Many of our clients are caring for their aging parents who may not live in here in Maryland. One of the first areas of concern is money management. They may notice that bills pile up, accrue late fees and invite phone solicitors.
Recently, new service providers have entered the market to solve this dilemma. They provide money management services to seniors including setting up automatic withdrawals from bank accounts to pay bills, writing checks, managing bank deposits, transferring funds among accounts, negotiating with creditors and dealing with medical insurance providers. This can be a very time-saving service as well as offer peace of mind to all involved.
Often this service can mean the difference between living independently and residing in a nursing home. Keep in mind that these daily money management providers are not financial or legal professionals, so they cannot act in an advisory capacity or prepare tax returns. However, they can provide referrals for professionals like accountants, investment advisors, and estate planning attorneys.
According to the National Center on Elder Abuse, these services help protect seniors from financial abuse and scams. The account manager is responsible for reviewing financial statements, looking for signs of fraud. Costs for these services range between $25 and $100 per hour, and most seniors need approximately four hours of services per month. For more information on caring for seniors to prolong independent living, contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.