Does this surprise you?
People don’t talk about money.
75% of family caregivers have not discussed the financial aspect of this role with the care recipient, perhaps because talking about money is taboo in some families, dealing with an illness takes precedence over any other conversation, or the care recipient lacks the cognitive capacity for the conversation.
Questions & Answers:
Because you’re not alone
Financial caregiving is a tough enough task on its own, but for someone thrown into the role by a surprise medical diagnosis, or an inescapable awareness a loved one needs help, the lack of community and professional support is even more frustrating. KEEP READING!
You came to Baker DMM looking for answers and solutions to the challenges of managing your own, or possibly, aging loved ones, daily money activities. Well, your answers are below, your solutions are here and you can contact us to put it all together.
All CPAs work with money, not all daily money managers are CPAs.
That depends. The key is financial monitoring and knowing what goes in and out of the accounts. That way, if anything unusual happens you can stop it before it gets out of control.
Baker Daily Money Management offers hourly and fixed pricing. Clients with ongoing tasks pay a fixed monthly fee based on their specific daily money management plan. When you have a specific, ad-hoc task, or simply need a consultation—like you might visit your doctor to talk about changing medications—the fee is $100/hour. Hourly fee – Call us when you need us. Our hourly rates are $100. Phone appointments can be booked by the half hour. Recurring fee – If you need on-going support, we will discuss what services Baker DMM can provide for you. Once a scope of work is determined and agreed upon, we will charge you a recurring monthly fee that is billed monthly. Retainer fee – If you need on-going support, we will discuss what services Baker DMM can provide for you. Once scope of work is determined and agreed upon, we will chagre you a one time retainer fee that is due upon agreement. As you need assistance, contact us. As services are provided, we will deduct the billable time spent from your retainer balance. When your balance approaches $0, we will contact you to replenish balance.
Yes! We highly recommend programs like Quicken and Mint to help simplify your financial life.
Call the bank first and have them check for a transmission error on their side, including talking to their third-party billing if necessary. If they find an error, they will typically refund the any late fees and resend the original payment. Unfortunately, if there’s no processing error on the bank’s side, you’ll likely have to pay late fees from both the bank and the mortgage company.
Visit their website. Decide if their menu of services meet your needs. Review their credentials and professional associations. Request references. Ask what they did in the financial industry prior to becoming a daily money manager. If you’re interviewing a daily money management firm, versus a solo practitioner, find out how they qualify and hire their staff since you’ll likely work with at least one of those individuals at some point.
Here are some tips to help stop a senior from being scammed, as well as ways to identify scams right from the beginning:
- Place a list of “danger words” close to their computer to use as a checklist before replying to emails asking for money.
- Remind them to ask a licensed or credentialed financial professional BEFORE they give money to anyone they do not know.
- Repeatedly tell them to call any financial company mentioned in an email before sharing any financial information.
- If someone asks for money over the phone, tell the senior to hang up immediately, without sharing any personal data.
- Be an available resource for the senior to ask you questions before acting on request for money, including donating to charities.
- When they have to sign or update official documents, offer to go with them as an extra set of eyes and ears to witness the signing. If you cannot attend, encourage them to bring a trusted friend or family member with them.
- Teach the senior to always request whoever is asking for money to leave their call back information. If they refuse, the business is probably fake.
- Leave instructions near their computer and phone about how to verify businesses are real prior to making any payments or sharing personal information.
- Talk with Baker DMM about how we can help guard your aging parents’ financial welfare.
Assigning power of attorney is a private way to decide who will have the legal authority to carry out your wishes if you can no longer speak or act for yourself. It is less costly than a guardianship, which is a public proceeding and the person appointed as your guardian may not be the person you would have chosen.
Yes, elder financial fraud is very real! Studies show elderly people are tricked out of at least $2.9 billion every year although experts say this figure could be as high as $40 billion because 43 out of every 44 cases of elder financial fraud are unreported. Read this report on financial fraud and elder abuse.
The answer to this question illustrates the critical role adult children play in establishing and providing financial caregiving for aging parents. Parents trust their children far more than they do strangers, even strangers with professional degrees and licenses. Adult children are best suited not only to present the idea of working with a daily money manager but introducing that individual to their parent(s), as well as quickly orienting the daily money manager to the family’s situation. The way one raises the subject of bringing in financial help has a lot to do with how well the idea is received. Call Baker DMM, we’ll help you help them embrace the benefits of daily money management assistance.
You’ll know what’s happening with your mother’s financial welfare because we maintain continuous contact via email, phone, or text as you prefer. We can share weekly, monthly, and/or quarterly reports, as you prefer. And you can always call us. Sure, time zones can complicate things a little so if it’s after hours, you’ll hear back from us the next business day!
Baker DMM secures your sensitive electronic information with highly unique passwords and backed up to a separate online system. Hard copy documents in stored in locked cabinets and the entire office is alarmed. More important, your private data is secure because Baker DMM adheres to strict industry and personal ethical standards regarding privacy and security. Chris Baker, CPA is a member of the American Institute of Certified Public Accountants, the Georgia Society of CPAs, and the National Aging in Place Council, all of which demand adherence the highest ethical standards as a condition of membership. Unless legally required to do so, Baker DMM will never share your personal information without your direct authorization.
“Baker DMM provided me with a comprehensive look at my personal financial situation. Establishing a budget and receiving their monthly financial reports were invaluable to me. I now have a concrete plan for managing my cash-flow more efficiently and will be able to better handle my personal finances moving forward.”
Commercial Real Estate Services
“Baker DMM has been a tremendous resource in helping us organize our financial affairs, think about our long-term goals, and move in the right direction to achieve those goals. We are very grateful to Baker DMM. Chris Baker is a fair, honest, and diligent professional and who always made himself readily available if we had questions. We will continue to recommend Baker DMM to family and friends.”
Senior Consultant at Vaco Resources
“Baker DMM took the time to clearly understand what I was looking for. They were right on target with the following: 1.) Understanding my needs 2.) Making sure I knew what to expect during the engagement 3.) Being on-time completing the project 4.) Above all, they followed up with me to make sure they completed the work to my satisfaction and explained and presented the completed work to me.”
Vice President, Financial Services
“I have had a professional working relationship with Chris for the past 5 years. He is a person of unquestionable integrity who is dedicated to producing quality work while maintaining a professional, yet personable, relationship with clients.”
Compliance Manager, Bluelinx Holdings, Inc.