Daily money management (DMM) programs provide personal financial assistance to older Americans who can no longer handle certain aspects of money management. Whether an older person needs comprehensive help or just a monthly reminder to pay bills, these programs can mean the difference between living independently and residing in a nursing home. DMMs also offer relief to family members who are providing care to their older parents or relatives. (For more tips on how to assist an elderly relative with their finances, see Nolo's article Helping Elders Manage Money & Finances.) Read More...
AARP.org -
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. Read More.. INC.com -
Technology has once again put the banking sector into a state of flux. Since the release of the world's first ATM in 1969, banks have been working to automate services once handled by tellers in branches, to make them more widely available. The birth of the internet saw the finance industry recalibrate itself again, moving to replicate its traditional banking operations on their respective websites. Banks worked hard on developing mobile apps and streamlining their online presence. Read More... MSN.COM -
Summer will be here before you know it, and with it come new and old scams. As you consider possible escapes — travel to exotic places; trips to the beach, the mountains or the golf course; a staycation to get much needed work done around your house — bear in mind that these diversions provide the perfect opportunity for con artists and identity thieves just waiting to insinuate themselves into your life, becoming the sand in your picnic basket (or bathing suit) — a vacation-killing burn that no ointment can soothe. Here are few scams to be on the lookout for this summer. Read More... August 21 - National Senior Citizens Day
Some people celebrate Senior Citizens Day on August 14 since that was the day President Franklin Roosevelt signed the Social Security Act into law in 1935. However, in 1988 President Ronald Reagan, declared August 21 to be National Senior Citizens Day. This observance was established in honor of Senior Citizens in the US who made positive contributions in their communities. The day was also created to increase awareness of social, health, and economic issues that affect Senior Citizens and their families. There are many seniors who volunteer their time and contribute to their communities everyday who do not get the recognition they deserve. If you happen to know one of these happy souls, be sure to say “Thank You” for their contribution. There are also many seniors who are in critical need of assistance and care. I have conversations every day, both personally and professionally, about how one goes about taking care of the seniors we know and love. Often, the level of assistance needed and complexity of coordinating services seems very overwhelming, however these issues need to be addressed and resolved in a respectful, responsible and timely manner. There are many companies that specialize in providing various levels of care for both the family as well as the seniors; for example, Aging Wisely, LLC is an amazing company that I have worked with that continues to impress me in their level of professionalism, integrity and genuine care. On this Senior Citizens day, if you are or know of someone who is struggling to help the seniors in their lives, connect them with the help they need through the myriad of providers out there. Let's also make sure to take a minute and say thank you to our seniors and those professionals who take care of them. Happy Senior Citizens Day! Jennifer L Shulman They are nice people performing a much needed function……
Your Accountant would never tell you this; however, there is nothing more frustrating than when a client shows up with a box of receipts. Please know that if you hand them a box of receipts, you will be probably handed a sizable bill in return. As you may guess, sorting through and organizing all of your information takes time and your CPA is going to bill you for that time. If you want smaller fees, make it a priority to keep good, ORGANIZED financial records. Your Accountant would never tell you this; however, you don’t need to spend $200 or more if your return isn’t complex. There are a lot of great tax filing services out there that can help most people who have uncomplicated tax returns. Understand there needs to be a Balance…….Don’t be penny wise and penny foolish. Seek advice when it is needed and certainly when your financial circumstances have or are about to change dramatically. If you show up at the office after April 10th asking for a return, know that your Accountant will probably file an extension. A good CPA will manage their clients and their returns so as to provide timely service and accurate returns. But they are not miracle workers. You can’t show up at the 11th hour and expect the same level of service and accuracy. So, when your CPA explains that you are going to file an extension. Calmly say, “Okay, that sounds fine.” And put a reminder on your calendar for next year to start this process a wee bit earlier. For those of you who are self-employed it is important to set aside money for taxes. It is important to keep in consistent communication with your CPA about your year. If you begin your own business, be sure to set up some time to talk with them about what pieces of business information need to be tracked and what monies need to be set aside to pay upcoming tax bills. You will save yourself a ton of time if you keep track of things as you proceed throughout the year, instead of recreating (ant trying to remember) the events at the end. Start off on the right, ORGANIZED financial foot and you’ll be much happier. Don’t filter your expenses and decide what is deductible. Too often people discard potential deductions because they think it is not deductible. Laws and personal circumstances change from year to year. Unless you are keeping up with all of the rules, let your CPA decide what applies to you. If you doubt, or are unsure if an expense is deductible, put it into the TAX FILE and discuss it later with your CPA. It is your responsibility to provide the information to the accountant about your life and tax year. It is the CPA’s responsibility to help you navigate your return and tax circumstances. While it is acceptable to attempt to get the biggest bang for your buck, please don’t complain or negotiate fees after you have engaged a CPA. CPA’s are professionals and you are hiring them to provide a service and advice to create and file your taxes. If this is not a service you would like to pay for, then respectfully pay the contracted amount for their professional time and do not engage their services next year. When it comes to an audit, your CPA is your biggest ally. It is not wise to go through an audit without a CPA or Enrolled Agent. Be sure to find one that is knowledgeable with IRS audits and most importantly one that you trust. If you need help finding one, call me I would be happy to refer you. By now, most of your little ones and not-so-little ones are back to school. Let the lessons and the homework begin for the little ones and the "life lessons" begin for the not-so-little ones. Something to consider for all the New Adults (18+) and potentially their parents: Executing a Healthcare Power of Attorney and a Durable Power of Attorney. I know it's not commonly mentioned with regards to the "young adults" it's usually it is discussed with the "older adults" but I think it worth mentioning.
To be fair, I believe everyone, young and old and in between should have these documents executed and updated every 5 years, but I digress. The reason I am talking about 18+ is because there are a lot things "to do" and to be taken of as you make the transition to adulthood and many times executing these documents are overlooked because most folks don't understand the value. The Healthcare Power of Attorney or Healthcare Agent document purpose is to appoint a trust individual to make healthcare decisions in the event the person is not able. There are many sets of circumstances that can occur when you are at college and/or on "your own" for the first time including health related issues. Sometimes the 18 year old is still on their parent's health insurance and sometimes tax return, however if there is no such Healthcare Power of Attorney in place, there is a good chance the parents are not going to be able to make those healthcare decisions. I would also recommend having a HIPPA Release drawn up and signed as well. The other document to consider is a Durable Power of Attorney. A Durable Power of Attorney allows for someone you appointed to make decisions "as if they are you." So, if for some reason a lease needs to be signed while your 18 year old is still backpacking through Europe, you can execute the document. Or if you need to inquire with the College Financial Department or Banking institution to take care of an account, you can do this. Please know, a Durable Power of Attorney can be all encompassing with regards to the powers it allows or it can be limited. Most people have a great aversion to signing a Durable Power of Attorney, some of which is good. You should always be aware of the possibility of unscrupulous individuals. However, please don't let this fear cripple your decision to execute this document. First, you need to find an Attorney that your trust and understand you can maintain complete control by appointing an individual that you trust. The alternative of not having this in place in some form or fashion may make much harder to take care of things if the need arises. There are a few other legal documents that are also beneficial to have as well, like a Living Will, HIPPA Release as mentioned above, but we will save that discussion for another time. PLEASE NOTE: Both of these documents, the Healthcare Power of Attorney and the Durable Power of Attorney are important and everyone should have at least these executed so you know who is taking care of you and your life if you are not able. You should consult with an Attorney to determine what make the most sense for you and your circumstances. Make your money work for you. Money market accounts, certificates of deposit and savings bonds are all ways to save money. When deciding which savings vehicle to use to save for retirement, it is important to balance the amount of risk ie amount of potential returns (or loses) with the need for the access to the cash as well as financial sustainability. Clearly outlining your financial goals is important. A Certified Financial Planner (CFP) is an excellent source of information to engage this process. CFP can provide (1) expertise, (2) objectivity and (3) timely choices.
(1) Expertise I know, I know, there are a lot of you out there saying, "I got this. I do not need to consult with a professional." I understand, it's your money and you have things under control. However, there is a benefit to employing professionals who have additional expertise. I am sure that you see value in going to a professional that knows more about how to heal your body, a doctor. Or you go to the barber shop or the hair dressers to get your hair cut because if you didn't we would all have crazy hairs. Going to a financial professional is simply consulting with a a person who has financial expertise. (2) Objectivity There is also something to be said for objectivity. You are emotionally involved with your finances, your CFP is not. They may be able to clearly see an alternative that is so simply that it will make you slap your forehead and say, "why didn't I think of that, it is so simple and makes so much sense." Sometimes there are circumstances that may require financial changes or the creation of legal documents or purchase of an insurance policy in order to protect you or your family from unintended consequences. A good CFP will take the time to listen to you and explain the risks and benefits of taking or not taking specific actions. (3) Timely choices Outlining your financial goals is important to do and the earlier you start the better. When you find the right CFP who cares about you reaching your financial (and life) goals they can be a great informational resource and can outline timely choices to help reach your goals. For example, someone who is about to retire from their career and they mention in conversation, "I have been saving a good bit of money and I am planning to consult a CFP once I retire." Oh my, they have got it all backwards. They need to consult a CFP before they retire. As soon as feasibly possible would be ideal. All of their circumstances should be examined and then the alternatives or choices can be outlined of when is makes healthy and financial sense to retire. Maybe they can retire earlier then expected, for example tomorrow:). Or maybe they need to wait until after the first of the year so they can make adjustments to their retirement vehicles and save a ton of taxes. If someone waits until after they retire to examine the circumstances surrounding their retirement sometimes the choices are limited. The following information was provided to me in an email alert from TransUnion. Staying informed is very important when it comes to preventing further damage to your credit. Sometimes the company, such as AT&T, will take additional steps to solved the security breach, while other times by the time you are informed, it is too late and you must take steps on your own to protect yourself. Whether or not you've been affected by this incident, you could be next – play it safe & protect yourself now with TransUnion.
AT&T Mobility has recently confirmed that it has suffered a data breach. The personal information (Social Security numbers and call records) of an undisclosed number of AT&T Mobility customers was stolen. The breach was alleged to have occurred earlier this year, April 9 through 21. The criminals appear to have been interested in information they could use to unlock phones they had already stolen. Since Social Security numbers were also involved, users are strongly encouraged to take steps to protect their identity. TransUnion recommends taking the following precautions immediately, for protection & peace of mind:
© 2014 TransUnion Interactive, Inc. All Rights Reserved. 100 Cross Street, Suite 202 San Luis Obispo, CA 93401 A Credit Freeze is a viable option to help protect yourself from identity theft. A Credit Freeze sometimes called a Security Freeze does give you maximum control over your credit by preventing lender and other from accessing your credit report. However, there are few things to consider before placing the Credit Freeze such as: 1) Are you planning on making any large purchases in the near future in which you would need to access you credit report? Not only does this freeze prevent others from accessing your credit, but it can make it cumbersome for you to access it as well. It can be done, however be ready to have to jump through some additional verification and financial hoops. 2) A credit freeze is permanent until you notify the three major credit reporting companies – TransUnion, Equifax and Experian. Even though, it is rather simple to put the Freeze into place. It can and should be done with each of the credit reporting companies for it to be effective as quickly as possible. It can be done by phone, or by mail or online by answering some vital financial questions. However, to lift or remove the Credit Freeze you must notify all three credit reporting companies by telephone automated system or in writing and then allow typically 3 days for processing. 3) There are fees associated with placing, lift or removing a Credit Freeze. For most states it is $10.00 to place a Freeze, lift a Freeze or remove it completely. Florida fees are: No fees for identity theft victims and seniors 65 years and older. All others pay $10 to place the Freeze, lift it temporarily, or remove it altogether. So, be sure to plan ahead. If you are concerned with identity theft and you know that in the near future you will need to make a large purchase in which you will need to access you credit, consider a credit monitoring service like LifeLock. There are many options to choose from and most of the options allow for month to month contracts. SO once you have made your large purchase, you can cancel the credit monitoring service and you can place a freeze on your credit. |
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Jennifer is committed to helping her clients as well as other folks improve their daily financial circumstances by providing simple financial solutions. Archives
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