Daily Money Management—It May Be More Beneficial Than You Realize

Posted on January 8, 2019 by Diana

Friends and associates often ask us “what exactly is a daily money manager” and we’re always happy to explain that it’s a service that we offer to children of aging parents, family trusts, busy executives and entrepreneurs, as well as accountants or attorneys who are too busy or simply unable to handle their day-to-day finances.

Diana Louiso is a recognized member of the American Association of Daily Money Managers (AADMM) as well as a Certified Senior Advisor. AADMM is a membership organization of individuals who provide daily money management services to their clients using the high standards as promoted by the AADMM.

old man at sunset To truly understand the benefits of the service for aging adults and their families, we encourage you to read the heartbreaking story of one man, named Bob, in his late 80s, living in an independent senior living facility, as published on the AADMM website. It’s an eye-opener.

Here’s the article.

If after reading this, you have questions, please call our office at (513) 322-1036 and feel free to share with someone you know that may benefit from reading the article.

Ohio’s Stronger Rules to Protect Seniors

Posted on September 17, 2018 by Diana

Ohio statehouse cupola With more Americans turning 65 and living longer, the opportunities for financial fraud on seniors grows exponentially. The State of Ohio is about to add add an additional level of protection for seniors this month with SB 158.

Currently, all 50 states have elder abuse laws that require attorney, doctors, hospitals, home health care agencies, clergy and others to report suspicious activity for financial abuse. We expect the Ohio bill, which has already passed the State Senate, to be effective September 29, 2018. In addition to greater fines for abusers, it will require the state to distribute no fewer than six public awareness publications each year on the warning signs of senior fraud.

At DL MoneyMatters, senior fraud has been top of mind since the beginning. DLMM owner Diana Louiso is a Cincinnati native with over 30 years of hands-on accounting experience, but when her professional life dovetailed with the family experience as caretaker of an aging parent overseeing financial matters and personal care, Diana was motivated to make both business and personal “money matters” her business. As the business grew, DLMM added cash management services, bookkeeping services, and year-end support for small business and entrepreneurs.

According to the code, “any person with reasonable cause to believe that an adult is suffering abuse, neglect, or exploitation who makes a report pursuant to this section or who testifies in any administrative or judicial proceeding arising from such a report, or any employee of the state or any of its subdivisions who is discharging responsibilities under section 5101.65 of the Revised Code shall be immune from civil or criminal liability on account of such investigation, report, or testimony, except liability for perjury, unless the person has acted in bad faith or with malicious purpose.” We fully support this Ohio Revised Code 5101.63(A).

This move by the Ohio legislature will heighten our awareness and should yours as well. Our daily money management employees are trained to spot potential fraud and we have always taken the necessary steps to inform our clients and senior caretakers regarding any suspicious activity.

Below are links to learn more about the threat of senior fraud and why it’s so important now.

Mike DeWine Ohio Attorney General—Elder Fraud

Keeping Senior Independent

Posted on January 22, 2018 by Diana

The Chicago Tribune recently ran an interesting article that everyone who has a relative or loved one having trouble paying bills and managing life’s paperwork, especially insurance paper, would benefit from reading.

Photo credit: Chicago Tribune

Entitled Daily Money Management Services Keep Senior Independent, the article points out how hiring a professional daily money manager associated with the American Association of Daily Money Managers may help maintain a senior’s independence, protect their nest egg, and make their lives more peaceful and manageable.

When doctor bills, Medicare statement, and credit card bills begin to pile up, it’s a good indication that a senior may be becoming increasingly forgetful, unable to handle the mail because of poor eyesight, or is simply becoming overwhelmed.

The frauds prey on seniors and they are defenseless against money scammers. The article reported one client who was an “inch away from sending her checking account number to a foreign entity.” When the adult children live far away and can’t regularly monitor a senior’s bill paying, having a trusted daily money manager can be the only resource available to be 100% sure assets are protected, and what little money might be available is spent properly and legally.

Our fees for these services are reasonable, especially considering the risk taken without this type of financial oversight. Clients send their bills to us, and we in turn pay them from the client’s account. If there are insufficient funds in the account, or if an invoice or statement appears out of line with the norm, the senior and/or a family member is immediately notified.

Not just for seniors, busy executives who frequently travel, and snowbirds that maintain two residences, also benefit from daily money management services. If you believe these services may be beneficial to your or a loved one, we invite you to call us for a friendly no-obligation conversation at (513) 322-1036. You can learn more at www.aadmm.com or visit our website’s Money Management page.