Daily Money Manager Benefits CPA

Eighty year-old widow Maddy still lives in the Ohio home she shared with her husband Phil for 60 years. Her children live far away—one on the east coast, the other on the west coast. Maddy has mild memory loss, an aging issue that to her seems more annoying that anything else. For Maddy today, money is not the problem—being far from family is.

Before Phil’s death, Maddy had thrived as a typical stay-at-home mom devoted to the raising, education and personal development of her children. Phil, a successful business owner, employed a CPA to handle both their business and household finances. The CPA handled the sale of the business after Phil’s death and continued to handle Maddy’s household finances during monthly visits to her home.

A common filing system

While Phil had kept an impeccable filing system, Maddy was quite the opposite. She habitually used unopened bills as bookmarks. The CPA spent hours rummaging through desk drawers, piles of mail, and old magazines to collect all mail related to her financial affairs.

When the CPA took to the Internet to find a “Maddy” solution, he came across an article about Daily Money Managers. He discovered that these professionals pay bills, balance checkbooks, go through mail, review investment and insurance papers, keep track of assets, and organize financial records needed for the IRS. He calculated that hiring a DMM for Maddy would save both him and Maddy time and money.

Today, Maddy happily continues to use unopened bills as bookmarks, but her DMM knows just where to look. She handles Maddy’s personal finances for a fee much lower than the CPA firm, and the CPA now has more time to manage his other high-net-worth clients.

Some CPA firms who also handle investment management for clients can subject the firm to heavier SEC scrutiny or audits, but adding daily money management services through a partnership with a firm like DLMoneyMatters can solve that problem.

Call us today and let us show you how we can help address these types of challenges for you or your clients.

Alzheimer’s & Power of Attorney

The number of Americans living with Alzheimer’s disease is on the rise. According to the Alzheimer’s Association report for 2019, an estimated 5.8 million Americans of all ages are living with Alzheimer’s and are being cared for by more than 16 million family members. Maybe one of those family members is you!

They project that in thirty years, the number of Alzheimer’s sufferers will reach nearly 14 million.

Children of aging parents who suspect a parent is in the early stages of Alzheimer’s, or have  a parent already diagnosed with the disease, should consider a Power of Attorney (POA).

A POA gives a family member the legal right to step in and make decisions that a parent with an Alzheimer’s or dementia diagnosis is unable to make themselves, or doesn’t want to. 

There are various, even urgent, situations when having a POA is extremely important. For instance, you may need to:

  • Find a trusted money manager to handle day-to-day bill paying and the daily money management of bills, medical and insurance statements, tax preparation, and other personal financial tasks.
  • Act as family spokesperson regarding medical appointments, surgery, and doctor appointments.
  • Take care of things at home if your parents or loved one is still healthy enough to travel in retirement, or at any time they are away from their home.

We hope you will consider us if Daily Money Management is a concern. We are experienced, trusted, and a member of AADMM, the American Association of Daily Money Managers.

When It’s Time for a Daily Money Manager

Two of the most frequent reasons people turn to a daily money manager have to do with situations like these:

John, age 53, called his mother who lived in another State. During the call, his mother complained that she’d received a bill from her neighborhood urgent care facility for $5,500 for a single wrist x-ray. She said not to worry, her wrist wasn’t broken, just a sprain, and she’d already written them a check for the X-ray. John was speechless.

Paula, a highly successful art auctioneer and antique dealer, traveled the world to satisfy her clients’ tastes for fine collectibles. Every year, Pauls made a maximum contribution to her SEP-IRA. Last year, due to an exceptionally busy year and hectic schedule, she remembered to make the deposit, but forgot to invest the money. It sat in cash for over a year losing potential profits.

Adult children of aging parents like John need daily money management solutions for peace of mind for themselves as well as their elders. With age, older people living independently become forgetful and distracted with health issues. Managing monthly bills and sorting through bank statements, investments, and medical insurance forms becomes more difficult. The adult children worry about their parents’ financial decline, but are hesitant to get involved. Their own lives are busy, they live far away, or they just don’t want to face the fact that their their parents can no longer maintain autonomy and control over their own lives.

workEntrepreneurs like Paula need help to manage their daily money matters and investment accounts. Usually working longer than 8-hour days, traveling extensively, having multiple investment accounts, often owning multiple properties, these busy business owners have little time to tend to their personal financial matters.

If either of these scenarios hit home with you or with someone you know, please consider a complimentary review with us at DL Money Matters. We can help you decide whether it’s time for a daily money manager in your life, or in the life of someone you love.