Client:

This wealthy woman in her 80′s was recently widowed, and was suffering from early stages of dementia.

Situation:

When the Client’s husband passed away, family had concerns. She had no experience managing her finances, nor did she have the capacity to do so. She now had a large sum of money, was living in a long term care environment, and needed a structure in place to automate all of her bills, bookkeeping, and expenses. Communication with her family and advisors had also become very difficult.

Solution:

TAG’s initial engagement included the following:

1. Transitioned all bills and statements to be sent directly to the TAG office to handle timely bill payment and vendor management.
2. Implemented accounting procedures to ensure checks and balances.
3. Established payroll system for in home caregivers.
4. Established timely monthly financial reports for the Client, her family, and her trusted advisors.
5. Created a tracking process for philanthropic donations.
6. Managed the process of remodeling her second home in La Jolla and converting it into a rental property.

Results:

• The Client, her family and advisors have the peace of mind that the finances are handled in a professional manner with checks and balances in place.
• Trusted advisors are able to make better planning decisions with the timely financial reports provided by TAG.
• Bank fees and interest charges that had resulted from late payments and lack of cash management have been eliminated.
• The Client’s credit score has been repaired and increased from 500 to 750.