MANAGING AGENT OR DAILY MONEY MANAGER:
Serving as managing agent and personal financial officer by coordinating and administering the cumbersome business and operational affairs of one’s household. This includes, but is not limited to, trusts and estates where the named trustee or personal representative would prefer to delegate the many financial and operational details of administration to a seasoned professional.
PROBATE COURT APPOINTED FIDUCIARY:
Serving as conservator, trustee, and personal representative in Probate Court appointments.
Specific strategy for delivering above services includes, but is not limited to, the following:
- A variation of this is serving as a family’s personal financial officer or CFO.
- I can assist with a myriad of business activities, including but not limited to bill paying, all accountings, file organization and documentation, trust distributions, cash management, care givers, home repairs, contract reviews, and tax preparation.
- I will administer the many cumbersome household and business details a family or trustee chooses to delegate. I can assist with a myriad of business activities, including but not limited to bill paying, all accountings, file organization and documentation, trust distributions, cash management, care givers, home repairs, contract reviews, and tax preparation.
- Daily Money Managers are often the tie that binds. They are the hub for identifying and suggesting the right partners to work with their clients to ensure financial and other obligations are not only met, but can continue to be met.
Daily Money Managers are not accountants, attorneys, insurance agents or financial advisors. However, Daily Money Managers work with those professional partners to ensure they have the essential information they need in order to best serve the client.
How do DMMs and service professionals work together? In addition to paying bills and managing the day-to-day financial lives of their clients, Daily Money Managers can help ensure:
- Estate attorneys are kept informed of any life changes critical to keeping an estate plan current
- Accountants receive organized and relevant tax receipts or documents in order to make sure clients gets all the deductions they are entitled to and to make the accountant’s job easier
- Insurance premiums are paid in a timely manner so policies do not lapse
- Financial advisors are in sync with the client’s daily finances for efficient long-term planning
- Insurance agents are updated on any changes to property holdings or changes that might impact the beneficiary
- Geriatric care managers are brought in when the family needs assistance outside the scope of finance to provide those types of services for aging family members.
- General financial planning assistance.
- Periodic reviews of wills and other estate related documents.
- Responsible for coordinating investment management.
- Investment performance reviews.
- Custody and safekeeping of assets.
- Accounting of all income.
- Accounting of principal.
- Accounting for taxes, including maintenance of cost basis, tax lots, market values, etc.
- Coordinate the filing of fiduciary tax returns.
- Disbursements to beneficiaries. (No per disbursement charge)
- Payment of most bills on behalf of the grantor or beneficiary. (No per payment charge)
- Automated sweep of cash awaiting permanent investment. Sweeps into a taxable or tax-exempt interest bearing money market fund. (EBTC does not collect a separate fee from the fund for this service)
Serving as independent consultant for legal counsel, accountants, financial advisors, and corporate fiduciaries to improve regulatory compliance, file documentation, and operations of trust and estate activities.