By Elizabeth O'Brien
July 18, 2018

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...

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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.

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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.

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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:

• This is the first time in history that American couples have had more parents than children.
• Today, the average American woman can expect to spend 18 years caring for an older family member, compared to 17 for her children.
• Almost 40% of all U.S. workers are more involved with caring for a parent than a child.

The odds are high that someday you may be required to care for an aging parent at some point.  It can be hard to know when your parents need help because, often times they will not ask for it. They may not want to be a burden or they feel as if they’re imposing. Before jumping in, you should consider the following:

• How much help is needed?
• If siblings are involved, do you divide and conquer? Geography is a factor when most are not in the same location or town.
• What are the costs involved?
• What type of care is needed?
• Do they have any Long Term Care Insurance?

Once the above questions are answered, you are able to draw a clearer picture of what and who needs to be consulted, such as: an attorney, a certified financial planner and a daily money manager.

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.