Quote:
Originally Posted by LuvNH
I am surprised there are not more small businesses, perhaps through accountants, to do that. It basically boils down to needing an honest bookkeeper. (I know an accountant who does this for a few people, but she is ready to retire and is long past retirement age herself.)
One para stood out to me Boomer. This one above. I believe our litigious society would inhibit almost anyone from taking on that responsibility. A law suit of this nature could wipe you out.
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Quote:
Originally Posted by retiredguy123
That is what my estate attorney, who prepared my will, told me. She had zero recommendations for someone to manage finances and bill paying for an elderly person. The potential liability was so much of a risk that no reputable professional would do it. Of course, you could probably find a scammer to do it.
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Re. Your comments on my post: I completely understand the concern you are sharing. But I do think something like this could/should be available.
Of course, it should not be someone hired willy-nilly. It would have to be under a professional, reputable business or law practice, which could protect both sides.
I was telling Mr. Boomer about this thread, and he told me that a couple we knew well, who have since died, had bill paying done by their eldercare attorney’s office. The particular attorney worked for them at one of the best CCRCs in the city. That is where they lived. It was not in Florida though. Both the CCRC and the attorney have excellent reputations.
Aging parents sometimes put a responsible heir’s name on just a checking account to keep up with the bills, so why couldn’t that be done through an attorney or accounting office. It could be set up where the person doing the bookkeeping would not need access to the POA or to all the money which would limit exposure to liability. . .I guess.
This could work best by starting it before you really need it, so you could be your own watchdog.
But, like I said, this would not be someone to hire willy-nilly, even without the POA.
Boomer
PS: And, of course, retiredguy123, no scammers allowed. But I know what you mean. It could be open-season if it fell into the wrong hands.