Elder Care CPA Services
My primary Elder Care CPA services are simply traditional CPA services but tailored to do a specific demographic.
The issues related to the aging population many times are different and unique. It takes special knowledge and experience to meet the needs of our aging population. While many CPA services can be offered by anyone, without this specific knowledge, the client is not getting the value that they deserve.
As you or your cherished family member gets older, certain tasks may be more difficult to accomplish. Gathering tax information can be more challenging; help may be needed with day-to-day tasks; ordinarily simple tasks such as balancing a checkbook, paying household bills, working with online banking, and bill paying can become increasingly difficult as we age. The CPA professional must be understanding of aging issues and work with the client accordingly. While most of my services are the traditional individual and trust tax work, see below to read about my other services or referral sources.
Who are my eldercare clients? What are my eldercare resources?
My elder care clients, professional resources, and sources of referrals are the seniors themselves, their adult children caring for them, and eldercare professionals. One interesting and unique characteristic about serving the senior population is that no one professional does it all nor are they the overreaching expert. Each professional must have a circle of contacts that can be leaned upon to assist when a unique situation occurs. These contacts are professionals in the eldercare profession plus the senior clients themselves and their adult children.
Most eldercare professional work with all aspects of eldercare, such has elder assessments, housing, assisted living, medical referrals and so on. My services are strictly in the financial arena as noted throughout this site.
Much of my work with the senior clients is the traditional income tax, trusts, some businesses, and, in some cases, the related accounting. Many other services are needed or requested by the clients or their loved ones. These services need the help of a caring, honest and knowledgeable professional. You need someone on your team, looking out for your parent’s or loved one’s best interest.
Your loved one receives assistance with their daily finances, business, and related duties, and is kept informed of every step we make. That way, you always know that your family member’s needs are being met.
Whether your loved one is no longer entirely independent or simply needs extra help to enjoy their lives, you get help in any of the following areas:
- Reviewing and paying household bills, budgeting, and record-keeping
- Assistance with check writing, online banking, and checkbook balancing
- Making sure money is received, receipted, and properly and timely deposited
- Offering second opinions regarding household issues and unexpected situations
- Handling day-to-day financial transactions such as home repairs, routine maintenance, and emergency medical expenses
- Planning retirement account distributions and safeguard against improper disbursements
- Organizing and reviewing personal, financial, and legal documents to determine what needs to be addressed
- Preparing an inventory of personal assets and investments
- Identifying and planning their retirement income, needs, and goals
- Determining current and long-term cash flow needs by analyzing income and expenses
- Addressing questions about lifestyle, Social Security, pensions, Medicare, and long-term insurance
- Monitoring investment portfolio and other assets in conjunction with their investment advisor
- Providing back-office support for private foundations Foundation Resource Team
- Preparing and filing income, trust, gift, and estate tax returns, and any needed related planning
- Providing referrals to local services and agencies
- Arranging proper level of care, transportation, and caregiver assessment
Dealing with the present is important and should not be ignored. Planning for the future is important too. I help you with a balance between the two. Professional elder care services are crucial to help your elderly loved ones maintain their independence and financial freedom. Use the form on the Contact Us page to reach us and for more information.
The above services are all directly related to the aging client’s needs. It is very important to note that I don’t always perform these services for the client. Where appropriate, I will refer the client to what I feel is the best professional for the particular situation. For example, within my Eldercare Resource Team is a very qualified money manager, a professional who helps with bill paying, monitoring the cash balances, and other services mentioned above. After meeting with and assessing the true needs, including the best personality fit, there is a good chance she will be the best fit. Another example is when issues arise that are outside the realm of the financial arena, such as assistance in moving to a new facility, “having that discussion” with mom, etc. One of our members is a more than qualified professional care manager and she would have that part of the services.
In other words, I, as the CPA and the independent professionals I work with, will ensure the best approach and elder care professional to meet your needs. We truly work with a team approach.
This is my unique niche in providing elder care services. The issues in this area are growing and the seniors and their families need qualified a financial professional to assist.
With today’s growing senior population and the increasing aggressive sales strategies for financial and related products, I see more and more financial abuse and fraud in these tax returns, their investments and other financial matters. This is not fraud by the client/taxpayer, it’s financial abuse or fraud in the product sold. Some of this is illegal but its most often legal, but improper or inappropriate for the particular situation.
What is the next step if elder financial abuse is suspected? Unfortunately, this can’t be answered in a short paragraph without knowing all the facts. There are legal avenues, government advocacy organizations, and many other approaches, but again, it depends on many factors. It must also be remembered that not all situations that seem like abuse are actually senior financial abuse. Review other sections of this website for the services that I provide in this area.
Of course prevention eliminates the problem altogether. I provide education to help with financial elder abuse.
Some presentations I can give to your group or organization:
- Clues in your tax return and documents about financial abuse or fraud
- Elder Financial Abuse – How Can I Protect My Aging Parent Against Financial Abuse?
- Financial Exploitation of the Elderly
- Financial fraud and abuse: scam artists, family members, who else?
- What to do when financial abuse is suspected by a family member
- Seniors, dementia and financial abuse
- Planned Giving
- Charitable Contributions and Helping Others
The Eldercare Education Institute presents seminars to help educate seniors, their families and eldercare professionals
Eldercare Education Institute
I am one of the founders and an active member in the Institute.
Terminology in the eldercare profession has many overlaps. The term Elder Financial Abuse is used a lot and is synonymous with Senior Financial Abuse.
Eldercare Financial Abuse is technically not correct but seems to be used to represent both the elder (or senior) and the person providing the service; i.e. the eldercare professional.
You will also see Financial Elder Abuse and Financial Senior Abuse. Again, just mixing words around. Elder Financial Abuse and Senior Financial Abuse is technically more correct, but you will see it both ways.
If looking for services related to financial abuse to a senior, make sure you do your Google searches with both senior financial abuse and elder financial abuse to ensure to catch the most providers of these services. Also, be sure to include financial in the search as shown here. Searching for just senior or elder abuse will provide results for all categories of abuse and it will difficult to find what you need (the financial abuse) within those search results.
Elder Care Resource Team
This is my primary network of professionals that I can refer you to for needed elder care services that I do not or elect not to perform. We are all independent professionals and do not receive compensation for referrals. Follow the link to learn more:
Elder Care Resource Team
Eldercare Education
I present seminars and educational events and found that the need for elder care education keeps growing. As a result I founded the Eldercare Education Institute to offer eldercare education for seniors, their families and eldercare professionals. Click the link to learn more.
Elder Care services not offered:
I do not get directly involved in services such as caregiver, long term care insurance, care facility oversight, preparing legal documents. There are many qualified professionals who specialize in these services. I have a complete network of individuals that I can refer you to for such services.
Elder Care Resource Team
You can contact them directly by clicking on the link, or if desired, I can provide two or three names of individuals that I have worked with and trust to serve you in the best manner possible.
Private Foundation Management Services
The Foundation Resource Team provides back office and other support services to Private Foundations. We take the foundation founders or officers out of the detail business helping them to efficiently accomplish long-term goals.
Private Foundation Back Office Support
Foundation Resource Team
Eldercare Education Institute