Greetings!
Welcome to The Money Manager. This publication serves to educate the community on money management issues and the world of fiduciary services.
|
Financial Capacity and Mild Alzheimer's Disease- Bennett Blum, MD, synopsizes the study: "Declining Financial Capacity in Patients With Mild Alzheimer Disease: A One-Year Longitudinal Study"- American Journal of Geriatric Psychiatry, Feb 8, 2008
A new study shows that Alzheimer's disease (AD) affects financial capacity and the ability to resist fraud schemes early in the disease course. The study, conducted at the University of Alabama at Birmingham, used a revision of the "Financial Capacity Instrument," or FCI-9, to evaluate 63 healthy elderly adults and 55 with mild AD. They were given 18 tasks thought to be involved with financial planning.
The tasks included such things as naming coins and their values, accurately counting coins and currency, defining simple financial concepts, conducting transactions, verifying correct change, explaining parts of a checkbook , conducting a transaction via check, explaining conventions for tips, identifying parts of a bank statement, describing risks in mail fraud and telephone solicitation, explaining the purpose of bills, identifying an overdue utility bill, paying bills and preparing envelopes for mailing, indicating personal assets, and describing investment options and returns.
The findings correlated strongly with MMSE scores, but not with levels of depression. As a group, those with mild AD showed marked variability in their financial capabilities - however, it is noteworthy that many experienced a dramatic decline in the subsequent year.
The study concludes: "Financial capacity is already substantially impaired in patients with mild AD at baseline and undergoes rapid additional decline over one year. Relative to the comparison group, overall financial capacity performance in the AD group declined 10%, from approximately 80% of the comparison group performance at baseline to 70% at follow up. Financial skills showed differential rates of decline on both simple and complex tasks. Of clinical and public policy interest was the declining judgment of patients with mild AD regarding simple fraud schemes. The study supports the importance of prompt financial supervision and planning for patients newly diagnosed with AD. |
|
 |
Seniors Must File 2007 Tax Return to Receive Economic Stimulus Payments- By Eileen Doherty, M.S., Executive Director of Senior Answers and Services and the Colorado Gerontological Society.
Starting in May 2008, the US Treasury will begin sending economic stimulus payments to more than 130 million individuals, including low income seniors. The stimulus payments will be available through December 31, 2008.
For most Americans, the stimulus payment will be calculated using the 2007 income tax return. However, many low income seniors who previously have not been required to file income taxes, will need to file this year to claim the stimulus payment.
Individuals who do not have a tax liability may qualify for a minimum payment of $300 ($600 for a couple filing jointly) if their tax return reflects $3000 or more in qualifying income. Payments can be as high as $600 for a single person and $1200 for a couple.
Qualifying income consists of wages and net self-employment income, Social Security, Railroad Retirement benefits, and veterans' disability compensation, pension or survivors' benefits received from the Department of Veterans Affairs in 2007. Supplemental Security Income does not qualify as income for the stimulus payment.
Taxpayers must have a valid Social Security number.
To claim the benefit, individuals must claim their Social Security, Railroad Retirement benefits and/or Veterans' benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Individuals who have already filed their return, but failed to report the Social Security, Railroad Retirement or Veterans' benefits should file an amended return by using Form 1040X. This may result in a higher stimulus payment. Taxpayers should write "Stimulus Payment" at the top of the form.
Individuals who are claimed as a dependent on someone else's return are ineligible. Nonresident aliens are also not eligible for a payment.
The stimulus payment is not taxable and will not affect other benefits such as LEAP and food stamps.
Stimulus payments will be direct deposited for taxpayers who select that option when filing the 2007 tax returns. To have the payment direct deposited, complete the bank routing number and bank account number on the tax return. Others will receive a paper check. Persons who have requested a Refund Anticipation Loan will receive a paper check.
The IRS warns of several scams that are already occurring. In one scam, the individual receives a call from someone identifying themselves as an IRS employee, indicates the senior is eligible for the rebate and to claim the money, the caller must have the individual's bank account information. If the individual refuses to provide the information, the caller indicates the individual is not eligible for a rebate.
The IRS is also aware of refund-related bogus e-mail informing the recipient of eligibility for a specific amount. The e-mail instructs the recipient to click on a link to access a refund claim form which requests personal information, including bank account information.
Another e-mail scheme is directed toward tax-exempt organizations. The e-mail contains the signature of the Director of the IRS's Exempt Organizations Business Division with instructions to provide personal information.
The IRS and the US Treasury do not contact individuals by phone or e-mail to advise them about the stimulus payment. Report any of these suspicious activities to local law enforcement or the IRS with as much information as possible about the caller or the e-mail.
Individuals can receive free assistance in completing the forms. To locate the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's Internet site https://locator.aarp.org/vmis/sites/tax_aide_locator.jsp or the closest VITA site at 1-800-906-9887. Individuals can also call 303-333-3482 for assistance. |
EIGHT FOR 2008: FASCINATING FACTS ABOUT SOCIAL SECURITY - By R. Andrew Hudson, Social Security Public Affairs Specialist
Here are eight interesting facts about Social Security for 2008.
1. In 2008, about 50 million Americans will receive Social Security benefits - that's roughly TWICE the number of people who live in the cities of New York, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Antonio, San Diego and Dallas combined.
2. The nation's first baby-boomer begins collecting Social Security retirement benefits in February 2008- and over the next 20 years another 78 million baby boomers will be eligible to apply for benefits, too. That's an average of more than 10,000 people applying for benefits every day!
3. About 70 percent of private sector workers have no long-term disability insurance - but nearly all workers and their families have Social Security protection in the event of a long-term disability.
4. The average monthly Social Security survivors insurance benefit for a widow or widower with two dependent children is about $2,243 per month - which for most workers is more than the value of their private life insurance.
5. More than 3 million children under age 18 get Social Security benefits - as survivors of deceased workers, or as the children of people receiving retirement or disability benefits.
6. Approximately 442 million Social Security numbers have been issued since 1936 - but there are approximately 1 billion possible Social Security number combinations with the nine-digit number, so there are plenty more to go around.
7. Social Security offices are VERY busy. Nearly 42 million people visit a Social Security office each year. Another 60 million call our nationwide toll-free telephone service each year at 1-800-772-1213 (TTY 1-800-325-0778). In addition, about 48 million people visit the social security website at www.socialsecurity.gov.
8. By 2032, there will be almost twice as many older Americans as today - growing from 38 million today to 72 million. |
|
Benefit Payee Services, Inc. Opens Second Location in New Albany, Indiana
In January of 2008, Benefit Payee Services, Inc. launched the opening of its second location in New Albany, Indiana. With its proximity to the Kentucky border, the new office stands to serve clients located in the two neighboring states, while the Denver office continues to serve Coloradoans who need assistance with managing their day-to-day financial affairs. |
|
"Working with someone you can trust!"
|
|
Testimonials | |
Thank you for your continued support and referrals. We appreciate what each and every one of you do to contribute to the community in which we live.
Sincerely,
Courtney Smith
Benefit Payee Services, Inc. |
|
|
|
Courtney's Corner...
Courtney L. Smith, RG, PDMM
Growing to Help America's At-Risk Population
When I started Benefit Payee Services, I knew that we could offer a positive and worthwhile service to the community. Although at the time, I had no idea of the impact that these services would have on the clients that we would serve.
Since 2002, we have worked with many individuals and their families, in varying capacities. We are encouraged everyday by the positive feedback we receive and by how grateful our clients are for the small role that we play in their lives.
We have served clients in Colorado, New Mexico, Arizona and New York. With that said, we have recently had the opportunity to take one more step towards reaching our vision of becoming the first national fiduciary and financial case management company in the United States.
In January of 2008, we opened our second location in Southern Indiana. We will also be working with clients in Louisville, Kentucky as our Indiana office is right across the river. We have already started working with our first clients in Indiana.
I feel blessed that I have been given the opportunity to give back to the community where I was born and raised. It is a great feeling to know that I will be able to help people who I have known my entire life.
With the addition of Sarah Taylor as our Director of Community Relations, Colorado continues to grow and thrive. Kris Charland is continuing to work her magic with our clients, as their financial case manger. Kris has worked with us for over 3 years and received her Registered Guardian certification in 2007.
I am excited about what the future holds and that we can continue to pursue our mission: To establish caring, honest relationships with persons needing assistance managing their finances by providing them aid in fulfilling their financial obligations and responsibilities.
I would like to thank all the people who have believed in us and have supported our mission over the years. We couldn't have succeeded without you.
|
BPS Services:
Daily Money Management
Bill Paying & Bookkeeping
Conservatorship*
Financial Power of Attorney
Curatorship*
Trust Administration
Personal Representative/Executor of Will
Representative Payee
Household Management Services
Organization of Tax Information
Assist with applying for government benefits
Assist attorneys, financial advisors and trustees' clients who need help organizing & gathering their information
Financial Oversight and Auditing
Successor POA, Trustee and/or Personal Representative |
|
Locate and Inventory Assets
Budgeting
More Information on Our Services
* Sevices not available in all States |
| Protect yourself from Fraud!
Follow these steps before making a financial investment, to save yourself from becoming a victim of financial fraud.
1. Take some advice from the late Ronald Reagan: "Trust but verify." Sure, you may trust the person who is selling you an investment, but it is still your responsibility to verify their credentials. NASD Broker Check should be your first resource to learn about the professional background, registration/license status and disciplinary history of the firm and brokers with whom you're planning to do business.
2. Take the time to research an investment before making your purchase. It is easy to sign your money away, but very difficult to recover it once it is gone- so do your research in advance.
3. Never get pressured into investing immediately, "before it's too late". Con-artists often use high pressure sales tactics to get you to make an immediate purchase- before you have time to fully review the written information on the investment product. Request a prospectus, which contains financial data on the company and the risks on the investment.
4. Don't take everything you hear or read at face value. If you need help in evaluating an investment, go to a trusted, independent party such as an attorney, accountant, or professional fiduciary. |
|
|
Money Saving Secrets... 
The Leak: A cell-phone plan that doesn't match your needs
The Fix: Too many minutes and you're wasting money. Too few and the overages can send your cell-phone bill into the stratosphere. On average, according to the consumer research firm J.D. Power & Associates, cell-phone subscribers use only 64 percent of the minutes they pay for. If you're still under contract, call your cell-phone company and ask it to analyze your usage. You may find that buying fewer monthly minutes but, say, getting unlimited evening and weekend minutes may work better than a more expensive plan - and you won't pay a termination fee of $100 or more. If your contract is up and you're thinking about switching carriers, shop for the best plan on www.myrateplan.com/wireless.
Savings: An average of $16.50 a month, according to J.D. Power & Associates. |
|
| |
|
