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A CPA is Your Trusted Advisor

Certified Public Accountants, have been trusted advisors to businesses for decades.  They have kept the books of original entry, monitored their bank balances and have been the owners sounding board concerning a myriad of business management services.  Formerly, these services have been only available to  business owners and the wealthy.  Now, there is another segment of our society that have extensive financial resources and more active life styles in their later years.  The elderly is one of the fastest growing segments of our society and they have similar need for professional services.

 With more than half of all the wealth of our society is in the hands of the elderly, some are overwhelmed by the challenges to manage their wealth, tasks that they routinely performed at an earlier time in their lives.  Others simply want relief so they can spend their time doing something more satisfying. Others, though fully functional in most aspects of their lives may find certain analytical tasks frustrating.  The CPA profession has recognized this and have developed programs to help.  These services are referred to as Elder Care.  We are all familiar with medical and social services offered by welfare agencies primarily to those lacking the resources to purchase them.  But now, these services are offered to that growing segment of our society of means and at attractive rates.

Assessing Your Needs and Developing a Plan 

 The type and extent of services is totally flexible and can be tailored to your particular needs but will usually include some oversight of monthly cash flow.  A client may want the CPA to organize their bills and schedule payments in the most efficient manner.  Checks will be either reviewed before mailing or prepared for the client’s signature.  WE WILL NOT ASSUME CUSTODY OF THE CHECKING ACCOUNT!  We will assist with activities from assembly thru mailing with the client in full  control throughout the process. 

Help Handling Routine Chores 

 Banking, bill payment and managing one’s finances can be overwhelming.  We will set up procedures that make these tasks easy and less stressful.  Perhaps the client forgets to deposit or record their pension or social security check and to keep an accurate balance.  Perhaps they occasionally forget an important payment and incur late charges.  Not only will I arrange for direct deposit and maintain an accurate balance but I will see to it that an excessive cash is not left in a non-interest bearing account when it could be easily moved to one that will work for them.. 

Arranging for Household Services 

 The elderly today are justifiably apprehensive to invite a strange contractor into their homes to give an estimate or negotiate a contract for services.  Unsure of whether the contractor is capable and whether the extent of the work recommended is even necessary, some end up purchasing more than what is required and paying too much for inferior work.  CPA’s are in an advantageous position to help with this situation.  We know of many local contractors and some may even be clients.  I might arrange for competitive bids and assisting with the process of choosing a contractor and the work to be performed.  Finally, with an in-depth knowledge of the client’s finances the CPA can arrange for payment either from available cash or perhaps by arranging for a distribution from some investment fund. 

Investment Management and Long Term Security

 Though the elderly holds much of society’s wealth, they don’t often manage their assets effectively.  There are many alternatives in managing investments that are beyond the experience of many elderly clients.  I will arrange for the necessary guidance to insure security and  investment performance in accordance with the clients goals.  Since CPA’s do not generally accept commissions and do not sell investments, our elderly clients can be assured that any recommendation offered will reflect the best interests of the client.  We have all heard horror stories of how an unscrupulous salesman sold the wrong product simply to earn a big commission.  While the agent earns a fat commission the client may loose control of needed resources or may purchase an under performing investment.

 Sometimes the product may be proper for the circumstances but may simply be more than what is needed.  Take the case of someone seeking a long term care policy.  Long Term Care Insurance has become popular and affordable.  But this type of coverage sets aside a bulk of dollars which is exhausted as benefits are received.  The tendency is to purchase more than what is needed.  Now, no one has a crystal ball, but I can analyze all the relevant financial considerations and develop alternate recommendations that the client can use to make an informed decision.  Depending on the available resources and the client’s plans, a lower level of coverage, with a lower premium may be appropriate.  IF YOU WOULD LIKE TO RECEIVE MY FREE NEWSLETTER ENTITLED LONG TERM CARE INSURANCE click here.

Timely Compliance Reporting and Family

 A CPA providing ELDER CARE FOR YOUR FINANCES is in a position to monitor the affects that changes in tax laws and income may have on estimates, tax filings and estate plans. Huge penalties and tax obligations may be avoided by attending to these items.  Also, if hired by a relative, regular reporting of activities will provide the comfort of knowing that Mom or Dad's financial affairs are in order.

Fees you can afford

 Just as we reach a point in our lives when cleaning the gutters is no longer appropriate, we may also reach a point when handling routine financial tasks and managing our finances requires professional help.  Fees will vary depending on your particular engagement.  A typical program of assembling monthly bills and scheduling payment including balancing your bank account and oversight of filing and reporting would approximate the cost of cable television.  If you would like more information, please contact me for a no obligation assessment. 

Contact me at: info@savinocpa.com