We’ve spoken about the Activities of Daily Living (dressing, bathing, toileting, transferring, ambulating) with which many of us need some help as we age. Adding a layer of help with ADL’s whether in our home or by moving to an Assisted Living Community makes the lives of our senior loved ones safer and preserves their independence. An important component of our daily lives not included in ADL’s but no less important is finance. Failure to get help with the financial activities of a senior loved one can be as dangerous getting help with ADL’s
Seniors often find themselves struggling to keep up with their financial responsibilities, In such situations, seeking professional assistance can be a game-changer. Two valuable resources are daily money managers and property managers. In this blog, we’ll explore how these professionals can provide essential support to seniors and their families.
Daily Money Managers: Guardians of Financial Well-Being
For seniors, financial management can be a daunting task. Handling bills, budgeting, and keeping track of investments can become overwhelming, especially if cognitive abilities are declining. This is where daily money managers come into play.
1. Bill Payment and Budgeting: Daily money managers help seniors organize their bills and expenses. They ensure that bills are paid on time, avoiding late fees and preventing services from being cut off. By creating and adhering to a budget, seniors can better plan for their financial future.
2. Investment Management: Seniors often have investments that need attention and maintenance. A daily money manager can help track these investments, review statements, and work with financial advisors to make informed decisions.
3. Fraud Prevention: Unfortunately, seniors are frequent targets for financial scams. Daily money managers can provide valuable guidance in identifying potential scams and protecting their clients from fraud.
4. Document Organization: Over the years, important financial documents can accumulate. Daily money managers help seniors organize and archive these documents, making it easier to access essential information when needed. This can be especially valuable in the Medicaid application process.
5. Peace of Mind: Perhaps the most critical service provided by daily money managers is peace of mind. Knowing that their financial matters are being handled by a professional can alleviate stress and anxiety for seniors.
Property Managers: Keeping Rental Income Flowing
For seniors who rely on rental properties for income, managing these properties can be an enormous responsibility. Property managers are experts in property maintenance, tenant management, and financial oversight. Here’s how they can make a significant difference:
1. Tenant Management: Finding suitable tenants, screening applicants, and managing leases can be time-consuming and challenging for seniors. Property managers handle these responsibilities, ensuring that rental income is consistent and that tenants are responsible and respectful.
2. Maintenance and Repairs: Property managers oversee maintenance and repairs, ensuring that the property remains in excellent condition. This not only preserves the value of the property but also keeps tenants satisfied, reducing turnover.
3. Rent Collection: Property managers are responsible for collecting rent from tenants, managing late payments, and pursuing eviction procedures when necessary. This relieves seniors of the stress associated with rent collection.
4. Legal Compliance: Keeping up with ever-changing property laws and regulations can be complicated. Property managers are well-versed in local and state laws, ensuring that the property is compliant with all legal requirements.
5. Financial Oversight: Property managers handle financial aspects related to the property, including budgeting for maintenance and improvements. They also provide regular financial reports to the property owner, making it easier to manage income and expenses.
Seniors who rely on rental properties for income can find immense relief in the services provided by property managers, allowing them to enjoy the benefits of rental income without the burdens of day-to-day property management.
A Winning Combination for Seniors
Daily money managers and property managers can be valuable members of a senior loved one’s (financial) care team if they struggle to stay on top of their finances and manage rental properties. Together, these professionals create a safety net that supports seniors in achieving financial stability and property income.
But how do seniors and their families find these valuable resources? One excellent way is by reaching out to Oasis Senior Advisors (TheDoyles@YourOasisAdvisor.com – 914.356.1901 – 475.619.4123). Oasis Senior Advisors is a comprehensive resource for seniors and their families, including vetted referrals of professionals and specializing in Assisted Living and Memory care placement. Oasis offers a range of services and guidance to ensure that seniors receive the care and support they deserve.