Seniors Beware: There Are Lots Of Bernie Madoffs Out There

It’s Not Just Bernie Madoff client, for example, had alIf every economic ways enjoyed an especially predator wore a black hat close relationship with one and resembled Simon granddaughter, and had given Legree, you wouldn’t her over $100,000 to ease need to protect yourself what her granddaughter told against economic exher was financial stress. She ploitation. Virtually all also honored her grandchild’s my c lie n ts are smart request to not tell any other enough to hang up family members about the on fast-talking telemarJoseph S. Karp, transactions. Recently she keters and delete emails C.E.L.A. learned her granddaughter is promising Nigerian not poor...just greedy...and has been riches. It’s because the most efficient enjoying a luxurious lifestyle. Times predators are the people you know being tough, my client needs the and trust, that I suggest clients put money and has asked to be repaid, but predator protection in their estate the granddaughter claims she does not plans. have sufficient funds. Now that the Here’s a tale of woe told to me by cat’s out of the bag, my client’s gena new client: She had become affiliated erosity to one grandchild is creating with a small start-up church, which family discord. after a few months asked her to lend One way you can protect yourself the church $5,000 for the purchase from this kind of abuse is by creating of a building. She agreed, and at the an irrevocable trust, or making your property closing, a flurry of documents current revocable trust, irrevocable. flew around, each requiring her sigYou name a trusted family member, nature. Trusting she was only making AND an independent person—perhaps it official, she signed each one, only a longtime accountant, attorney or to find out six months later that not bank trust department—as co-trustees only had she lent them $5,000—she’d over the bulk of your assets, which also signed a promissory note of you place in the trust. You are not the $200,000 and a mortgage on her home. trustee. You name the ultimate beneOuch. ficiaries for those assets, also irrevoListen to Joe Karp with cably so you cannot be manipulated Anita Finley on Saturday, to change your estate plan. You keep January 10 from 7:30-8:00 AM a smaller portion of your assets in an and Saturday, February 7 operational account, which is replenfrom 7:30-8:00 AM ished as you need funds. I am coon WSBR 740AM and on the trustee for several of my clients in this Internet at www.wsbrradio.com. kind of arrangement, which ensures the safety of the bulk of their assets. The likelihood of being taken adBecause you do not have direct access vantage of economically increases to the bulk of your funds, you are as one grows older. We’ve all heard spared being “hit up” for money, and the stories of how a senior, dependent cannot be conned out of those funds. on a caregiver who disparages the They remain safe for the rest of your senior’s family, is taken advantage of. life, and whatever remains, goes to One of my own clients, a widower, your ultimate beneficiaries. did not require the services of a careJoseph S. Karp is a nationally certified giver, but had become very close to a and Florida Bar-certified elder law attorney man in his 80s, who belonged to the (C.E.L.A.) specializing in the practice of Trusts, same veterans organization as he. That Estates and Elder Law. His offices are located “friend” ended up fleecing my client at 2500 Quantum Lakes Drive, Boynton Beach; 2875 PGA Blvd., Palm Beach Garto the tune of $450,000. dens; and 1100 SW St. Lucie W. Blvd., Port The cynical truth is that the most St. Lucie. Call him at 561-752-4550 (Boynton); efficient exploiters are often loved ones, 561-625-1100 (Palm Beach Gardens); or and family dynamics being what they 772-343-8411 (Port St. Lucie). Toll-free from are, your family members may not even anywhere: 800-893-9911. E-mail: KLF@ Karplaw.com or website www.karplaw.com view their behavior as predatory. One

★

★

★

★