Page 11 - Boca Club News - May '21

Boca Club News, Page 11
Medical Matters: Moonlighting

By Richard Nagler, M.D., a member one, which I lubricated with a little Vaseline and then gently I proceeded to examine their 16-year-old son, who had
of Broken Sound Club and retired inserted it into the baby’s rectum. I proceeded to examine an obvious ear infection for which I prescribed an antibiotic
physician. After graduating from the baby, finding nothing specific. He was alert and his color and Tylenol. The woman assured me that she would take my
the University of Pennsylvania and was good. When I attempted to remove the thermometer, I clothes to a drycleaner the next day and personally deliver
New York University’s School of was shocked when only half of it came out! Needless to say, them to my home. At the same time she would retrieve her
Medicine, Dr. Nagler served his I was beside myself. But I somehow retained my composure husband’s clothes. When I returned home, my wife took
internship and residency at Baltimore and reassured the mother that this happens occasionally, and one look at me in these strange ill-fitting clothes and began
City Hospital and Johns Hopkins. He that the other half of the thermometer would come out with laughing hysterically. She asked me what in the world
followed that with a Fellowship in the baby’s next bowel movement. Because the thermometer happened to me, and laughed even harder at the story.
Gastroenterology at Yale University School of Medicine, and was broken there was no temperature recorded. I treated the In that year, 1957, there was a raging nationwide
was then Chief of Gastroenterology at Fitzimmons General baby for a minor viral infection and told the mother to call epidemic of the Flu. The number of calls from people
Army Hospital in Denver. He returned to the Yale Medical me in the morning. To my everlasting relief, she informed suffering from the disease was overwhelming. On my
School for one year as an Assistant Professor of Medicine me that the baby passed the remaining thermometer without very first call, I saw an elderly woman extremely ill with
before opening his own successful private practice in Internal incident and was much better. classic Flu symptoms. She was feverish, lethargic and very
Medicine and Gastroenterology. During that time, he also After that frightening initial experience, I wondered what dehydrated, and needed IV fluids. I advised the family that it
served for ten years as Chief of Medicine at Huntington I would encounter next, hoping that future calls would all be would be best to take her to a local hospital ER for treatment.
Hospital in Huntington, N.Y. routine and relatively easy for me to deal with. One such call As I left, there were at least a dozen people standing at the
After graduation from Medical School, I served one year involved a seven-year-old girl who had bronchitis, for which doorstep pleading with me to see their family members who
as an intern in medicine in Baltimore. I was on call every other I prescribed an antibiotic and a cough medicine. I reassured were very ill. Before I could respond, I was approached by
night and weekend, with chronic sleep depravity for which the parents that she would be fine within a few days. two state troopers who advised me that my car was being
I received $50 a month, including meals–but only when on When I advised the mother that my fee was $7, she impounded because I had expired NY license plates. I knew
duty. I leave it to your imagination what the food in a city excused herself and went to another room. She returned with I was guilty, because I didn’t want to get Maryland plates
hospital was like. My wife worked at the same hospital as a a ceramic piggy bank in one hand and a hammer in the other with only a few months left before I would be leaving the
laboratory technician for $250 a month. Our rent for a small hand and promptly proceeded to smash the piggy bank, with state. I hadn’t renewed my NY plates because I didn’t know
furnished apartment was $95 a month, and our Chevy ran all the pieces—including many quarters—cascading to the as yet where I would be the following year. Despite the pleas
on regular gas at 25 cents a gallon. Somehow, we managed floor. While I stood there in awe, she picked up 28 of them of the people standing by, the police not only refused to
to make ends meet. and handed me $7 in quarters to pay my fee and thanked me let me get into my car but escorted me into their squad car
The following year, I became an assistant resident in for coming. and drove me to the local precinct, where I was booked. I
medicine. I was on call every third night and weekend with One night, I was called out to see a teenager with severe was advised that my car would be towed away and released
a raise in salary to $125 a month. At that time, I was advised pain in his left ear. At the same time, there was a terrible series after I paid a fine and registered the car. Then they drove
by other more advanced residents that I could moonlight on of thunderstorms with very heavy sustained rains. I arrived me home. You can imagine what my wife thought when she
my free nights and weekends, covering many of the local at a home which was set well back from the road on a hill. saw me getting out of a squad car. After I explained what
practitioners, making house calls for which the fee was $7. It was very dark and, as I stepped out of my car, I slipped happened, she advised me that there were over 30 patient
They assured me that it would be a piece of cake as I was and fell face down in a large puddle of muddy water. I was calls for me. I was unable to respond because I had no car.
trained more than well enough to handle just about any covered with mud from head to toe. I proceeded up the hill What to do? I decided to ask one of my interns, who lived in
medical problems. and rang the bell. A middle-aged couple took one look at me the same apartment complex, if I could borrow his car. The
My first case was a call from a distraught mother who and asked what happened to me and if I was alright. I was problem was that it had expired NJ plates. Nevertheless, he
said her four-month-old child had shaking chills, and refused standing there holding my doctor’s bag, dripping all over let me take it and I was able to respond to most of the calls
to eat. When I arrived at the home, the father greeted me a rug in their foyer. The woman took me by the hand and without being apprehended again. I can only imagine what
warmly and ushered me into the nursery, where the mother ushered me to a bedroom, where she insisted that I remove would have happened to me if I had been spotted again!
was holding a crying baby in her arms trying to comfort him. my clothes (in private, of course) and take a shower. The Needless to say, these incidents were few and far between,
I asked her what the baby’s temperature was, and she said she husband offered me a complete change of clothes, including and I was able to build a thriving house call practice which
didn’t know because she didn’t have a thermometer. Being underwear, all of which were much too large--but who was gave me great satisfaction and invaluable experience that
well prepared, I reached into my doctor’s bag and retrieved I to complain? served me well in my future medical practice.
Legal: 1031 Exchanges using Tenant in Common Vehicles

By Michael J Posner, Esq., a partner of your closing to identify up to three properties you are income is the Delaware Statutory Trust. Unlike a TIC,
in Ward, Damon, Posner, Pheterson interested in purchasing, and then you have an additional wherein you own a percentage of the actual real estate
& Bleau, P.L. a mid-sized real estate four-and-one-half months to actually close on one or more with other tenants in common, in the Delaware Statutory
and business-oriented law firm of the identified properties. Trust you hold a beneficial interest in the trust and not
serving all of South Florida, with However, many people choose to just sell their direct ownership of real estate...but for tax purposes it
three offices in Palm Beach County. investment property—in part because of the hassle of being still qualifies as a 1031 tax-free exchange. This form of
They specialize in real estate law and a private landlord. Simply exchanging one rental investment ownership can provide a greater shield for liability, since
can assist sellers and purchaser with property for another is an option that many investors are no there is no direct ownership of the real property. However,
closing and financing of residential longer interested in assuming. However, there is another cost can be slightly higher due to the structure of the
and commercial real estate including 1031 Exchanges. option that is available to sellers looking to defer capital Delaware Statutory Trust. Both these methods can provide
They can be reached at (561) 594.1452 or at mjposner@ gains tax without acquiring the headache of being an active options for tax-deferred capital gains and passive income
warddamon.com. landlord. with highly rated companies providing reasonable returns
If you own a commercial property (which includes These products are commonly referred to as syndicated on your investment.
residential rentals) that you actively manage, you get the tenant in common properties, or TICs. A TIC is a real estate
benefit of rental income that can easily exceed other at-risk investment shared with other similarly situated investors.
investments. You can enjoy tax savings by depreciating These are pooled through a syndication agreement to allow
the real property asset, saving annually on taxes as well. the various investors to own a slice of a larger real estate
However, you also get the headache of slow or no-pay project with the goal of receiving passive rental income
tenants, empty spaces, unexpected repairs and increases in from the syndicate.
property tax that can be as high as ten percent per year (with For a real-life example, take a Walgreens being developed
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the trillion-dollar infrastructure bill proposed by the Biden The advantage of these types of investments is stability Call S.E.T. to install your “new computer, printer
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WITH A MINIMUM OF 6 HOURS A MONTH,
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of your existing investment property. The actual procedure obligation to actively manage or participate in the land or BASIS RATE OF $75.00 P/HOUR.
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During this period, you have forty-five days of the date In addition to TICs, another vehicle for passive 1031