Daily money manager for uBPDm

[wisingup]

Does anyone have any experience with hiring a daily money manager?  I believe they are different than certified financial planners, in that they manage monthly bills, checking account etc.

I currently manage my mom's money, but I would like to remove myself from that role without foisting it on my brother who is already managing the medical part of her care. 

They would need to coordinate with her CFP, manage her taxes & probably advise on Medicare issues as her medical needs grow.

If anyone has any experience in hiring this type of service or similar, I would be grateful to hear your experience!

[SmartyCat]

Hi wisingup - That sounds like an excellent idea. Do you already have a CPA or CFP whose work you trust? My mom's financial planner (who had already demonstrated good management of other things) was able to recommend a good CPA, attorneys, and real estate agents who did a solid job for us. A social worker who works in elder care might also be a resource since they see so many different needs.

[wisingup]

Thanks SmartyCat - I will start to make some calls & just see what I can learn.  It seems very complicated, but there's no real rush.   

She does have a broker who I like & seems to be doing OK for her, but she's not a fiduciary.  She works on commission, which is not a set-up I would have chosen for myself.  I may be confused about the difference between a CFP and a broker.  In any case, a CFP who is a fiduciary would be preferred.

[lkdrymom]

My coworker had one for her mother through the County office on aging.  The person volunteers their time to manage a seniors monthly bills.

[wisingup]

Thanks lkdrymom - it sounds like the county office on aging is the place to start.

[WearyLittleBird]

We didn't have a money manager for my mother, but we did have an elder attorney. My FIL actually volunteers through the county to do senior taxes, so that may be an option.

Word of warning, even if you or someone else has POA, your legal options are limited without having her declared incompetent (at least in US). My mother spent thousands on clothes (all the wrong size), junk, gifts for friends, etc... there was nothing we could do legally. She even opened new credit cards and died in debt.