parents are no longer able to manage their finances and assets? Eventually, time catches up to everyone, and with age, finances become increasingly difficult to manage without help. But this is no excuse to neglect them. Fortunately, professional trustee services in California can help your parents ensure their finances are managed, maintain their independence, and keep their dignity intact.
At Marcia L. Campbell CPA, we have helped seniors for years manage their finances and make the most of their retirement. Learn more about these services in our blog.
Related Article: How Do You Know if Your Parents Are Struggling with Money? Pt. I
How Do Trustee Services in California Help Seniors Manage Assets?
Enlisting the help of a professional trustee can help your parents manage their finances in several ways while providing crucial peace of mind, but the two primary ways a fiduciary for the elderly can help is by designating a power of attorney and administering a trust. So, without further ado, here is how both can help you and your senior parents.
Related Article: What is a Private Fiduciary in California?
Power of Attorney for Financial and Asset Management
One way professional trustee services in California help seniors manage their finances and assets is through a Power of Attorney.
After appointing a trustee as a financial power of attorney, you can then create and assign them to oversee a specific bank account. In doing so, the trustee would act as a private professional fiduciary and be able to use this account to sign checks and pay bills.
This individual would manage the paperwork and let you know when to replenish money in the account. To streamline the process, you could set up automatic deposits and transfers, minimizing the strain this puts on both you and your parents.
Related Article: Conservatorship vs. Power of Attorney: Understanding Both
Trust Administration
Another way professional trustee services in California can help manage your parents’ finances is through trust administration.
Using trust administration as a vehicle for this requires first setting up a living trust with the help of an attorney and tailoring the terms to your parents’ specific situation. Your parents would then become the trustee and assign this professional as the successor trustee.
After the living trust is set up, you can help your parents transfer their funds and assets into the trust, and they will oversee and manage the funds and assets it holds. As a result, the trustee can provide a range of private fiduciary services for your parents that include:
- Paying bills
- Distributing money and assets
- Collecting and managing income
- Tracking and managing expenses
- Budgeting
- Preparing and filing taxes (though this requires working with a specialized licensed fiduciary CPA, like Marcia L. Campbell)
Related Articles: How Trusts for Elderly Parents Help Manage Their Finances
Expertise and Peace of Mind
Another important consideration of using professional trustee services in California for seniors is that their expertise provides peace of mind.
These professionals are licensed and have the expertise you need to responsibly manage your parents’ finances, make calculated decisions, and protect your parents from fraud. Just as importantly, they have a legal obligation to act in the best interest of your parents.
This obligation is known as their fiduciary duty. With professional fiduciary services, you don’t have to worry about complex family dynamics, and you know someone is providing your parents the care and attention they need to minimize stress and enjoy retirement.
“The first option many people resort to when they need to help their parents manage their assets and finances is family, but it is important to understand a few things. First, daily money management is a full-time job, and seniors almost always need more than basic day-to-day help. You already have a job and personal responsibilities, so this isn’t realistic. Another unfortunate truth is that you can’t always trust your family to act in your parents’ best interest and complex dynamics get in the way. With a private professional fiduciary, this is never a concern.” – Marcia L. Campbell, CPA for Seniors
Related Article: 3 Steps to Take Before Hiring a Professional Fiduciary
Do Your Parents Need Trustee Services in California to Manage Their Assets and Finances? Find a Professional Fiduciary Today!
Failing to help your parents manage their finances can have far-reaching consequences on their well-being, and they deserve help to make the most of their retirement. Trustee services in California are precisely the kind of help they need.
Do your parents need assistance ensuring their finances are squared away? Visit our Contact Page and schedule a consultation for CPA fiduciary services that will feel like an answered prayer!
