dies. The 89-year-old has already given $34 billion to the Melinda and Bill Gates Foundation.  Ninety-nine percent of Buffet's wealth is in Berkshire stock. In the just-released 2020 annual report, he directs his trustees and executors to retain the stock, and to ignore their fiduciary responsibility to diversify in ..read more

The Internal Revenue Service has just announced that most Americans will have an additional 90 days to file their taxes due to the unprecedented situation we are facing. This pushes the deadline date from April 15 to July 15, 2020. The extension is available for taxpayers who owe $1 million or less in taxes. During this time period, fees and penalties are waived, too.  Read more here ..read more

A Letter From The Karp Law Firm Regarding COVID-19 Preparations The COVID-19 situation is presenting challenges for everyone. This is a time for taking logical precautions, not for panic. We will get through this!  Until we do, we want to let you know that our office is open and operational and ready to serve you. Rest assured that we are closely monitoring the advice of the Centers for Disease Control and the World Health Organization and have implemented all recommended steps to keep our offices safe and sanitary: All staff are washing hands regularly. Any staff member who does not ..read more