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AADMM in the News
When to Step In and Take Over an Older Parent’s Finances
Wall Street Journal – My mother is about to turn 80, and I’m increasingly worried about her ability to manage her money. My family and I are trying to figure out when and how to take on this responsibility, or at least provide some help. Any advice? This is a tricky subject, to say the least, and one that many of us are, or will be, grappling with.
Should I hire a money manager?
San Diego Union-Tribune – Many parents are reluctant to let their children take on management of their money, either because they don’t want them to know their net financial worth or they don’t want to burden them with the responsibility. Often, they’re more comfortable turning over that responsibility to a neutral and professional money manager, with your help.
4 types of financial helpers: which is best for you?
CreditCards.com – Staying on top of financial affairs can be a lot of work. Bank and credit card statements, tax forms, bills and other important documents constantly jostle for our attention. Many elderly, disabled and seriously ill people lack the physical or mental energy to keep up with all the paperwork and red tape. That’s where daily money managers come in. “Daily money managers help people deal with their day-to-day finances in a very practical way,” said Leah Nichaman, founder of Everyday Money Management.
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…
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.
Tips for creating a financial backup plan for singles
CreditCards.com – 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.
Daily money management services keep seniors independent
Chicago Tribune – If you or a relative is having trouble paying bills and managing life’s paperwork, hiring a daily money manager or a bill paying service might help maintain independence – and protect nest eggs too.
