There often comes a time when adult children and their aging parents find themselves in a reversal of roles. The children assume control and make important decisions about the parents’ finances, medical care and other day-to-day needs. This sometimes happens following a traumatic experience for the family, such as a health emergency for the parent.
“Ideally people should approach things before you get to that crisis situation,” said Nancy Sobin, President of Professional Paperwork Solutions, a daily money management firm. Whenever it happens, she added, it’s important that the family will work together to handle issues as they arise.
That’s where Sobin’s company steps in. Their work includes paying bills, tracking cash flow for future bills, opening mail, organizing tax documents, reviewing medical insurance papers, working with creditors and more. And they always work with full transparency to the authorized family members.
There are many tell-tale signals that a daily money manager’s professional involvement is needed, such as:
- Stacks of incoming mail. It’s important for incoming mail to be reviewed in a time-sensitive way. Professional Paperwork Solutions (PPS) maintains regular contact with clients (often weekly or bi-weekly) to sort through mail and handle what requires response, and discarding “junk mail” that may contain questionable offers
- Credit card bills (and offers). The daily money manager carefully reviews every charge on the monthly credit card statements, and aggressively questions with vendors and card issuers the items that she and the client cannot validate.
- Insurance claim rejections. The complexity of insurance payments, co-payments, deductibles and actual patient responsibilities can be overwhelming for aging parents, and even for their adult children. PPS has extensive experience and knowledge of insurance system processes, keeping track of claims and their ultimate resolution.
- Document management chaos. Keeping one’s financial house in order can feel overwhelming. These and other aspects of PPS clients’ financial life are carefully managed by the daily money manager.
Time to act
When “that time” comes, Professional Paperwork Solutions is often the top referral by trusted family advisors like accountants, attorneys, and wealth advisors. These experts have seen many of their clients’ daily financial needs met with expertise and friendly service by Nancy Sobin and PPS.
To learn more, contact PPS at 609-608-0566 or info @ paperwork-services.com.
Taking steps now for an orderly and thoughtful transition is the best protection against financial housekeeping from falling “between the cracks.”