Here are some frequently asked questions. Have a look, then give us a call and let us know how we can help you.
Daily Money Management
Eddy & Schein Group manages and coordinates our clients’ personal, financial, legal and insurance matters, depending on their needs. We work closely with trusted advisors like attorneys, accountants, financial advisors, and insurance brokers, often acting as liaisons between them and our clients.
Bill paying and health insurance claims are complicated under the best of circumstances. The amount of time to get your finances back on track would depend on the amount of paperwork involved and if you have fallen behind with some tasks. It could take from a couple of weeks to a few months to get everything organized. Once that is done, we would set up a schedule of regular visits based on your needs, most likely weekly or biweekly.
As a regular part of our work with clients, Eddy & Schein Group client managers keep records of income and expenses, including philanthropic pledges and donations. We make sure that the needed letters of acknowledgement are received. In addition, we point out when donations have already been given in a particular year and we can help research charities to confirm their value.
We can meet with her to see what is causing the lack of funds. If she agrees, we can work with her to identify sources of income and the extent of her expenses. It may be as simple as setting up direct deposit of dividend and pension checks, or regular reconciliation of bank statements.
It could be just a matter of helping them manage their finances, pay bills, and review their insurance claims. Very often seniors who work with Eddy & Schein stay in their own homes (called “aging in place”) for a significantly longer time than if left on their own.
Organizing, Budgeting & Planning
We try to work within the system you already have in place. In some cases, we have actually been able to improve upon an existing system. But we always make sure that you are comfortable with any changes.
We would do an initial consultation to review your assets, income, and expenses, then review your options with you.
Yes, we can help you navigate the systems and processes to replace licenses, passports, birth certificates, marriage certificates, divorce decrees, and other legal and financial documents.
We focus on financial organizing and help to hire a professional organizer to do the residential organizing.
Whether you want to stay in your home or move to a senior residence, we can work with you to identify your sources of income, interface with your financial advisors and help project whether you have the funds to live where you want with the support systems in place that you will need.
It is often easier to hire a professional to review the papers: sorting, identifying important records and purging the rest. From that work will come the needed documents to begin to put together a snapshot of their assets and liabilities, income and expenses. In the process, Eddy & Schein Group staff will get a better sense of what living options are most appropriate for them.
Often parents are more comfortable confiding in an outside objective professional than they are with their children. Once they have overcome the hurdle of working with outside professionals and see things more streamlined, many seniors will begin to bring their children into conversations about their finances.
Eddy & Schein has been working with seniors for well over 20 years and has worked on all aspects of finances and medical issues. We help seniors remain as independent and as in charge of their affairs as possible. One of our strategies in the initial consultation is to help the senior identify areas where he or she needs help, and then address those issues on a project or on-going basis.
This question will require the assistance of a financial advisor and an attorney (Trusts & Estates or Elder Law, depending on the financial circumstances of your aunt). If she is middle class, there may be a need for Medicaid planning to avoid spending down assets which could otherwise be used to help her stay at home (often called “aging in place”). Without such planning by an Elder Law Attorney, your aunt could end up in a nursing home with no funds for additional support. Eddy & Schein can help gather the information the attorney and financial advisor would need to make an accurate recommendation and to implement a plan.
Estate Planning & Management
If clients don’t have people they can appoint as agents under Power of Attorney, Executor or Trustee, Eddy & Schein Group staff have the ability to fill those roles. We carry fiduciary insurance that covers that particular work. We can also be appointed as a Health Care Proxy. We always recommend that you have a backup person named in each document. Sometimes we assist the appointed fiduciaries to carry out their responsibilities instead of actually being appointed ourselves, or we may be appointed as the backup person.
Identifying assets can at times require sorting through files and piles of papers to identify important records. From that work comes the needed documents to begin to put together a snapshot of assets and liabilities, income, and expenses. Eddy & Schein Group has more than 20 years’ experience creating financial snapshots as part of the work we do with clients early in our relationship with them.
If you tell them you have a will, this may ease their minds and open a conversation about a subject they have not wanted to address. If they are open to your help, gather the documents that reflect all their assets, talk to your parents about how they want their assets distributed, and who they would want to act as executor. Have an attorney work with your parents to develop an estate plan and draft a will. The attorney may give instructions on lifetime gifting and/or the establishment of trusts, and help you and your parents carry out these directions.
Eddy & Schein Group staff are experienced at and have the expertise to help you settle your parents’ estate, managing all the details to allow you to focus on your family and work.
We will work with your attorney, financial advisors, bankers, appraisers, realtors, and others to make the process as smooth as possible. Your involvement can be limited to only the times when your presence or signature is required.
It’s always good to review wills every five years, or any time there are changes in marital status or other special occasions like the birth of a child or grandchild.
Eddy & Schein has often helped as back-up to executors who are too busy to do the digging needed to gather together all the assets of a deceased person.
A basic rule of thumb is to wait until there is an indication that Medicare and the secondary insurance provider have paid their shares. There are more complicated situations that we would be happy to discuss with you.
We have successfully worked with clients who had problems that caused Medicare to withhold benefits. It depends on the specific circumstances and whether a case can be made in favor of the client. We are happy to discuss your situation in order to assess whether we can be of assistance.
We have an expert member of our staff who is passionate about helping people get the best results from their health insurance company, including sorting out complicated out-of-network claims and helping to get pre-certifications as needed.
Eddy & Schein Group has a long track record of helping clients initiate Long Term Care Insurance claims and managing the ongoing payout process.
Annual Medicaid recertification is part of the ongoing service we provide for those who are using Medicaid to pay for long term care. We also act as the liaison with an elder law attorney when the application is being made and interface with Pooled Income Trusts that will pay monthly bills.
We are always very pleased when we find clients who have catastrophic insurance coverage. The process of submitting a claim can be complicated and time-consuming, so Eddy & Schein Group is available to take on that project.
Tax, Legal & Financial Professionals
The staff of Eddy & Schein Group has had a lot of experience searching through files and piles of paper to extract the income records and documentation for deductions that are needed to submit tax returns. Often in the process of doing other work, we have found evidence that back taxes have not been prepared. We organized all the materials and worked with an accountant to get back taxes filed. At times, we have been able to provide the accountants with enough information to make a case to eliminate penalties and maybe even interest due.
Depending on the project, Eddy & Schein Group may be able to help you. Please call us to discuss the specifics. We have enjoyed being involved in some very interesting projects over the years. We will act as a liaison for our client with the other players involved in the project.
It helps us to work better with you when we are involved in conversations with your trusted advisors, so yes, we are eager to accompany you.