If you were to Google search for the definition of bookkeeping, there are several versions available. The one I like best is from Collins Dictionary; it reads, “bookkeeping is the job or activity of keeping an accurate record of the money that is spent and received by a business or other organization.” Replace “business or other organization” with “aging adult” or “elder” and you have the definition of Eldercare Bookkeeping. Like when accountants work with companies, I work with seniors and their families through Eldercare Bookkeeping services at Meier Law Firm work to track income and expenses to ensure bills are paid on time, funds are appropriately allocated for the future, and effective communication is provided to other professionals, like tax preparers and estate planning attorneys.

Eldercare Bookkeeping is Close-to-Home

In my family, my mother was the one who took care of the finances. My parents recognized early in their marriage that my mom was better suited to handle these tasks because this type of household management was not one of my dad’s strong suits. After my mom passed, my father worried about all of the things he had to manage. Despite support from my brother and me, it was obvious that he was overwhelmed. Thankfully, my father was wise enough to have a Power of Attorney in place to allow us to assist. My brother and I worked together so that he was able to stay home for as long as possible and live without the stress of managing financial responsibilities. It wasn’t easy but the three of us worked together because we were committed to helping Dad maintain the best quality of life possible, which included his ability to stay in his home.

Being a daughter of someone who struggled giving up his independence was extremely challenging, so while each situation is unique, I can relate to the variety of challenges our clients at Meier Law Firm experience. Whether you are a family member or friend, you genuinely want to help but sometimes lack the skillset or time availability to do so. Knowing that I can make a difference through my bookkeeping work fuels my passion to serve our clients.

How to Know When You May Require Support of an Eldercare Bookkeeper

Releasing control — even just a small amount — over your finances can be scary but having a knowledgeable team of professionals will help you smoothly transition through the next stages of life. The sooner that you engage with the supports you need, the smoother the various transitions will be.

Imagine this, a married couple in their 80’s with three children, the eldest child is their agent under power of attorney, the second has special needs, and the third lives out of the country. Although the couple lives independently, they have a housekeeper to help around the home, a financial advisor to help manage their investments, and an attorney who has helped them create an estate plan, including a Will, Health Care Proxy, Trust, and Power of Attorney.

As happens in most marriages, one spouse is responsible for managing the finances, including tax preparation. If he or she becomes unable to manage the finances, and the agents under power of attorney can’t take over tax or finance responsibilities, they can secure Eldercare Bookkeeping services to help the transition.

We build relationships with families which allows for seamless transition after major life changes. I provide support by visiting clients at their home, review mail, write checks for the client or their agent to sign, gather tax information needed by the CPA, track income and expenses in QuickBooks, and coordinate with the couple’s attorney, family, and financial advisor in regard to the estate.

The Importance of Human Connection in Eldercare Bookkeeping

Tracking the money going out and coming in is the tip of the iceberg. Human connections are a critical component of Eldercare Bookkeeping services. There is a Maya Angelou quote that very strongly resonates with me:

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

When working with elders to navigate matters as sensitive as finances, it is important to build relationships, take time to understand and analyze the situation from various perspectives, and identify the best solutions for each unique situation.

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Meier Law Firm is committed to playing an active role on the team of professionals that help you and your loved ones maintain the best quality of life. To learn more about their Eldercare Bookkeeping Services, visit TheMeierLawFirm.com

  • 10 Utica Ave, Latham, NY 12110
  • 1473 Erie Blvd., 2nd Floor, Schenectady, NY 12305

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