Declining financial abilities may not only result in a few unpaid bills but also leave you vulnerable to financial abuse and drain your nest egg.
Kiplinger –Consider hiring a daily money manager to help pay the bills, deal with creditors and organize tax documents, among other services. Expect to pay anywhere from $50 to $150 per hour or more, depending on where you live and the level of service provided.
The profession is essentially unregulated, so it’s critical to vet a daily money manager carefully. Ask how long he has been working as a daily money manager, whether he carries errors and omissions insurance, and whether he has any professional certification. The American Association of Daily Money Managers offers a “professional daily money manager” certification, which requires a criminal background check and passing a written exam, among other requirements. You can search for managers who have earned that designation at www.aadmm.com. The money manager should also be able to provide references and send regular reports to the client and trusted family members detailing all financial activity.
Once you’ve simplified your finances, make a list of all your assets along with key contacts such as financial advisers, accountants, insurance agents and lawyers. Such a list can be “a lifesaver” after someone has lost capacity “and you have no idea how many accounts they have, who their attorney is or where their tax documents are” says Lewis Knopf, a daily money manager in East Rockaway, N.Y.
Read the article: Managing Your Money in Old Age at Kiplinger.