AADMM in the News

When the Power of Attorney Lacks Power

Wall Street Journal – For many people, there is no legal document that is more crucial than a power of attorney. Or one so full of potential pitfalls. A power of attorney is an inexpensive legal document that gives a designated individual the right to act on another’s behalf when making financial decisions. It’s typically used by adult children whose aging parents…

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When Aging Parents Need Help With Financial Tasks

Wall Street Journal – Aging parents may need help managing daily finances to guard against costly mistakes or elder abuse. But for family members or caregivers, it can be difficult to find a trusted individual to do such work. Daily money managers do everything from pay the bills to manage the mail, budget, fill out forms, organize financial papers and keep track of medical and other insurance claims. Even more important, they can help stave off fraud and abuse by being another set of trusted eyes on mom and dad’s accounts.

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Tips for creating a financial backup plan for singles – Consider a professional. Some people would rather not put their finances in the hands of family or friends. In that case, you can hire a daily money manager to step in and take care of your bills, says Smith, who is president of the American Association of Daily Money Managers. You can even engage their services in advance, creating what Smith calls a “pre-made arrangement” so the money manager will know what to do if you need them in the future.

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