For vulnerable seniors, handling day-to-day finances and paperwork can become overwhelming. Bills, Medicare statements, charity solicitations and other junk mail can pile up quickly. Health challenges can make routine financial tasks confusing and difficult. To further complicate matters, our elder population is under siege by relentless fraudsters and scammers. Assistance from a daily money manager can help older adults maintain order in their financial lives, reduce the risk of financial exploitation and provide peace of mind to concerned family members.
ElderHand, LLC’s daily money management (DMM) services are tailored to meet the needs of each client. Most work is performed with the client, in the client’s home, unless other arrangements are preferred. The time required depends on the complexity of the client’s finances. Two visits per month are often enough. Support can include assistance with bill payment, reconciliation of accounts, monitoring of credit card activity, review of insurance claims, and facilitation of household employee/caregiver payroll. ElderHand can also provide computerized reports of financial activity to clients, advisors and/or responsible family members.
Organizational help can include reviewing and responding to mail, setting up a filing system, discarding unnecessary paperwork and gathering information for the client’s tax preparer. Compilation of a single directory of important financial, legal, and medical information will keep essential information readily available for general reference and emergencies.
A number of circumstances can bring seniors and their families to the realization that they need help. Some individuals seek assistance on their own. Often, it is adult children who become worried when they notice their parents are struggling to manage their personal affairs. Warning signs include piles of unopened mail, unpaid bills, duplicate or late payments, overdrawn accounts, excessive charitable contributions, or unusual spending. Occasionally, an older adult facing new financial responsibilities after the loss of a loved one will reach out for help. Family members often want to assist, but are overwhelmed themselves with careers and family responsibilities. Some do not have the financial expertise, others live away and are unable to help or keep an eye on things.
According to Lisa Orso, Owner of ElderHand, LLC, some individuals and family members are initially uncomfortable with the idea having someone from the outside helping with personal finances, and worry about losing control. Actually, the opposite is true. Clients retain control of their money, but receive trusted help with carrying out day-to-day financial tasks. Most individuals who get help from a DMM find that it helps them to live independently longer. For seniors aging in place, the DMM becomes an important part of the caregiving team. Lisa follows the ethics of The Society of Certified Senior Advisors and the American Association of Daily Money Managers. ElderHand is fully insured.
Please contact Lisa Orso for a free consultation to see if her services could help you or your family. You can reach her at (207) 831-8816 or firstname.lastname@example.org.