The methods that can be used to milk you or your loved one out of life savings and future financial security truly can be insidious. Just this past week, I received a call from a family seeking help for their father after he shared his Social Security number with his new neighbor on the promise of being included in a mythical real estate investment.
Once out of pocket expenditures exceed 10% of adjusted gross income you’ve got deductions!
The startling results are that the “Eureka Moment” comes at the same time for the 18-24 year old group as the 65+ group.
Part of her service request was tax preparation assistance as her taxes had not been filed and her previous CPA was no longer in business. The home health agency referred her to Senior Checks & Balances (SCB) for guidance.
Who is protecting and advising on household budgets, household spending, tax documentation preparation, Medicare enrollments and the litany of other details that clog our inboxes and mail slots? Who is insuring that the other four stakeholders, listed above, are working in concert?
All I can do now, is give her husband and children the relief of managing all that is outstanding. Their grief shouldn’t be compounded by the stress of the mounds of mail and paperwork on the dining room table. I’ll spend a couple of days each week for the next month shepherding their accounts through adjudication and getting them onto solid ground.
As we age our cognitive ability to manage regular tasks, such as IRA distributions, tax preparation and account reconciliation diminish.
For many, the days of retirement represent freedom from “work” – meaning, the chores of managing home and paperwork. Yet, the moving parts of household management, personal finances and healthcare… Read more The Work of Retirement →