Growing up, your parents likely managed all financial decisions for you and your family to ensure everyone was taken care of. Now, as they age, it’s time to return the favor and support your parents to ensure they are financially secure. But this is a full-time job, and you already have a career to build, a family to raise, and other personal responsibilities to tend to. Luckily, daily money managers for seniors can help expertly manage your parents’ finances, minimize stress, and provide everyone with peace of mind.
At Marcia L. Campbell CPA, we have helped seniors manage their finances for years through fiduciary, power of attorney, and trustee services. Learn more in our blog!
Daily Money Managers for Seniors: Power of Attorney or Trustee Services in California
Daily money management for seniors is a service in which an agent works in a senior’s home to help manage their financial, legal, and insurance matters, as well as facilitate their relationships with trusted advisors.
These professionals also oversee all financial activity and are vigilant for anything suspicious to protect your parents from potential scams or fraud.
Related Article: Elder Care Financial Services: What Are Daily Money Managers for Seniors?
How Can Daily Money Managers for Seniors Help?
These individuals have the skills, knowledge, time, and resources required to take a hands-on approach to overseeing your loved one’s finances.
More importantly, when you work with an objective and professional third party, complex family dynamics will not factor into the situation. Sometimes, in these situations, when a family member helps take over a senior’s finances, they take advantage of their position.
When you work with a professional fiduciary for the elderly, they have a legal duty to always act in your parent’s best interests. Here are two ways these professionals can help.
“Daily money managers offer so much more than general oversight. They have the resources, skills, and time your parents need and deserve to ensure that their finances are in check and no one is taking advantage of them in their old age. Plus, when you work with a professional fiduciary, you and your senior loved one will have peace of mind because their fiduciary duty requires them to act in your parent’s best interest.”
– Marcia L. Campbell, CPA for seniors
Related Article: Elder Care Financial Services: The Benefits of Daily Money Management
A Durable Financial Power of Attorney in California
One great option for managing your parent’s finances is using daily money managers for seniors in conjunction with a financial power of attorney in California. A financial power of attorney is versatile and flexible. You can tailor it to your parent’s specific situation.
For example, daily money managers can act as an agent under a financial power of attorney to make all financial decisions on behalf of the senior, or your parent can limit the scope of their power to specific financial responsibilities, like a checking account.
In doing so, you enable them to manage daily tasks like paying bills for your elderly parents, for example, without having to relinquish too much autonomy for your loved one.
Related Article: How to Get a Power of Attorney for a Parent with Dementia
Trustee Services in California
A trust can be another valuable tool in these situations, and hiring daily money managers for seniors to act as an agent and perform trustee services in California can be a huge asset in managing your parents’ finances and assets.
For these services, you first have to work with an attorney to set up a living trust and tailor the terms to their situation. Then, your parents would become the trustee, and they would appoint this professional fiduciary as the successor trustee.
After setting up the living trust, you can then help your parents transfer their funds and assets into the trust, and a CPA fiduciary will help oversee and manage the funds and assets it holds. In doing so, they can perform a wide range of services, such as:
- Paying bills
- Monitoring their spending habits
- Collecting and managing income
- Making distributions from the trust
- Budgeting
- Tracking and managing expenses
- Preparing and filing taxes (though this requires working with a licensed fiduciary CPA, like Marcia L. Campbell)
Related Articles: How Do Trustee Services in California Help Seniors Manage Assets?
Do Your Parents Need Help Managing Their Finances? Daily Money Managers for Seniors Like Marcia L. Campbell Can Help!
Are your parents reaching a point where managing their finances alone is a financial hazard? Do you lack the time or expertise to manage their finances and provide them with crucial security? Fortunately, daily money managers for seniors can help and provide peace of mind to you and your parents.
Visit our Contact Page and schedule a consultation for daily money management for seniors!
