Frequently Asked Questions
Click on any of the questions below for more information about how LR Services, LLC supports solo seniors.
- Management of all Financial Accounts.
– Checking -Savings -Credit Card -Brokerage
(Using Quicken Financial Software)
- Manage daily transactions in all accounts.
- Manage monthly reconciliation of all accounts.
- Manage bill payment by check, auto or electronic pay.
- Be alert for billing errors and unauthorized charges.
- Communicate and advocate with Service Providers.
- Fiduciary Services including POA and Trustee
- Liaison to Accountant to provide tax documentation and reports.
- Liaison to Attorney to support the completion of legal documents.
- Organize paperwork, statements, receipts and correspondence.
- Organize and act on daily mail.
LR Services can manage a client’s financial matters manually or with financial software. Based on the client’s preference we can help to pay bills via mail, online, or through automatic payments.
LR Services is always on the alert for errors, scams, identity fraud, and financial exploitation.
- Older adults and solo seniors who would like professional assistance to manage everyday financial matters, such as tracking and paying bills, balancing checkbooks, reconciling statements and reviewing bills for accuracy.
- People with health concerns or physical challenges that make managing paperwork and financial tasks difficult.
- Widows or widowers transitioning to assume new responsibilities of managing everyday financial matters.
- Family caregivers concerned about an older adult’s ability to accurately and timely manage everyday financial matters and paperwork and who want to help lessen stress and frustration for their loved one.
- Family caregivers concerned about the ability of the older adult in their life to spot elder scams, fraud or exploitation.
- Family members tasked with managing the financial matters of a loved one along with their own finding there are too few hours in the day to manage both well.
- Service providers who have identified older adults who may appreciate assistance in everyday financial matters to prevent negative outcomes or simply decrease anxiety.
- Professionals, such as accountants, bankers, estate attorney’s, trustees, directors in congregate living communities, funeral directors, religious professionals and the like whose connections with older adults and solo seniors recognize they could use assistance in managing or executing and organizing everyday financial tasks.
Daily Money Managers are not financial advisors, and they do not take the place of attorneys, accountants, social workers, or geriatric care managers. Rather, Daily Money Manager’s complement the services provided by these professionals by helping organize and accumulate information needed by these professionals for the client.
No, not at all. A Daily Money Managers role is to assist their client in managing, controlling, and organizing their everyday financial matters. In this manner, financial documentation will be in order for the client’s accountants, financial advisors, and other professionals as needed. Daily Money Managers only sign checks on behalf of their client if they are a designated Attorney-in-Fact with such Power of Attorney powers or, Trustee.
Each client‘s needs and desires differ. Visits are scheduled based on the client’s goals and needs. Visits could be weekly, bi-weekly, or monthly to accomplish the goals of the client, and may change as the client’s goals change. Clients with manual bill pay vs. bills that are managed automatically or online may require more time to accomplish their goals. Client visits may be more often when first hired, then decrease as systems are set up to automate or organization is restored. Client financial tasks, paperwork organization and even mail can be managed remotely with use of internet access and a PO Box.
As a professional member of American Association of Daily Money Managers (AADMM), Minnesota Association of Guardianship and Conservatorship (MAGIC), National Guardianship Association (NGA), and as a National Certified Guardian (CGC), LR Services, LLC adheres to a strict code of ethics and practices as outlined in these organizations.
LR Services, LLC is fully insured, bonded, and its employees are background checked.
LR Services, LLC services for support and executing financial tasks and organization is invoiced monthly at an hourly rate to the quarter hour, plus a trip fee and mileage, supported with a service log. Our services are private pay.