Most Recent Elder Law Articles

Daily Money Managers Can Help Assist Seniors with Financial Matters

Last Updated: 5/16/11

Having difficulty keeping on top of your bills? Maybe a daily money manager can help. Daily money managers can assist elderly individuals with handling anything from routine bill-paying to more complicated tasks like filing medical insurance claims.

A daily money manager -- a member of a relatively new profession that now has its own professional association -- is an individual experienced in dealing with mundane financial matters that can build up if they aren't taken care of. Money managers can aid seniors with physical limitations like arthritis or who are having difficulty keeping track of their affairs. A money manager can also help adult children who are acting as caregiver for a parent and don't have the time to devote to money management.

Some of the many tasks daily money managers can perform include:

  • paying bills
  • preparing checks
  • making bank deposits and reconciling bank accounts
  • dispensing cash
  • organizing tax documents
  • keeping track of medical insurance claims
  • reviewing and sorting mail
  • negotiating with creditors
  • tracking investments

In general, you do need to pay for this service. Daily money managers can cost between $30 to $100 an hour. However, you may be able to get a free consultation to determine if money management is right for you. And in some states, the AARP offers daily money management services to low-income elderly individuals. Click here to find out more about the AARP's program.

To find a money manager near you, contact the American Association of Daily Money Managers (AADMM). Before selecting a money manager be sure to ask for references and thoroughly check the references out. Also, make sure the money manager is bonded. The AADMM has a list of questions to ask potential money managers before hiring one.

To discuss elder law issues with an attorney, please email the Elder Law Center or call 630-844-0065. The Elder Law Center is located in Aurora, IL, Kane County, in the Chicago Western Suburbs.