I was contacted by the daughter of an
elderly woman inquiring about my services as a result of a recommendation from a
lawyer handling her estate. The woman turned out to be the Assistant Ambassador
to Ireland and did not reside in the states. Her mother has Alzheimer's disease
and was recently placed into a nursing home because she could no longer care for
herself. The daughter’s next concern immediately focused on her finances.
In addition, the mother had two
aides and a caregiver tending to her needs on a 24 hour basis. This included
preparing her meals, medicines and other critical functions.
The initial scope of my
responsibility was to bring her financial affairs in order and maintain them for
her for the conceivable future. This required me to go through all of her
sources of income, including pension, social security and alimony. I was also
responsible for implementing a payroll process, since we realized early on that
the aides were being paid in the simplest manner and not as employees, which they
As part of the review of her affairs,
all information was reviewed and entered into our electronic model, leveraging
the use of Quicken personal finance software and OFX technology. This serves
- It tells me what the schedule and
cycle of each of her bill.
- It keeps all of her information
- Provides for the ability to
automatically update account information using the internet.
- Allows for the creation of an
accountability mechanism when it comes to reporting on the status of her
affairs to her daughter
- All bills would be converted to
on-line access, where possible to facilitate electronic payment and
- It standardizes our approach by
leveraging common processes for tracking and administering each client’s
Here are some of the challenges we
The daughter had no idea that this function was not being
performed legally. A formal payroll needed to be implemented.
We implemented our Total Payroll Management™
Solution, our own branded payroll process. This included electronic
deposit of employees' paycheck and withdrawal of payroll cost, automatic
calculation and remittance of all withholding taxes, and calculation of 1099's
As a result of the distance
between mother and daughter, how do we implement an accountability model?
Since our accountability model is totally
electronic based, we transmit a synopsis of her financial activity to Ireland
on a monthly basis, leveraging Quicken® Personal Finance software.
Both mother and daughter are happy and doing
well. The process we have set up has relieved a tremendous burden from
her. She has also been a
reference on numerous occasions.