A daily money manager can help you with common financial tasks such as paying bills and readying tax documents.
Imagine having someone who makes sure your bills are paid on time, organizes your tax documents and hands them off to your accountant, and even follows up with your insurance company because you were supposed to be reimbursed for physical therapy.
Get money and investment savings tips in the AARP Money Newsletter
Sounds too good to be true?
It turns out, you don't have to be wealthy to hire a trusted professional to take care of these kitchen-table money issues for you.
Engaging a daily money manager (also known as a DMM) can be a cost-effective way of making sure your financial life is in order.
More Americans are living longer. What happens when an aging parent can no longer care for themselves? Oftentimes, if arrangements have not already been made, their children step in and take responsibility for them. Here are some interesting facts from AARP:
Attorney: It is important to remember if you are going to begin to take on the responsibility be sure you consult with an attorney to establish decision making authority so you are able to make the care decisions.
Certified Financial Planner: You should also consider consulting with a certified financial planner to establish a good working picture of your parents financial status and available funds for payment of care.
Daily Money Manager: Another professional to consider is a Daily Money Manager. They can take care of your parent's day-to-day financial concerns are provide a report of bills paid, financial events (keep track of important papers and renewals vital of insurance policies) as well as provide a second set of eyes on bank accounts to catch unnecessary fees and prevent identity theft.
Every family is different and the needs for caring for an aging parent are ever changing.
The key is to be proactive and be knowledgeable about your options.
Page Maintained by: Jennifer Shulman
Jennifer is committed to helping her clients as well as other folks improve their daily financial circumstances by providing simple financial solutions.