[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”37px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]

Are Your Daily Finances in the Right Hands?

[/et_pb_text][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” custom_padding=”2px|||||” global_colors_info=”{}”]

How to know if you, or your Daily Money Manager, is doing a good job.

[/et_pb_text][et_pb_image src="https://papertigresspfc.com/wp-content/uploads/2024/10/DMM-Support.png" alt="DMM hands supporting a list of financial tasks" title_text="DMM Support" _builder_version="4.27.2" _module_preset="default" global_colors_info="{}"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.16" _module_preset="default" custom_padding="11px|||||" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.24.2" _module_preset="default" custom_padding="0px||0px|||" global_colors_info="{}"]

There are many reasons why someone might need or be getting help with their personal finances.  I’m not talking about investments, but the day-to-day actions that keep your financial boat afloat:

• Paying bills
• Filing taxes
• Managing cash availability
• Keeping an eye out for fraud

In general, this is the person you trust to keep your finances stable & protected.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.24.2″ _module_preset=”default” custom_margin=”|auto|14px|auto||” custom_padding=”2px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” custom_margin=”||12px|||” custom_padding=”5px|||||” global_colors_info=”{}”]

Statistics

[/et_pb_text][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”]

Financial abuse affects at least 10% of older adults annually.  90% of such abuse comes from the hands of trusted individuals, family members, and friends.  The key is to plan ahead and choose the right person to manage your affairs. Most people are able to name their children as Power of Attorney agents, and many do it in birth order, but that is not always the best option if you consider the task list below.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.24.2″ _module_preset=”default” custom_padding=”8px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_heading title=”What your financial caregiver should be doing” _builder_version=”4.27.2″ _module_preset=”default” title_level=”h2″ min_height=”76.2px” custom_margin=”||-4px|||” global_colors_info=”{}”][/et_pb_heading][et_pb_text _builder_version=”4.16″ _module_preset=”default” inline_fonts=”Abril Fatface” global_colors_info=”{}”]

Our Daily Money Managers (DMMs) spend an average of 12 hours a month, managing clients’ affairs, with a wide variance per client.  It is an arduous job for an adult child who is still working and probably handling other caregiving needs such as meals, visits, transportation, and medical appointments.  While some families readily accept this responsibility, others are not so eager.  Below is what we consider the bare minimum of financial caregiving tasks: Reviewing your mail with you Paying bills, if needed Keeping your finances completely separate from their own Organized filing of documents for future retrieval Reconciling your accounts Tracking all activity for tax purposes Assisting or doing your tax filing (sending to CPA) Sharing status and bank statements with you if you wish Watching for fraudulent transactions Meeting with your financial/legal team at least annually

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.27.2″ _module_preset=”default” custom_margin=”0px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” custom_margin=”-34px|||||” global_colors_info=”{}”]

The difference between a family member and a professional Family Member  Professional DMM No cost to you; high cost to them Costs you; doesn’t cost family Emotionally involved Caring, but not involved in family dynamics May not be nearby to catch everything Near enough to visit as needed May not have the time necessary to dig into issues Commits contractually to providing services Stands to benefit from estate Does not benefit except by contracted paycheck/invoice. May not have the skillset to navigate all the intricacies of your affairs Is exposed to many aspects of financial situations daily and is regularly trained to understand subjects. You believe in their honesty Background and credit checked Document storage security varies Documents are secure Password security and organization may be haphazard Passwords are long, random, encrypted and organized for retrieval Is not insured Is insured for Professional Liability, Cyber threats, and General Liability.  Employees are bonded.

 

[/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]

Do you need help but have not yet asked?

[/et_pb_text][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”]

Now, if you are managing your own finances, re-read this article and see if you are doing what is necessary for your own financial stability.  Also, consider a future where you are unable to manage your own affairs.  Are you prepared with an up-to-date Power of Attorney?  Have you decided who that person should be and chosen a backup?  Failure to do so could result in expensive guardianship proceedings if you become incapacitated.

If you do decide that you are ready for help, and family is not your choice or your option, we offer free virtual or in-person discovery meetings to answer all of your questions or to connect you with the right professionals.  You can find information and DMM’S in other areas across the country at AADMM.com, our industry organization.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][/et_pb_divider][et_pb_text _builder_version=”4.16″ _module_preset=”default” custom_padding=”10px|||||” global_colors_info=”{}”]

For more information, follow Paper Tigress on Facebook or Linked In.  The links are below.

[/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]

Your financial stability is our top priority.

[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_row column_structure=”2_3,1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”2_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_post_nav prev_text=”Previous” next_text=”Next” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/et_pb_post_nav][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][/et_pb_column][/et_pb_row][/et_pb_section]