While transferring responsibility for your or your loved one’s daily affairs is scary, it can be achieved in a series of “baby steps” so long as the person you have hired to lead you down this new road is perceptive, sensitive and willing to tread lightly. Often times, an initial “ice- breaking” meeting, with the attendance of all key parties, is warranted to determine whether the personalities will likely result in a positive working relationship. While a clear designation of the client’s desires and willingness to transfer control should be established early on, it must be balanced with the client’s realistic cognitive abilities and current financial circumstances. For example, a review of the check ledger, bank account statements, and or creditor’s bills may reveal that despite the client’s resistance to receiving assistance, late fees, a lack of or illegible entries may require a “reality check.” If the client and the daily money manager agree, the daily money manager could write checks for the client and record the entries while the client retains signature authority. More often than not, after a few sessions of “hand-holding” and trust building, the client will be willing to transfer signature authority and feel very comfortable about doing so.

Senior Support Gives Value Added Services for a Reduced Cost

Aside from coordinating adequate cash flow with money managers or financial advisors, liaising with key authorized family members and ensuring timely payment of bills, Senior Support assists its clients to minimize tax liability. Specifically, Senior Support tracks medical, pharmaceutical and insurance payments and payouts, and reviews insurance policies to maximize benefits. Due to nine years of diverse civil litigation defense experience, which included the daily review and analysis of thousands of medical records, contracts and insurance policies, Senior Support’s critical eye for spotting fraud or inconsistenciesin medical records, billing or other financial records, adds a competitive advantage through proactive monitoring of clients’ monthly bills. For example, during a recent document review, followed by a brief exchange of written correspondence and a few telephone calls, Senior Support got one client a $10,000 reimbursement from a private health care provider due to a “billing discrepancy.”  Senior Support’s bill was less than 10% of the reimbursement. Lauren Derstine is a licensed attorney who founded and heads Senior Support, a daily money management or billpaying venture. 619-303-2558

 

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