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The Money Manager |
May 2011 |
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Greetings!
Benefit Payee Services, Inc (BPS) is a national daily money management & fiduciary company dedicated to helping individuals and small businesses with their day to day affairs. Our mission is to provide high quality money management services with integrity, professionalism and respect by leveraging our time, talents and resources for the greater good of our community and the lives of those we serve.
The goal of this publication is to educate our community on the latest news and information regarding personal financial management, elder care issues and small business bookkeeping.
*Please note: the views or opinions expressed in the included news articles are not necessarily those held by BPS, Inc. We do not personally endorse or guarantee any service providers or agencies that are featured in our publication. |
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Thank you for continuing to support and believe in BPS. We appreciate your business and your friendship.
Courtney L. Smith NCG, PDMM
President |
- Daily Money Management
- Eldercare Program:
- Financial Power of Attorney
- Conservatorship/Guardian of the Estate
- Personal Representative/Estate Administration
- Representative Payee
- Financial auditing & monitoring
- Fiduciary consulting for families
- Financial Coaching
- Lifestyle Management
- Small Business Bookkeeping
Check out our website for a complete list of services.
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Testimonials
"Your services are invaluable to her, since there is no one in her life who can help. You have helped her through a lot of circumstances already, not only for her own needs for ongoing financial management, but also through the death of her spouse and complicated family circumstances."- Social Worker
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BPS has a third party fidelity dishonesty bond. This covers our clients in the event of theft. This is similar to a bond that the Court would require a conservator to obtain except our bond covers all our clients regardless of the service we are providing. We believe in doing everything we can to protect our clients. |
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Keeping up with BPS:
We are excited to announce that we just launched our new website.
Check it out at: www.benefitpayeeservices.com |
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Our Corporate Responsibility Policy |
It is our belief that no matter how large or small all businesses have a responsibility to the community in which they operate. That's why we donate 1% of our gross revenue to worthwhile charities and organizations.
We hope our actions will encourage others to do their part to leave a positive footprint on the world.
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This months charitable contributions or sponsorships include: 1. Denver Rescue Mission 2. Karis Community 3. Gilda's Club |
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For Individuals:
Bill paying
Budgeting
Banking-deposits
Reconcile bank and credit card statements
Medical claims management
Inventory assets
Track income and expenses
Organize information for tax preparation
Property management
Coordination of outside services
Assist with getting out of debt and increasing a person's credit score
Much more....
For Small Businesses:
Accounts payable
Accounts receivable
Banking
Review and maintain general ledger account activity for accuracy
QuickBooks set up
Budgeting assistance
Much more...
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Seniors and their families
Persons with disabilities
Busy professionals
Small business owners
Frequent and business travelers Recipients of personal injury settlements Individuals who are recently divorced or widowed
Persons with poor money management skills
Busy and affluent families
Individuals going through or seeking bankruptcy
Athletes and entertainers Active duty military |
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Payable on Death Account (POD): A bank account that, upon the account holder's death, distributes money to the person or people named by the account holder. |
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Mention this ad and save $100 off on your first months invoice. |
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Offer Expires: January 2012
Call BPS for a free consultation.
Colorado: 303-282-8882 Indiana: 812-944-4200 |
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Turn a critical eye to your "collections."
Most people collect something - what do you collect? Is it something that consistently brings you joy? Or is it something that you just do out of habit at this point? Does the collection itself have value? Could you perhaps "trim the fat" from this collection by getting rid of duplicates or getting rid of the items you no longer use? Also, could you perhaps cut down on your spending on that hobby? Focus on trimming the things you don't feel strongly about - if you dig into things that bother you, you're going to eventually relapse. |
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When Abuse of Older Patients Is Financial
By ELIZABETH OLSON Published: March 2, 2011
DOCTORS with older patients hear clues all the time. Elderly people mention, in passing, that they are missing money or that they signed forms they did not understand. Or maybe they can't find a treasured possession like a watch or a wedding ring.
But doctors traditionally have not been trained to recognize that confusion or forgetfulness can be signs that the patient is at financial risk, said Dr. Robert W. Parker, chief of community geriatrics in the family medicine department at the University of Texas Health Science Center in San Antonio.
"We give them another pill, device or test. We don't always spend time with patients so we get to know their concerns," said Dr. Parker. "And medical doctors have not wanted to mix medicine and money."
Full Article |
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Kentucky Legislative Update:
- HB 164, PASSED- Uniform Adult Guardianship and Protective Proceeding Jurisdiction Act, on Thursday, March 3rd and the full Senate passed the bill on Friday March 4th.
- HB 52- PASSED - This bill increases penalties against those convicted of elder abuse and neglect and stops them from receiving financial gain from their victims' estates.
- HB 54 - PASSED- This bill will prohibit persons convicted of a felony from serving in any capacity that has authority over the victim of the offense or the victim's estate
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Your Financial Health: Two New Scores
For consumers who have been obsessively tracking, repairing and perfecting their credit scores, two new metrics would like your attention. The Debt Score. The Identity Risk Score. And there'll be more to come, experts say, though whether they'll be as useful as credit scores remains to be seen.
From Myers-Briggs to a Cosmo dating quiz, there's something irresistible about a self-diagnosis - which is precisely what these new scores promise to deliver. Last month, Credit.com launched its "identity risk score," which tells consumers how likely they are to become victims of identity theft. The month before, debt-management site Oweing.com rolled out a debt score, which grades consumers' debt relative to their income and other factors.
And this is just the beginning, as firms urge consumers to start monitoring additional layers of their financial lives as closely as their credit score. It's going to be "a score frenzy," says John Ulzheimer, president of consumer education for SmartCredit.com, a credit-monitoring site.
Full Article
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Seven Bookkeeping Tips
to Save Time and Money
Inputting checks, managing bank accounts and creating reports don't have to be an intimidating process.
Some small-business owners view bookkeeping as a burdensome task that takes them away from running their business. It makes others nervous, and they may second-guess their knowledge and skills in fear of the Internal Revenue Service knocking on their door.
You don't have to be intimidated or bored by accounting. Successful business owners don't view bookkeeping negatively. They have adopted a few basic procedures to stay on top of the paperwork. By doing so, they save time, money and a lot of stress.
1. Use accounting software such as QuickBooks
2. Scan your receipts, business cards and other important paperwork.
3. Separate personal accounts from business accounts.
4. Avoid cash.
5. Go paperless.
6. Auto-track your mileage.
7. Meet with your CPA at least twice annually.
Full Article |
Long Term Care Insurance - 101
Long Term Care is needed when a person cannot perform essential Activities of Daily Living.
Tax-Qualified Policies have 6 Activities of Daily Living triggers:
- Bathing
- Dressing
- Eating
- Toileting
- Incontinence
- Transferring - help moving from a bed, chair or vehicle
Non-tax qualified adds the ADL of Ambulating. Ambulating is the ability to move around by yourself, on your own feet...walking in some fashion. hion. The addition of another "trigger" may seem beneficial, but Non-Tax Qualified policies can require assistance with 3 ADLs before being eligible for LTCI benefits.
Since Tax Qualified only requires
* Alzheimer's, Dementia or organic brain diseases are also triggers for both TQ'ed and Non- TQ'ed policies.
The Problem with Non-Tax Qualified Policies:
Non-Tax Qualified policies are usually not deductible as a medically related expense.
Non-Tax Qualified policies' benefits may become taxable income in the future and the benefits you receive could even be taxed retroactively! You may end up receiving 10's to 100's of thousands of dollars worth of benefits that the IRS may consider "income" - retroactively - sometime in the future. That is the scariest part of Non-TQ'ed policies.
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