Money, Aging and Transition
I work with a man who is 96 and it’s only the last three years that he’s let go of prepping his materials for his CPA. He has a wonderful memory and is still a voracious reader. I pay his bills that are irregular and have automated the others. I keep track of charitable donations, I initiate transfers of funds to pay his children annual gifts from his estate. I track all year-end tax documents and any other papers of importance. I implement the transfer of data, paperwork and information to his CPA for his tax return. For the sake of confidentiality, I’ll name him Paul.
For the last seven years I’ve worked with a woman who is now 91. She has rental properties held in a limited partnership, a trust, and a business. She actively held semi-annual studio showings in her home up until two years ago. Sadly, she’s been declining for many years and now lives in a memory care facility. For the sake of confidentiality I’ll name her Paula.
The transition for Paula, from managing her own affairs to employing me, has been successful. In the course of the last seven years I’ve come to know her family quite well. I’ve been involved in every aspect of transitioning her from living with a partner to living alone, to in-home help, selling her house, researching care facilities, moving her to the memory care facility, and initiating the long-term care insurance, etc.
I've collaborated with the family when it was evident that caregivers were needed. I engaged a payroll service that specializes in home care and did all the intake work for that as well as ensuring there was a workers compensation policy for the family. I run the weekly payrolls and handle scheduling, communications and other matters that come up.
I keep up-to-date records in QuickBooks OnLine, participate in meetings with the Financial Planner, CPA and daughters, trouble-shoot problems and help with emergencies.
This was successful because we had developed intact trusted relationships before difficult decisions had to be made.