Perhaps you see piles of unopened envelopes and concerning notices when you visit your parents, or maybe they are struggling with simple math and writing checks. Daily money management is a solution that helps seniors maintain their independence and financial security and provides everyone (you included) with peace of mind.
At Marcia L. Campbell, we have managed seniors’ finances for decades to help them maintain their independence and financial security with elder care accounting services. Learn the benefits of daily money management in our blog.
Related Article: How Do You Take Care of An Elderly Parents’ Finances in California? Pt. I
What is Daily Money Management for Seniors?
Daily money managers for seniors help manage their financial affairs when they can no longer do so themselves. The support they offer depends on your unique needs, but it often includes things like helping with:
- Paying bills
- Preparing checks for seniors to sign
- Coordinating with professionals, like attorneys, for your senior loved one’s well-being
- Maintaining and organizing financial records
- Managing day-to-day income and expenses
- Preparing and delivering bank deposits
- Providing recommendations for in-home caregivers and other services
- Gathering documents for tax returns
- Interpreting medical bills
- Preparing budgets
- Balancing checkbooks
- Negotiating with creditors
- Protecting against financial abuse or fraud
- Keeping family members updated
Many daily money managers are not financial professionals, so they are limited in what they can do. For example, if they are not licensed, they cannot prepare tax returns.
However, when you work with a CPA for seniors like Marcia L. Campbell CPA, you receive help with day-to-day elder care financial services and more, including things like:
- Preparing tax returns
- Estate planning
- Setting up and managing trusts as a trustee
- Accepting responsibility as power-of-attorney
- Fiduciary services, such as a trustee or executor
- Preparing budgets or spending plans
- Preparing to reduce debt
Related Article: How Do You Take Care of an Elderly Parents’ Finances in California? Pt. II
The Benefits of Daily Money Management for Seniors
Daily money managers offer several key benefits to seniors, which all boil down to ensuring their financial security and peace of mind. Learn how these services help seniors maintain their independence, avoid falling victim to scams, and more.
Related Article: How to Help Your Aging Parents Manage Their Finances
Maintaining Independence
Daily money management helps seniors remain in their homes longer and avoid expensive nursing home care because they will avoid neglecting financial obligations.
These services guarantee they pay their bills on time (imagine their insurance getting canceled), deposit checks, make financial adjustments as they age, track income and expenses, and pay their taxes.
This support ensures they avoid eviction, duplicate billings, foreclosure, utility shutoffs, other debt issues, or worse.
Related Article: 10 Ways to Help Your Parents With their Finances
Protecting Against Scams
Daily money managers also offer crucial protection against financial abuse and scams by reviewing bank and credit card statements and tracking all income and expenses. If they see your senior loved one has suspicious activity, they will act quickly.
Marcia L. Campbell, one of the leading elder care accountants in California offered some expert insight into why this is such an important component of these services.
“Having someone regularly review every detail of statements is invaluable. Daily money management services can be your senior loved one’s only line of defense. Acting quickly is important because once they have sent money, it can be nearly impossible to recover. Maybe there will be unexplained withdrawals or checks written out fraudulent charities in unreasonably large amounts. Professionals know what activity should be a red flag and curb it before it becomes a larger and unfixable problem.” – Marcia L. Campbell, CPA for Seniors
Related Article: What is Senior Money Management?
Relieving the Burden on Caregivers and Family
When seniors need help managing their money, typically their adult children or other relatives intervene. But they are often far away or have busy lives that make hands-on money management difficult or impossible.
Daily money management services provide adult caregivers with relief and essential support for these tasks.
Do You Need Daily Money Management for a Senior Loved One? We Can Help!
Your senior loved one may be ready to relax and enjoy retirement, but their financial obligations will not follow suit. Daily money management will give your senior loved one the financial freedom and personal independence they need to ensure their golden years shine as bright as the Golden State.
