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Questions & Answers

Grandparent More!

Will I be Giving Up My Independence If I Hire You?

 

On the contrary, the assistance of a DMM is often the piece of life's puzzle which allows many seniors to avoid guardianship or complete loss of independence.  If you find that you are late in paying bills or do not understand certain financial forms that come in the mail, your family might pressure you to move out of your home or turn over your affairs to a legal representative.  Often times, a twice-monthly visit from a DMM will allow you to keep your finances under your own control, with the DMM helping you to keep track and to avoid errors which may have raised the concern of loved ones.

Do I need you if I can do it myself?

 

Daily Money Managers are here to help those who either can no longer pay their bills or would rather have someone else take care of this piece of their life to free up their time for other priorities.

 

Is the cost of having someone do this worth it?

 

Daily Money Managers are here to help alleviate the anxiety of either no longer being able to manage your bill paying process or allow your loved ones to focus on the relationship with their parents instead of managing their money.  Many Baby Boomers have parents who live in a different city or state, and having someone close by to help their parents manage their finances is well worth the price.

 

 

 

 

 

 

 

 

Is this going to be expensive?

Daily Money Managers generally charge fees that are comparable to location and what exactly your personal financial needs are.  If you are struggling with the process of paying your bills on time or living within a budget, or if you are the adult child of a senior parent who has taken over this part of your parent's life, it may be well worth the investment. 

Will you be able to drive me to medical and other appointments, or do my shopping?

 

Daily Money Managers provide a service to help an individual keep their financial house in order.  Most DMMs do not also act as personal assistants.  The expertise of DMMs covers a broad range of tasks, and the actual work they do depends on client need.  However, the scope of a DMMs work generally includes the following:

 

  • Bill paying, including calls to payees regarding incorrect bills and preparation of checks for client signature.

  • Reconciling checking accounts and investment statements.

  • Preparing and making bank deposits.

  • Organizing tax documents.

  • Negotiating with creditors.

  • Reviewing medical insurance papers and verifying proper processing of claims.

  • Providing general organizational assistance.

  • Referring clients to legal, tax, and investment professionals and to community resources.

Some, but not all, DMMs will also provide additional services, such as:

  • Notary services.

  • Maintaining home payroll records for use in preparation of payroll tax reports.

  • Transportation to and from appointments.

  • Assistance with arrangements for moving from one's home to a retirement or nursing facility.

  • Acting as power-of-attorney or representative payee for Medicare.

  • Preparation of payroll checks for home employees including calculation of Federal and state withholding and FICA taxes.

How do I know that I can trust you with my bill paying process?

All DMM's associated with AADMM must submit to a national background

check bi-annually, carry insurance as well as adhere to the AADMM

Standards of Practice. 

AADMM also offers continuing education to

keep your DMM knowledgeable and current

with their field.

What types of services do you provide? 

AADMM DMMs may help with organizing your important documents, navigating medical bills, Power of Attorney, Conservator/Guardianship. It all depends on their expertise and prior licensing.

Black Swan Money Management offers sustainable budgets and livable 

spending plans along with the MDD+ family information management software solution for the

organization of your important documents.

How long have you been working as a Daily Money Manager?

Black Swan Money Management opened in November of 2022.  

Are there industry standards and code of ethics to which you adhere?

Yes.  Please ask for a copy of both, as AADMM DMM's are held to strict guidelines.

Are you willing to work with other advisors, for example, my financial advisor, tax  accountant or attorney?

Daily Money Managers can prove to be a valuable and trusted resource in your financial life and will work closely with your current financial team!  However, we are not here to take the place  of your C.P.A.'s, Tax Preparers, Estate/Trust Attorneys.  We also do not replace any member of your current care team - Social Workers, Case Managers, Caregivers or Personal Assistants.  

   

How often do you usually visit your clients and what do you charge for travel, if anything? 

We like to meet bi-weekly to make certain your bills are paid on time and  to  establish a relationship of trust,

 

Black Swan Money Management does not charge for mileage under 30 minutes from our office.  

          

Would it be possible for you to help me remotely?

YES, we can help you remotely.

 

Do you require and/or provide a Contract of Letter of Understanding? 

YES.

       

What about confidentiality?

All DMMs respect and adhere to HIPPA laws.

  

We will work closely with your CURRENT team to help you live your life more fully!

 

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