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Professional to help Disabled Family Member and Elderly Parents

Home Financial Advisors Professional to help Disabled Family Member and Elderly Parents

  • Avatar vinny2016 
    Participant
    Status: Physician
    Posts: 4
    Joined: 07/29/2016
    Earnest refinancing bonus

    Hello everyone!

    I am in a very tough situation; to simplify it as much as possible, I have a disabled sibling that my parents have basically been taking care of for years and years.  My parents are getting older and the situation at home is starting to head the wrong way.  I need to help them.

    How do I search for and find highly recommended professionals that I can hire to basically help do things like manage all of their monthly bills, credit cards, organization etc etc.  I myself have been approached by a lot of financial advisors during training but I am looking for someone to help with more day to day things and take their instruction from me on big picture goals/plans.

    I am overwhelmed with my own stuff and really just looking for someone that I can get to help with a very unfortunate situation.

    Any thoughts or advice?

    #204776 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2621
    Joined: 09/18/2018

    1) Virtually all bills can be automatically paid online.
    2) The real question is notices that may come in the mail. Yes we get a lot of junk mail, but occasionally something comes that needs attention, like a jury summons or unpaid parking ticket.
    I had two elderly in-laws with a disabled BIL,
    Bills automated (online banking)
    Mail picked up once a week.
    Living assistance hired.
    Once a month scan the bank bank statement.

    If they are capable living alone, you can automate their bills. The question is the mail. We used the living assistance to sort the mail and throw out the junk.
    Bookkeeping services? Why take the risk? Set it up online.
    Living assistance is whole different beast.

    #204792 Reply
    Liked by CordMcNally
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7794
    Joined: 01/09/2016

    Yes! There is a blossoming new niche for elder care financial services, CPAs, bookkeepers, and financial planners who specialize in just what you are looking for – paying bills, overseeing finances, even checking in on their clients.

    Google eldercare accounting or bookkeeping in their area to see if you can find someone who specializes in seniors. This is not something you want to hire a typical CFP to do. It needs to be someone who specializes in the minutia of all of the details that elderly families need, as opposed to high-level planning. Good luck!

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #204822 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2515
    Joined: 05/07/2017
    Splash Refinancing Bonus

    my friend has a billpayer.  he just didn’t want the hassle because his job has him travelling around the world and he’s only home for couple days per month.

    it obviously takes a degree of trust, but i think they just transfer some money in periodically that covers the bills and more if there are any unusual purchases and the service handles the rest.

     

    #204824 Reply
    Avatar Crockett’sRiver 
    Participant
    Status: Physician
    Posts: 167
    Joined: 05/24/2018

    How much help are you looking for?  Do you have power of attorney or guardianship?  do they have an estate plan or will that covers contingencies like lack of competence?  Right now it may just be bill-paying but likely will grow in time so doing some planning now could help you and them out later.

    jfoxcpacfp had some good advice about finding financial professionals.  There are also professional guardians who can take on a lot of these responsibilities and at the same time make sure you avoid any appearance of conflict of interest. And, shameless plug, you can read my post about caring for elderly parents: https://www.whitecoatinvestor.com/cost-of-care-aging-parents/.

    Caring for a disabled sibling will be similar, with the added complexity of making sure they don’t miss out on benefits like disability.  You can look for CFPs who specialize in financial planning for people with special needs. This is one place to start: https://specialneedsplanning.com/

    Happy to help you find any of these resources.

    Career and finance for PCPs at ADoctorsWorth.com

    #205650 Reply
    Avatar vinny2016 
    Participant
    Status: Physician
    Posts: 4
    Joined: 07/29/2016

    Thank you everyone for your advice and comments, I really appreciate them!  Thanks Crockett’sRiver, I will check out that other thread and site

    #206162 Reply

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