Hiring a Daily Money Manager (DMM) can provide a range of benefits, particularly for individuals who need assistance managing their day-to-day financial tasks. Here are several key reasons why hiring a DMM might be beneficial:

1. Financial Organization

• DMMs help organize and maintain accurate financial records, track bills, payments, and income, ensuring that nothing falls through the cracks. This is especially useful for those who find it difficult to stay on top of their finances due to busy schedules or complex financial situations.

2. Avoid Late Fees & Interest Charges

• By managing bill payments on time, a DMM can help prevent late fees, missed payments, and accumulating interest charges. This ensures that credit scores are maintained and financial obligations are met on time.

3. Budgeting & Spending Control

• A DMM can help set up a realistic budget, track expenses, and provide guidance on managing spending. This is particularly useful for individuals who struggle with overspending or want to optimize their finances.

4. Help for Seniors & Elder Care

• Older adults, especially those who may have cognitive or physical limitations, often benefit from the services of a DMM. They help manage finances as aging adults face increasing medical bills and complex paperwork while ensuring their security from financial fraud or abuse.

5. Financial Advocacy & Fraud Protection

• DMMs can act as advocates, providing oversight to protect individuals from financial scams, fraud, or misuse of their funds, particularly for vulnerable populations like seniors or people with disabilities.

6. Stress Reduction

• For individuals overwhelmed by financial responsibilities, hiring a DMM can relieve the stress and anxiety of managing daily finances. This allows people to focus on other areas of life without worrying about bills, statements, or finances slipping through the cracks.

7. Support for Busy Professionals

• People with demanding careers or entrepreneurs often find it hard to devote time to managing personal finances. A DMM can handle bill payments, expense tracking, and financial organization, allowing busy professionals to focus on their work and personal priorities.

8. Assistance for Families & Caregivers

• Family members who are caregivers for aging parents or relatives can outsource the financial management responsibilities to a DMM, ensuring finances are managed correctly and freeing the caregivers to focus on other aspects of care.

9. Peace of Mind

• Knowing that a professional is handling your day-to-day financial management provides peace of mind. You can be assured that your bills are being paid, your records are in order, and any potential financial issues are being addressed promptly

In summary, a Daily Money Manager can be an invaluable asset, particularly for those needing assistance with the day-to-day aspects of financial management, including seniors, busy professionals, and individuals with complex financial lives.

Personal Client Story:I currently serve as Durable Power of Attorney (POA) for one of my elderly clients, a role she asked me to take on "when the time comes." Her attorney created the POA in 2018, and just last week, we visited her bank, Bank of America, to have the legal document reviewed and activated. The Bank had their Legal Department review it and they have their own POA forms that must be completed.

We’ve worked together for many years, and I’m grateful she made this decision in advance. Now in her 90s, her memory isn't as sharp, and writing checks has become increasingly difficult for her. She always planned to hire a person to manage her day-to-day finances. In fact, she shared that her parents had someone come in to pay their bills, and she wanted the same—rather than relying on a trust officer or a large institution.

In addition to my role, she has a financial advisor who manages her investments and a CPA who handles her tax returns. Together, we collaborate to ensure her affairs are managed in her best interest.

Adele Gross

Photo Credit: Driven by Decor

Photo credit: Driven by Decor
Organizing a Nightstand
July / August 2024

What is on your night stand and inside it? 

• Do you have drawers, shelves or cubbies?
• Is it still fitting your needs?
• What do you want to keep in your night stand?
  • Would some of the items be better kept somewhere else?

How to Organize it. 

• Take everything out
• Sort and group into categories
• Wipe out each drawer
• Decide what can be thrown away, moved to another location, or Keep where it is.
• Decide if items you are keeping within the night stand would be better kept in a container. Do you already have containers that will work? Freezer bags can work well for some items.
• I like to organize drawers with some Items in containers and some loose.
  • You don’t have to buy expensive containers. Unless you want to.

Common Problem. Easy Fix.

The Problem of Too Many Accounts:
any people who grew up during the depression era learned that it was not good to put all their eggs in one basket. The risk of losing the basket along with all their eggs was too high.

This lesson applied to finances as well. Many individuals preferred to spread their money among a variety of different financial institutions because of their concern that a bank might fail and their funds would be lost.

In 1934, the Federal Deposit Insurance Corporation or FDIC began insuring bank accounts to create better banking stability. In 1970, the US Government extended this protection to credit unions via the National Credit Union Administration or NCUA.

In 2008, the limit of coverage through both the FDIC and NCUA was raised to $250,000.
What we find when working with clients is that many people still have a depression era mentality. They keep money in multiple banks due to a misbegotten sense of security or indecision. Unfortunately, this can cause several unwanted outcomes:

1. Too much paperwork because every account means a new monthly statement.
2. More accounts to reconcile each month.
3. A higher risk of duplicate payments.
4. Difficulty keeping track of each account and total net worth.
5. Managing cash balances is more time consuming.
6. Creates additional work for your executor when you pass.

This tendency also extends to investment accounts. You may have multiple accounts because different types of investments (IRA, Roth, brokerage, annuity, etc.) must be kept separate.

A good financial advisor will diversify holdings within and across the accounts they manage. But if you have holdings scattered across several financial companies, you could be less diversified than you think. You may also have to ensure that your Required Minimum Distributions or RMD’s will be managed properly if there are multiple companies involved.
​
This creates additional paperwork and extra work for your executor down the road.
How to Reduce the WorkloadTo reduce the burden on yourself, and eventually on your loved ones, start taking steps to consolidate. By putting the pieces of the puzzle together, you can see the whole picture and gain back more of your valuable time.

1. Identify the one bank and the one financial institution that you most like working with. (We have our list of favorites too!)
2. Get the forms needed from each of the other banks or financial institutions to close all the ‘extra’ accounts.
   • Banks usually require an in-person visit to close an account with all owners present.
   • Financial institutions often have forms available online.
3. If your holdings are over a certain amount a notarization or medallion signature may be required.
4. Check with your tax advisor before liquidating any assets to avoid capital gains taxes. You can do in-kind transfers of some assets, such as stocks.
5. Sign the document as required and return the form or visit the bank in person.

You will receive a check and depending on the type of account may have a limited window of time for depositing it. Most financial advisors can arrange for money from another institution to be transferred directly, with your authorization. This is the safer way to go.
Making the Process EasierIf closing accounts and transferring funds from one place to another seems like a daunting task, consider that Daily Money Managers assist their clients with these tasks regularly.
Part of what we do is reduce financial stress. When age or disability make doing the things you need to do more challenging, it might be time to get help. Only you or your power of attorney agent can authorize account closings and direct the transfer of funds, As Daily Money Managers, we are accustomed to walking you through the process step-by-step, transparently, efficiently, and safely.

Author: of this Article is Janis Harlow , Daily Money Manager. blog in AADMM

Vital Records­
Daily Money Management Services: In addition to monthly Bill Pay, Quicken and daily financial matters which is ongoing. We also offer help with projects such as our Emergency Planner document (all Vital Records Information in one place), tax preparation assistance, Quicken set up, and online bill pay set up.

One example: We helped one client gather all of her important records before meeting with her Estate Attorney, to have a new Will drawn up. 

We also organize offices and help you set up file systems (paper and electronic)
that will work for you.

May / June 2024


The Role of a Digital Executor: Ensuring Your Digital Legacy Lives On


In today's digital age, our lives are increasingly intertwined with technology. From social media profiles to online banking accounts, our digital footprint continues to expand. However, what happens to this digital legacy when we're no longer here? Enter the digital executor—a crucial role in modern estate planning.

I recently took a seminar about protecting your Digital Legacy. Do you have a Digital Executor stated in your Will? According to The Digital Wrangler, Kate Hufnagel, you may want to consider adding one. FUFADAA, Revised Uniform Fiduciary Access to Digital Assets Act, is a law that provides the Executor of an Estate, or an attorney, with access to someone’s online accounts after death or incapacitation. Some states have enacted this law. 

I have designated my Legacy contacts on Facebook and Apple. Instagram does not offer it. I have not had success with Google or Linked in accounts yet. Dropbox has a legacy contact with a paid subscription. 

Some other great tips she gave us:

• Designate someone on your credit card to get your unused travel reward points or other points (nice gift to leave an heir)
• Make sure your Executor knows the password to your phone and all your devices
• Make sure your Executor knows where your legal documents are located and what legal documents you have.

Understanding the Digital Executor
A digital executor is someone appointed to manage and oversee the digital assets and online presence of an individual after their passing. While traditional estate planning often focuses on tangible assets, such as property and finances, the digital executor ensures that your digital life is handled according to your wishes.
The Importance of Digital Estate Planning
In the absence of clear instructions, digital assets can become inaccessible or lost forever. Consider the sentimental value of cherished photos stored in the cloud or the financial implications of unredeemed cryptocurrency. Without proper planning, these assets may remain undiscovered or inaccessible, causing distress to loved ones.
What Does a Digital Executor Do?

1. Inventory Digital Assets: The first step is to create a comprehensive inventory of your digital assets. This may include email accounts, social media profiles, online subscriptions, cryptocurrency holdings, digital photos, and any other online accounts or files of value.
2. Document Your Wishes: Clearly document your preferences regarding each digital asset. Do you want your social media profiles memorialized or deleted? Should your digital photos be shared with family members or preserved in a specific way? Providing clear instructions will guide your digital executor in fulfilling your wishes.
3. Secure Access: Ensure that your digital executor has access to the necessary login credentials and instructions to manage your digital assets. This may involve securely storing passwords in a designated location or utilizing password management tools.
4. Comply with Legal Requirements: Depending on your jurisdiction, there may be legal considerations surrounding digital assets and estate planning. Your digital executor should be familiar with relevant laws and regulations to ensure compliance.
5. Execute Your Plan: Upon your passing, your digital executor will carry out the instructions outlined in your digital estate plan. This may involve closing accounts, transferring assets, or preserving digital content as per your wishes.

Choosing the Right Digital Executor
Selecting the right person to serve as your digital executor is crucial. Ideally, this individual should be tech-savvy, trustworthy, and capable of handling sensitive information. Communication is key—ensure that your digital executor understands your wishes and is prepared to fulfill their responsibilities.
Conclusion
In an increasingly digital world, planning for the management of our digital assets after death is essential. By appointing a digital executor and creating a comprehensive digital estate plan, you can ensure that your digital legacy lives on in accordance with your wishes. Take the time to inventory your digital assets, document your preferences, and choose a trusted individual to serve as your digital executor. Your foresight and planning will provide peace of mind for both you and your loved ones.

How to set up Facebook & Apple Legacy Contacts
Simple Solution Organizing can assist you in setting this up.

Facebook:

Memorialized profiles
Memorialized profiles are a place for friends and family to gather and share memories after a person has passed away. Memorialized profiles have the following key features:

• The word Remembering will be shown next to the person's name on their profile.
• Depending on the privacy settings of the profile, friends can share memories on the memorialized timeline.
• Content the person shared (example: photos, posts) stays on Facebook and is visible on Facebook to the audience it was shared with.
• Memorialized profiles don't appear in suggestions for People You May Know, ads or birthday reminders.
• No one can log into the account of a memorialized profile.
• Memorialized profiles that don't have a legacy contact can't be changed.
• Pages with a sole admin whose profile was memorialized will be removed from Facebook if we receive a valid memorialization request.​

Apple:

To add a Legacy Contact on your iPhone:

• Go to settings
• Tap sign in & Security, tap Legacy Contact
• Tap Add Legacy Contact

This will give them access to your photos, messages, notes, files, apps you’ve downloaded, device backups and more.

Adele Gross
Chief Executive Organizer & Daily Money Manager
706-714-1314

Simple Solution Organizing LLC

March 2024

​We have been busy helping our clients with Payroll and prepping Tax Related items for their Accountants and CPA's. Are you struggling to get your Tax stuff together? Do you generally give your Accountant boxes of papers that may or may not be related to Taxes? We can help with that!

4 Proven Strategies to Lower Bills:

• Subscription services: What are you paying for? This could be the most important thing you do. Review your automatic recurring subscriptions and unsubscribe from the ones that no longer serve you. They may be monthly, quarterly or annual so you need to review your credit card statements, bank statements, Pay Pal, Venmo, Apple, and Google accounts. Look at a full year to uncover all renewing subscriptions.
  • Experian offers this as a paid service for $24.99 a month. Experian BillFixer.
• Mobile Phone & Internet: Ask to speak to the Loyalty Department. Tell them you are considering changing to a different company. Negotiate…at least try to.
• Bundle services to get the best rate.
  • Particularly phone (mobile and landline), cable, TV and Internet
  • Insurance (Bundling Homeowners and Auto is about a 10% savings according to my Insurance Broker: Chris Almond with Elbert Insurance in Elberton 706-283-1201. He is a Broker representing several different companies.
    • Every 2 years we review our policies for potential savings. We just did this again and it will save us $350 to switch to another company. I have a client that just had his Insurance Broker review his policies and he is going to save $7,000. If you have not spoken to your Agent in years consider switching.
• Streaming, Cable: Review your plan with a Representative or online. (Are you paying for channels you don’t watch?)
  • Ask about Senior discounts (some start at age 50)
  • Cable (ask about the shows that are most important to you)
  • Consider switching to YouTube TV, Sling, Hulu, and Others