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Bill Payment
Sometimes it becomes a difficult task for senior citizens to pay their bills. There are many things that may make it difficult such as writing, loss of vision, arthritis, Parkinson's, and stroke or memory issues. If they don't want to turn all their affairs over to someone else they can use a Daily Money Manager (DMM) to assist them. They assist in handling incoming mail, bill paying and balancing their checkbook. If this responsibility has been handed over to their Power of Attorney, which is usually a child, they may be too busy or overwhelmed and need to hire a Daily Money Manager to keep up with the monthly paperwork and get the bills paid on time. This allows them to better focus on the day to day care of their parents. Also if seniors want to keep their money matters private, using a Daily Money Manager is a perfect solution.
Hiring a Daily Money Manager allows senior citizens to avoid complete loss of independence. Exactly what tasks you can expect a DMM to perform depends on the Daily Money Manager's experience and credentials. If the DMM is an active member of The American Association of Daily Money Managers they have agreed to a code of ethics. It is important to not only feel comfortable with the DMM selected, but also know that they are trustworthy. Be sure to do your homework when hiring a Daily Money Manager. Ask for references, review their credentials, be clear on their fees before work begins and closely monitor their activities in regards to your finances.
If you live away from your parents this is certainly a way you can help them. Although discussing finances with them is an awkward conversation, it is a necessary one. They could not be paying their bills because they are drowning in debt. You can let the utilities know to contact you if their utilities aren't being paid. You wouldn't want your parents to freeze to death like the gentleman in Michigan recently did. This was a clear sign of dementia but he had no advocate. If you ever see their memory slipping, having someone to manage their finances is key. Alzheimer's patients have spent their entire fortune on silly things before anyone ever knew it.
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