Need for Caution in a Hospital

All of us at one time or another are likely to be hospitalized. Understandably, we expect to be taken care of and for medical personnel to do their jobs in a competent and professional manner. Unfortunately, with shocking frequency, that is often not the case.

According to Consumer Reports, more than 400,000 people a year die in American hospitals due to staff mistakes.

The best protection you can have against some of these mistakes is to have a family member or a close friend visit you frequently while you are hospitalized and do his or her best to monitor the care and attention received.

That person -- and you, if you’re able -- should verify that you are receiving appropriate medication, are protected against falling out of bed if that is a risk, and that medical personnel are faithful in following sanitary practices. For instance, does a doctor or nurse use an antibiotic lotion before touching you? (One usually doesn’t focus on this obvious fact: Hospitals are full of germs that may cause infections.) 

Spotting Signs of Alzheimer’s Disease

There is a common misperception that memory loss is a reliable forecast of the onset of Alzheimer’s disease. That is not true.

To be sure, loss of memory is one of the symptoms of Alzheimer’s. However, simply being forgetful as one ages does not automatically mean one has Alzheimer’s. All of us are forgetful at times. The fact that one forgets the name of an old boyfriend or what he or she had for dinner last Saturday is not significant.

Memory loss that matters is of the sort that affects one’s ability to function in daily life -- as in forgetting where one lives. (A failure to recall where one left the car keys does not qualify.)

And, do note that Alzheimer’s often includes the person displaying confusion, agitation and mood, and personality changes.

Does Attitude Affect the Onset of Alzheimer’s?

Recent research suggests that people who are optimistic and feel a purpose in living are able to ward off Alzheimer’s symptoms better than those who do not share such attitudes.

Surprisingly, a of people whose brains show the presence of Alzheimer’s disease never exhibited memory loss or intellectual impairment. Of course, these findings may simply be coincidental but, certainly, having a purpose in life gives life meaning, and certainly leads to a higher degree of happiness as opposed to others who are not upbeat.

There is certainly no downside to trying to make one’s life more meaningful.

Make A List of “Need To Know” Information for Your Loved Ones

When the time comes, alas, as it does for all of us, to leave this earth for our eternal reward, the ones left behind often don’t have a clue as to what to do next. Don’t put your family in that bind.

Compile a binder or make a list of where your assets are with account numbers and addresses, including bank and brokerage accounts. Provide information on your life insurance. Indicate whether you have a safe deposit box and where the key is located. Make note of any special assets such as coin and stamp collections, and the like, which may be hidden somewhere in your house. List names, addresses, and contact information for your lawyer, accountant or financial planner.

In other words, don’t leave your loved ones in the dark. Don’t compound the grief your loved ones will feel by leaving them in a quandary about what to do. 

Nursing Home Contracts: READ BEFORE YOU SIGN!

When a person enters a nursing home or assisted living facility, typically the arrangements are made by a loved one. That individual should be acting on behalf of the parent or spouse. Thus, financial obligations should be the obligation of that person and not the person helping him or her. The nursing home would love to have another individual “on the hook” for care obligations. You are not required to assume that liability. Be sure that you don’t assume a financial responsibility that you didn’t intend to undertake. Read carefully. Best of all, have a lawyer review the document before you sign it.

Do You Have Backups for your Powers of Attorney or your Will?

Many people think that they only need to name one person as their personal representative (executor) or power of attorney-holder. Because, they say, if something happens to that person, they’ll have time to appoint a replacement. Alas, human nature being what it is, they may delay acting until it is too late.

By naming a back-up when the legal papers are first prepared, you’re much less likely to have a power of attorney that can’t be used because the person named is no longer “available”.

Beware of Joint Bank Accounts Among Family Members

Joint bank accounts with parents and children listed are a convenient way to avoid probate and simplify inheritance after the “last” parent dies.

Unfortunately, there are potentially very serious risks if a child abuses his right to withdraw joint funds originally owned by the parents. Anyone listed on a joint account can withdraw the entire account balance.

There are also risks for the child who withdraws such funds even if the intention is to benefit the parent.

Under Maryland law, as interpreted by the Court of Appeals, the child is vulnerable to criminal charges of theft lodged by a disgruntled parent. The Court ruled this year that being on a joint account no longer makes one a “co-owner” automatically. If, for instance, the parent adds the child to his account for “convenience” (“to help dad with banking needs”), the child becomes a fiduciary to that parent with special responsibilities and both criminal and civil liability risk if alleged to have acted improperly concerning that parent’s “funds”.

The moral: The “easy way” to share control of assets and do “estate planning” on the cheap may not be the best way for all concerned.

Please let me know if you want to review your bank accounts and estate planning situation with me.