Daily Money Management for Seniors

Daily Money Management for Seniors

  1.        Saves children and other family members from becoming overburden.  

Often the adult children do not live close by or are busy themselves which makes it hard or difficult for them to assume the responsibility.    Daily money management (DMM) can make sure the bills are paid on time, bank accounts reconciled, and checks get deposited.  DMM have the additional benefit of keeping older adults and family members up to date on older adults monthly sources of income and living expenses.

  1.       Maintain independence.  

Studies have shown that older adults who are assisted with DMM are able to maintain their living standards for a longer period of time.  It is recognized that older adults who are unable to manage their finances are at risk for

  • Impoverishment
  • Homelessness
  • Institutionalization
  1.       Protects against financial exploitation and fraud.   

DMM protects older adults from the illegal or improper use of an older adult’s funds or property. DMM reviews bank statements, canceled checks, deposits, credit card statements, large dollar activity, and suspicious activity.

Daily Money Manager Helps Rhode Island Seniors

Daily Money Manager Helps Rhode Island Seniors

It never ends.  Seniors still need to pay their bills, reconcile their bank accounts, file insurance claims, manage their portfolio, live within their means, and more. Sometimes it just doesn’t get done when you’re also dealing with the loss of cognitive functions, failing health, moderate loss of eyesight and hearing.

Daily money managers assist people who have difficulty managing their personal financial affairs.  It includes help with such simple routine tasks as paying bills, preparing checks for signature, making bank deposits,  and dispensing cash.  The services are very much in demand as the children may not have adequate time or knowledge to assist their parents or are no longer living in the same area as their parents.

The benefits:  Seniors stay in control over where their money is going and remain independent. They also eliminate the issue of fraud and financial exploitation that so many seniors are now exposed to and which causes harmful emotional stress and financial loss.


Things you should know if a Parent Becomes Incapacitated

Communicating with Your Parents about Finances

  1. Know your parent’s annual expenses and create a budget.  Auto, home, medical expenses, insurance, taxes, utilities, and other expenses.
  1. Know your parent’s sources of annual income.  Dividends, interest, rental income, social security, pensions, and other.
  1. The names and contact information of their accountant, lawyer, and financial advisor.  What financial planning and estate planning has been done to protect assets?
  1. Does a durable power of attorney exist that covers finances?  If yes, who has it?
  1. What are and where are the assets and the names of all financial institutions.  Stocks, bonds, real estate, life insurance policies, annuities, and other.
  1. What are the liabilities?  Mortgage, auto, credit cards and other.
  1. Do they receive and are they eligible for government assistance.  Medicare, Medicaid, Veterans Benefits or Social Security.
  1. Is there any supplemental health insurance in addition to Medicare.  What is the coverage and is it adequate?
  1. Is there any long-term care insurance.  Where are the policies and what is the coverage?
  1. How are bills being paid?  Online, paper checks.  And, is it being done correctly?

Benefits of Having a Trust

Benefits of Having a Trust

If you’re wealthy an estate plan is important to minimize both federal and state estate taxes.  And, if your not, it is still important to make certain your assets are distributed to family members according to your wishes.

Here are seven reasons why a trust is needed.

  1. Your children are too young or inexperienced to manage inherited assets.
  2. Upon your death, your spouse remarries. To protect from unintended individuals being included in your estate.
  3. If you have a second spouse to make certain that on your death your spouse receives income and assets to maintain their lifestyle and upon the spouse dies, the assets go to your children, not to the second spouse children.
  4. If you become too ill to manage your assets, you avoid the need for your children to go to court.
  5. Protection from creditors should the risk exists.
  6. In the unfortunate situation of a child’s divorce that the assets will remain with your child and not the spouse.
  7. You want a significant portion of your assets to go to charity, and at the same time, you want to provide for your spouse and children.