Eler Care Services

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#1
JoJoCPA  
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Does anyone offer "Elder Care Services" and if so, how do you charge for them?

Service types:

- paying bills,
-balancing checkbooks
-monitoring income, deposits and expenses
- cash flow planning

Anything else? I'm curious about adding these types of services.
 

#2
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Handling an elderly person's money seems fraught -- would-be beneficiaries trying to get involved, accusations of financial abuse, handling the client's declining mental faculties. I also would guess that it would be very hard to charge enough to make those headaches worthwhile.
 

#3
msawyer  
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JoJoCPA wrote:Does anyone offer "Elder Care Services" and if so, how do you charge for them?

Why would such services need to be limited only to "elders" (or whatever other ageist language is used[*])?

I had a client once who provided this type of service as a sole proprietor. If you search for "personal bookkeeping service" on the internet you should find lots of links including typical fees, which seem to fall between $40 and $100/hour. I suspect just as many higher-income people hire tax professionals even though they could prepare their own return, there are those who would gladly hire someone they trust to handle and record their monthly and annual routine financial transactions. Maybe it's a good idea to get some kind of bond in order to provide this service and reassure clients.

[*]https://www.nia.nih.gov/research/blog/2023/12/dont-call-me-old-avoiding-ageism-when-writing-about-aging
 

#4
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msawyer wrote:Why would such services need to be limited only to "elders" (or whatever other ageist language is used[*])?


The reason to specialize is because the needs of these clients would be different from the needs of younger clients. The former group might want your service to include traveling to their homes to have in-person discussions, while a younger crew might expect texts and apps, for example.

I had a client once who provided this type of service as a sole proprietor. If you search for "personal bookkeeping service" on the internet you should find lots of links including typical fees, which seem to fall between $40 and $100/hour.


My guess about it being very hard to charge enough was right. Cripes, at least payroll can lock in a business return as a client.
 

#5
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I would reach out to my insurance carrier to get their opinion before I started offering these services.

As the posters above conveyed, they're fraught with risk (and eventually headaches too).
 

#6
HowardS  
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I've resolved some sticky problems, especially with doctors and hospitals. At times I've had to resort to using the Attorney General's office. My wife says I'm so good at that I should make it a business.
I think my wife is trying to kill me. :shock:
Retired, no salvage value.
 

#7
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The intangible benefits far outweigh the headaches. We do this for those who ask. I don't make any money on it but the good deeds column gets a few checkmarks in it. I can sleep better at night knowing I am helping older folks who don't have family close by. I don't treat every service as a profit center. Big warning! When one of them passes, it is like losing a family member.
 


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