Q3 2013 Newsletter
For our 3rd Quarter review, we want to give you an idea of how we continue to provide effective solutions and personalized service to one of our senior clients: Mr. James S. Gouinlock, Professor Emeritus of Philosophy at Emory University in Atlanta, Ga. Mr. Gouinlock is a philosopher and the author/editor of six books, including Eros and the Good. In Eros and the Good, he focuses on virtues as the greatest human asset and eros, which Plato defines as the yearning for things beautiful and good. He draws upon thinkers and philosophers Plato, Aristotle, Nietzsche, Santayana, and Dewey. Click here to learn more about Mr. Gouinlock.
In early 2013, Mr. Gouinlock was referred to Baker DMM by Andrew Hanna, financial advisor at Ameriprise Financial. After working hard all of his life and reaching retirement, Mr. Gouinlock was ready for someone else to help him manage his day-to-day personal financial responsibilities. Baker DMM has helped Mr. Gouinlock make solid, informed financial decisions that are helping him achieve his financial goals in retirement. We appreciate Mr. Gouinlock giving us a chance to serve him, and we thank him for allowing us to share some of our notable achievements accomplished while working with him in 2013:
- Helped implement debt reduction/refinancing strategies for credit card debt
- Assisted in communications with financial institutions
- Reviewed credit report to ensure accurate reporting
- Managed and provided reminders about recurring bills
- Created budget for Gouinlocks and helped hold them accountable to budget
- Provided references for home health care and insurance needs
- Advised Gouinlocks on how to reduce unnecessary monthly expenditures
- Assisted with home office organization
- Provided support in how to deal with telemarketers
“Baker DMMs advice and suggestions have been even more helpful than the financial reports provided each month.”
–Barb S. Gouinlock, daughter of Mr. James Gouinlock
It’s not so much about the actual savings created by working with Baker DMM, she said, but more so about the peace of mind provided to the family knowing Baker DMM is helping their father and their family.
Do you know…
Do you know about the trends in in-home health care? With the Affordable Health Care Act coming into play and the baby boomer generation aging and expected to live longer but less capable of managing their own home healthcare expenses than the current elderly population, Barbara Peters-Smith wrote an exploratory article for the Sarasota-based Herald-Tribune, which focuses on the hefty price tag of quality home healthcare and finding the appropriate type of care. The article quotes Larry Polivka, executive director of the Claude Pepper Center at Florida State University — which studies aging issues – and how he believes there will be a doubling of the number of elders who remain at their homes, instead of moving to nursing homes or other facilities. The article examines people’s confusion and misunderstandings of how the new national healthcare system will work, while also examining many experts’ opinions on aging who believe that the redesign of home healthcare is happening too fast. This growing need of home healthcare also increasingly exposes the elder population to elder fraud, and rapidly placing caregivers into the elders’ homes leads to unmet needs and poor care because they lack the proper training and skills. Click here for the complete article
How this may affect you or someone you love:The article describes a typical scenario of elder fraud where a trusted, much-needed caregiver quickly builds a closer relationship to the client than even his or her relatives have. Then, the relationship quickly evolves into an interdependent one, where the caregiver is able to “cross the line into financial or emotional exploitation.”
Do you know elder abuse is hiding in plain sight in Atlanta, Ga.? I (Chris Baker) recently attended the taping of the GPB program “Elder Abuse: Hiding in Plain Sight.” The program provided the public with an overview of the increasing problem of abuse, neglect and exploitation facing older adults and adults with disabilities. Click here to watch the video.
How this may affect you or someone you love:The aging of the state of Georgia’s population is one of the most significant trends affecting the state today. The year of 2011 marked the first year the baby boomers – the generation born between 1946 and 1964 – celebrated their 65th birthday. Georgia’s population aged 60 and older will have increased 142.95% between 2000 and 2030.
Do you know there will be an educational symposium on Elder Planning in Fort Lauderdale, Fla., in November? Please make plans to attend the 2nd Annual Elder Planning Symposium, hosted by the Florida Institute of Certified Public Accountants (FICPA). This event will be held at the Embassy Suites in Fort Lauderdale, Fla., on November 7, 2013. Register here or visit Facebook for more information.
How this may affect you or someone you love:Attending this program will help you enhance your understanding of developments in and new ways to meet the physical and financial needs and challenges facing today’s elder citizens.
Do you remember Mickey Rooney? “Last Will and Embezzlement” is a documentary film featuring entertainer Mickey Rooney. The film tells a true-life story of how trusting seniors can become unwitting victims to scams and fraud by family and “friends.” Click here to view the video and/or Click here for an article in USA Today discussing the video.
How this may affect you or someone you love: Pamela Glasner, Co-Director of the documentary, notes that the film aims to raise awareness about financial exploitation of elderly people. She and Co-Director Deborah Louise Robinson came up with the idea for this compelling film as a way to inform seniors and the people who love them about a problem they say is growing as the population ages. The film is both a call to action and a tribute to Glasner’s father, who was also a victim of financial fraud and abuse.
Tip of the day…
How to Make People Listen:
The next time you need to get your point across, ensure that you’re taken seriously by making yourself appear larger. Simply stand with your feet about 6 inches apart and place one hand on your hip or gesture with both hands as you speak. According to body-language experts, this pose projects an air of confidence and power.
It’s good to laugh…
A senior citizen living in Florida drove his brand new Corvette convertible out of the dealership. Taking off down the road, he pushed it to 80 mph, enjoying the wind blowing through what little hair he had left.
“Amazing,” he thought as he flew down I-95, pushing the pedal even more. Looking in his rear view mirror, he saw a Florida State Trooper, blue lights flashing and siren blaring.
He floored it to 100 mph, then 110, then 120. Suddenly, he thought, “What am I doing? I’m too old for this!” and pulled over to await the trooper’s arrival.
Pulling in behind him, the trooper got out of his vehicle and walked up to the Corvette. He looked at his watch and said: “Sir, my shift ends in 30 minutes. Today is Friday. If you can give me a new reason for speeding – a reason I’ve never heard before – I’ll let you go.” The older gentleman paused. Then, he said: “Three years ago, my wife ran off with a Florida State Trooper. I thought you were bringing her back.”
“Have a good day, sir,” replied the trooper.
It’s good to smile…
And it’s good dream…
Do what you feel in your heart to be right – for you’ll be criticized anyway. You’ll be damned if you do, and if you don’t.”
–Eleanor Roosevelt (1884–1962)
We thank you for taking the time to review our newsletter.
Chris Baker, CPA, Managing Director
Phone – 678.640.8512