Keeping Senior Independent

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.

senior man

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.

Tax Less – Give More

money umbrellaThe big gift under the Christmas tree for most Americans this year was the 2018 Tax Code for individuals and businesses. Santa has not delivered a gift this significant for U.S. taxpayers for over 30 years. Most of us are happy he made it down the chimney.

To explain in our blog what’s included in the bill, and how it is likely to affect you and your business, would be redundant. Plenty has been written in the press and online. An article that we found to be easy to understand comes from The Motley Fool. The impact of the Bill is explained in layman’s language and we especially like the tables. According to the Fool, a few interesting individual deductions will soon be history. These include theft losses (no need to fill out that pesky police report), unreimbursed employee expenses (no incentive to bring the boss a Starbucks latte), moving expenses (it now pays to stay in one place), and employer-subsidized parking (no problem for us whose office happens to be in the suburbs).

For corporations, the GOP-proposed Bill is exciting. Businesses can sell worldwide without double taxation, and if you’re one of the those businesses who made money overseas but couldn’t afford to bring money into the U.S. because of taxation, it’s good news.

Read the entire article (really, it’s a good one).

Of course, not everyone is happy. Parents who sacrificed so their kids could go to college won’t get the $2,500 tax credit and charities are all wondering whether the goodness of the average American wage earner will be “as good” if they aren’t able to deduct charitable donations. We believe that generosity and compassion, more than a tax deduction, drive American giving. Next year will be our litmus test. In the last election, according to Pew Research Center, 54% of us Americans voted, but 60% of us gave to charity.

Charitable giving, in all its forms, transcends politics. Giving is as American as apple pie and will remain that way regardless of our politics, tax rules, and financial forecasts.