FIDUCIARY SERVICES &
DAILY MONEY MANAGEMENT
Seniors and disabled adults who live at home or in a care community frequently struggle to manage their own finances. Children or family members who live long distance and assist an elderly or disabled family member with their money frequently find it difficult or simply do not have the time to maintain track of a family member’s personal finances and documentation.
IKOR functions in a fiduciary capacity for many of our clients; some also require our care management services, and some only require fiduciary support. We are fully insured by Lloyds of London and have General Liability and Fiduciary Business coverage. We are also bondable, and we only use staff to handle business matters, never independent contractors. IKOR conducts business with the utmost care for our clients’ confidentiality. Our employees all undergo thorough background and credit checks and sign confidentiality agreements.
We stay up to date on changes in FINRA rules pertaining to vulnerable individuals and the Seniors Safe Act for financial exploitation. Our services are client-centered and adaptive to the client’s needs, allowing the trustee, financial advisor, or institution to concentrate on the big picture of the client’s finances. We address regular financial matters and, where necessary, can assist with care-related concerns in order to fulfill the client’s overall well-being. We don’t only pay bills; we act as a liaison between the client and the financial professionals that support them.
Financial Power of Attorney
IKOR is licensed to serve as a Financial Power of Attorney for our clients. In this role, IKOR can perform the following services on behalf of our clients:
- Act in the best interest of the client, even if they become incapacitated
- Review bank statements for discrepancies
- Keep track of medical bills and insurance claims
- Organize tax documents
- Create budgets
- Create income and expense reports
- Facilitate tax returns
- Assist with completion and filing of insurance applications and claims
- Perform light forensic accounting
- Investigate financial abuse
- Support sale of real estate and other personal property
- Help to liquidate assets
Minor Trustee Services
IKOR has the ability to serve as trustee, co-trustee or successor trustee, based on the needs of our clients. We handle the legal obligations placed on us to carry out the provisions of the trust. We accept appointments for amounts below the threshold of banks, and charge by the hour rather than by a percentage of the trust.
Daily Money Management
IKOR’s daily money management services assist seniors and people with disabilities to manage their daily finances. Often a pile up of mail (including unpaid bills) is the first sign that life care management may be needed. Frequently, IKOR works with wealth management firms, trustees and special needs trusts; these service providers are better able to perform their fiduciary duties with the support of our in-person visits, as we provide “eyes and ears” on their client, who may have been struggling to follow their advisement independently. When there is a possibility of financial abuse or improper influence, our services are extremely helpful.
Our daily money management services include:
- Preparation and management of budgets
- Organization of paperwork, mail and files
- Balancing of accounts, creation of payment schedules and bill pay management