WhenMom Suffers FromDementia’ Cognitive decline can be a scary prospect for families. This month, attorney Craig Hersch provides readers with three ways they can protect their loved ones and estates during this experience. The full version of his 2021 Sanibel Island Sun column, “When Mom Suffers from Dementia,” can be found at FloridaEstatePlanning.com. Attorney Craig Hersch Provides Guidance to Prepare for Cognitive Decline
As E*Trade, Vanguard, Schwab, Fidelity, and other low-cost platforms proliferate, many clients don’t engage a personal financial advisor. These clients are perhaps the most vulnerable when cognitive ability declines. Yes, low-cost platforms are less expensive than a typical financial advisor, but at what cost? When a client loses the capability to manage his own portfolio, will inaction lead to major loss? Beware of Predators Several years ago, a client’s son came to visit me, concerned about his father, who was suffering from Alzheimer’s. The client’s wife and mother of his children died some time ago, but the client had entered a new relationship with a woman whom the children were suspicious of. She professed great love for the client, and he wanted to transfer his home and several financial accounts to her.
Release From Confidentiality First, it is imperative that my client execute a release from confidentiality, so members of my staff and I may interact and share information with loved ones. Without such a release, we are prohibited from sharing confidential information, which includes most, if not all, of a client’s file. Some clients are reluctant, so I advise them to provide copies of important documents like the durable power of attorney, health care surrogate, and living will to their loved ones. Otherwise, they wouldn’t know that the documents even exist or what powers and direction they convey. Financial Information Second, share financial information. This is perhaps the most delicate for clients to share with their adult children. There could be valid reasons for nondisclosure, but if there aren’t, then perhaps once one retires, they might consider sharing, at a minimum, who their financial advisor is, and how to get in touch with them.
We investigated the woman and found out that she had eight prior marriages, all to men with Alzheimer’s!
The danger of instituting an action — most likely a guardianship action — is that the individual has lucid moments during the hearing and the judge denies the order. The individual might then take vengeance against the family members who were just trying to protect them.
This Valentine’s Day, forget the entree! Surprise your honey with a delicious chocolate treat!
INGREDIENTS
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1 tsp vanilla extract
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1/2 cup half-and-half cream
Fresh fruit of your choice Shortbread cookies Large marshmallows
2 tbsp honey
9 oz semisweet chocolate, broken into pieces 1/4 cup pecans, finely chopped
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DIRECTIONS 1. In a sturdy saucepan over low heat, combine cream and honey. Stir until mixed thoroughly and heat until warm. 2. Add in chocolate, stirring until melted. 3. Stir in pecans and vanilla.
4. Transfer to a fondue pot or a slow cooker to keep warm. 5. Serve with fruit, cookies, and marshmallows of your choice.
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