Seniors and disabled individuals living at home or in a care community often have difficulty maintaining their own finances. Children or family members who live at a distance who support an older or disabled family member with their finances often find it difficult or simply do not have the time to keep up with a family member’s personal finances and paperwork.
IKOR operates in a fiduciary capacity. We are fully insured through Lloyds of London and carry all General Liability and Fiduciary Business coverage. We are also bondable, and we utilize employees exclusively to handle business affairs, never independent contractors. IKOR conducts business with great attention to the confidentiality of our clients. Our employees all fully background and credit checked, and they sign confidentiality agreements. IKOR’s Daily Money Management Services can be combined with IKOR Life Management Services, within the IKOR Safety Net Program, or as a stand-alone service.
Fiduciary Services / Daily Money Management Services
- Pay monthly bills on a timely basis
- Review bills for accuracy and resolve discrepancies
- Prepare checks for signature, pay on-line or set-up on auto-pay
- Make deposits
- Reconcile bank statements
- Organizational and filing assistance
- Sorting mail
Guardianship
For Guardians Over the Person:
- Provide proper care, maintenance, education, and support from the protected individual’s assets or public programs.
- Ensure that the food, clothing, shelter, and necessities are provided for the protected individual.
- Authorize medical, surgical, dental, psychiatric, and psychological care (although some medical treatments, such as experimental treatments, require court approval).
- Making sure the protected individual is educated and that the person has the opportunity to learn a trade, occupation, or profession.
- File an Annual Report of the Guardian each year, letting the court know how the protected person is doing.
- Work with the Guardianship Attorney to file petitions to the court as the law requires around medical and care-related concerns.
For Guardians Over the Estate:
- Protect, preserve, manage, and dispose of the estate according to law and for the best interest of the protected person.
- Use the protected individual’s estate for the proper care, maintenance, education, and support of the protected person and anyone to whom the protected person owes a legal duty of support.
- Provide an Inventory of Assets.
- File an Annual Accounting detailing the estate’s income, assets, and expenses.
- Attend required for the judge to review and approve the accounting.
- Work with the Guardianship Attorney to file petitions to the court as the law requires around purchases or sale of property from the Estate.
Financial Power of Attorney
- Act in the best interest of the client until they become incapacitated
- Monitoring medical bills and insurance claims
- Organizing tax documents
- Creating a budget
- Creating income and expense reports
- Facilitating tax returns
- Assisting with completing and filing insurance applications and claims
- Light forensic accounting to locate missing accounts and financial documents
- Financial abuse and undue influence investigation
- Sale of real estate property and personal property
- Liquidation of assets
Durable Power of Attorney
- Act in the best interest of the client even if they become incapacitated
- Reviewing bank statements for discrepancies
- Monitoring medical bills and insurance claims
- Organizing tax documents
- Creating a budget
- Creating income and expense reports
- Facilitating tax returns
- Assisting with completing and filing insurance applications and claims
- Light forensic accounting to locate missing accounts and financial documents
- Financial abuse and undue influence investigation
- Sale of real estate property and personal property
- Liquidation of assets
Minor Trustee
Depending on the needs of the clients, we can act as trustee, co-trustee or successor trustee. We handle the legal responsibilities bestowed upon us to carry out the terms of the trust competently. We accept appointments for dollar amounts below the threshold of banks and work on a billable hour, not on a percentage of the trust.
Daily Money Management
Our team includes a former Trust Officer and an Attorney who oversee routine financial matters consulting with our clients Attorney and/or Financial Advisor as needed. IKOR’s Daily Money Management Services support seniors or disabled individuals as Daily Money Managers (DMMs). The IKOR Financial Advocate provides in-home or in-facility visits or will issue payments from our office offering personal assistance to those who have difficulty managing their personal financial affairs. Our services are especially beneficial when undue influence or financial abuse is suspected. When seniors have financial obligations and the assets to cover them, they may not always remember the financial institution in which their finances are held or are not able to recall the location of documents and investments. We investigate tax returns, credit reports and databases that lead us to other documents to locate accounts that have been misplaced or lost. We can also assist with making arrangements to sell a home, work with a vendor to do home clean ups or clean outs. We’re well versed and experienced in many areas.
We keep up with changes in FINRA rules as they relate to vulnerable adults and the Seniors Safe Act for financial exploitation. We are well versed in the care related areas and expenditures of Special Needs Trusts. Wealth Management Firms and Trustees appreciate working with our team because we enhance their Fiduciary Duty with in person visits and hands on personal involvement. Our work is client centered and adaptable to the needs of the client which allow the Trustee, Financial Advisor, or Institution to focus on Big Picture Financial Areas. We address routine financial matters and when needed we can support with care related concerns to meet the clients overall wellbeing. We don’t just pay bills – we become a bridge between the client and Financial professionals who support them.
My greatest pleasure is attending to my clients’ financial affairs in a way that ultimately qualms their concerns.
If you have questions about how our Fiduciary Services might best support a senior, an adult with disabilities, or a child with special needs in your life, call the office today for a complimentary consultation to learn more about us.
Services / Fiduciary Services & Daily Money Mgmt