American Association of Daily Money Managers

[Guest guest]

This may be useful to some of you...

Q: I'm looking for someone to help my 86-year-old mother-in-law

handle the overwhelming number of medical bills after her elderly

husband's recent hospitalization. They're lucky to have good

insurance, but the amount of paperwork is daunting. Do you know how

to find someone who could help?

A: I gave this reader a few leads, then asked her to let me know what

she found, and she ended up educating me. Her discovery: a Web site

for the American Association of Daily Money Managers, which helps you

find someone in your area who handles money for people, known

as " daily money managers. "

Talk about a profession on the cusp of exploding. Over the next 50

years, as nearly 80 million boomers grow old, the field of money

managers is sure to be a growth industry. Nonetheless, allowing a

stranger to handle your money holds the potential for abuse, so tread

carefully.

According to the AARP, about a half-million older people in the

United States need help with their financial affairs. Most are older,

but some are younger and disabled. Whatever the cause, the need for

someone with high ethics, good accounting skills and reliability is

clear. As a result, the new field of daily money managers has

evolved, and the American Association of Daily Money Managers is its

national association.

On its Web site you'll find the names and contact information for

members throughout the country. " The services meet a continuum of

needs, " the Web site says, " from organizing and keeping track of

financial and medical insurance papers to assisting with check

writing and maintaining bank accounts. "

Daily money managers don't act as accountants, financial advisers or

attorneys unless separately educated and licensed to do so. You

should expect to pay between $35 and $100 an hour, and there's a list

of questions to ask that puts you in the driver's seat.

http://www.aadmm.com/