Protecting Elders from Financial Exploitation

In a perfect world, people would not take advantage of vulnerable, elderly individuals. But, of course, that’s not the real world.

Accordingly, here are some tips on protecting those who need it.

·         Provide access to only one account. It is highly recommended that the vulnerable person have direct access to only one checking account. This limits exposure on checks written to charities or criminals.

·         On-line bill pay for monthly bills. Do automatic bill pay for routine bills. That helps with account surveillance.

·         Caution them about email scams. Educate about phishing scams. Advise against opening email or links from unknown senders. Set up regular and automatic computer anti-virus and malware scans.

·         Decrease opportunities for unwanted solicitations. To avoid telemarketing calls, add all phone numbers to the National Do Not Call Registry. Advise the vulnerable person to never give out credit card or Social Security numbers over the phone. To reduce mail solicitations, including “free” credit offers, unsubscribe at www.optoutprescreen.com. 

Do You Need a Living Trust?

You’ve undoubtedly heard the ads on the radio or seen newspaper articles recommending a living trust, instead of a will, as your major estate planning document. Is a living trust better than a Last Will and Testament? It depends.

Generally, the answer is no. Most people are under the impression that a living trust, also called revocable or inter vivos, will save your estate inheritance and death taxes. That is false. There is also a belief that a living trust will avoid the necessity of filing for probate. That is generally true, except that if the reason for someone wishing to avoid probate is to save money, that is probably a false savings, since probate fees in Maryland are approximately one-tenth of 1% of the total estate value. That means that the probate fee on an estate valued at $1,000,000 would be $1,000. The preparation of a living trust is likely to cost much more than that.

However, there are certain circumstances where a living trust is preferable to a will. If an individual owns real estate in more than one state, having a living trust makes the transfer of that real estate easier upon the owner’s death (because technically, the individual doesn’t own the property in various states, his trust does).

A living trust is a private document and, unlike a will, is not required to be filed with the probate court where it would become available for public inspection. Thus, if someone was interested in concealing the amount of his assets or the identity of his beneficiaries, a living trust would be the way to go.

Who Will Know If You’re In a Serious Auto Accident?

Maryland drivers can now add three emergency contacts to their driver’s license so police will know who to call if an accident occurs. The emergency contact information is stored electronically on an individual’s driver’s license and will be available only to authorized law enforcement and medical personnel.

You can go to the MVA’s website at www.mva.maryland.gov and add your three emergency contacts in just a few minutes! Go to the website, click “On-line Transactions”, then click “More”, look under “Other Services” and then click “Emergency Contacts” to add your contact names, addresses and phone numbers.

NOTE:  To perform this Emergency Contact transaction, you must be able to provide your driver’s license number, date of birth, and PIN or last 4 digits of your social security number.

Calming News for Alzheimer’s Patients

Anxious and sometimes violent, Alzheimer’s sufferers are the bane of loved ones and caregivers. At times, it seems as if nothing can be done to help them. But don’t lose hope.

A recent study showed that Nuedexta (a combination of quinidine and dextromethorphan) can help reduce anxiety and agitation. The drugs have been used separately for other treatments for years. Used together, they seem to work for Alzheimer’s patients.