January 4

The Affordable “Family Office”

The Affordable “Family Office” by Peter Gordon{3:00 minutes to read} Recently, I was referred by an attorney to a prospective client, Jane. She is helping her parents, who are both in their 90’s and live in an assisted living apartment. Jane coordinates their healthcare needs and pays their bills. Recently, her attorney applied for, and received, Community Medicaid. When receiving Community Medicaid you’re required to pay all the bills through a Pooled Income Trust, and while not exceedingly difficult, it involves a lot of bookkeeping and knowledge of the rules.

When I went to see Jane, she exclaimed, “I don’t understand why this law firm didn’t tell me about you in the first place. I didn’t know people like you existed. I need people like you. I need so much help and I’m happy to pay for it. Why is it that I don’t know about your industry?

I explained that Daily Money Management has been around for 25-30 years, but it’s just a small industry with mainly solo practitioners. It’s akin to a Family Office. The Family Office concept is utilized by very wealthy people, such as the Rockefellers, who need Wealth Management, Trust Planning, Family Governance, Charity and Philanthropy Planning, etc. Daily Money Management is essentially a slimmed down, more affordable family office. It’s not simply about paying bills, but it’s helping individuals with all aspects of their daily financial needs; insurance claims, taking care of their homes, etc.

As an example, my client Roger owns a trailer. Though not a wealthy person, he and his wife bought the trailer many years ago for his wife’s sister living in Florida. The sister passed away and now they need to sell the trailer, which is worth about $50,000. Roger is 90 years old and just can’t do it. His children aren’t able to help, so, we step in to facilitate a transaction that will produce some needed income.

I often hear people express the same things Jane did when we met, “I need you. Where have you been? How come they didn’t tell me about you?” We need to get the word out that Daily Money Management firms are here to provide the help so many people require.

If you or a loved one has the need for a Daily Money Manager, or would like to learn more about how we could support you or your family, please contact me.


aging, community medicaid, Daily Money Management, daily money manager, Family Office, finances, financial needs, seniors

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