The financial issues of an elderly person may only involve the preparation of income tax returns or simply paying the bills and balancing the checkbook each month, though the issues can be greater and more complex.
Direct services – Include accounting and financial services
- Bill paying
- Receive and deposit cash receipts
- Submit claims to insurance companies
- Confirm accuracy of provider bills
- Protect elderly from predators by controlling checkbook and other assets
- Ensure expected revenues are received
- Income tax planning and preparation
- Prepare trust and gift tax returns
- Estate tax planning and return preparation
- Prepare employment tax returns for caregivers and household help
Consulting services – Include planning and evaluation of client needs
- Medicare
- Medicaid
- Long-term care insurance
- Housing and support service needs
- Evaluate alternative costs of housing and other care alternatives
Assurance services – Are professional services that improve the quality of information for decision makers
- Review and analyze financial transactions and test for adherence to established criteria
- Review investments and trust activity and test for adherence to established criteria
- Verify third-party calculations, such as pension payments, insurance payments, and other annuity payments
- Insurance planning