FIDUCIARY SERVICES
Seniors and disabled people who live at home or in a care community frequently struggle to manage their own finances. Children or family members who live a long distance away 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. 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 utmost care for our clients’ confidentiality. Our employees have all been thoroughly background and credit checked, and they all sign confidentiality agreements.
Fiduciary Services / Daily Money Management Services
Routine Bill Pay
- Pay your monthly bills on schedule
- Check bills for accuracy and resolve discrepancies
- Prepare checks for signature, pay online, or set up automatic payments
- Make deposits
- Reconcile bank statements
- Help with organization and filing
- Mail sorting
Guardianship
For Guardians Over the Person:
- Provide proper care, maintenance, education, and support from the protected individual’s assets or public programs
- Ensure that the protected individual has access to food, clothing, shelter, and other necessities
- Authorize medical, dental, psychiatric, and psychological services (although some medical treatments, such as experimental treatments, require court approval)
- making sure the individual is educated and given the chance to learn a trade, profession, or occupation
- Each year, submit an Annual Report of the Guardian to the court detailing how the protected person is doing
- Work with the Guardianship Attorney to file court petitions as necessary to address medical and care-related issues in accordance with the law.
For Guardians Over the Estate:
- Protect, preserve, manage, and dispose of the estate in accordance with the law and in the protected person’s best interests
- Use the protected person’s estate to provide for the protected person’s needs as well as those of anyone to whom the protected person owes a legal obligation of support
- Provide an Inventory of Assets
- File an annual accounting that lists the estate’s assets, income, and expenses
- Attend required for the judge to review and approve the accounting
- Work with the Guardianship Attorney to file court petitions as needed to fulfill legal requirements for buying or selling estate property
Financial Power of Attorney
- Act in the client’s best interest even if they become incapacitated
- Keeping track of medical bills and insurance claims
- Organizing tax documents
- Creating a budget
- Creating income and expense reports
- Facilitating tax returns
- Assisting with the completion and filing of insurance applications and claims
- Light forensic accounting is used to track down missing accounts and financial documents
- Investigating financial abuse and undue influence
- Sale of real estate property and personal property
- Liquidation of assets
Durable Power of Attorney
- Act in the client’s best interest even if they become incapacitated
- Reviewing bank statements for discrepancies
- Keeping track of medical bills and insurance claims
- Organizing tax documents
- Creating a budget
- Creating income and expense reports
- Facilitating tax returns
- Assisting with the completion and filing of insurance applications and claims
- Light forensic accounting is used to track down missing accounts and financial documents
- Investigating financial abuse and undue influence
- Sale of real estate property and personal property
- Liquidation of assets
Minor Trustee
We can serve as trustee, co-trustee, or successor trustee based on the needs of the clients. We competently 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 we charge by the hour rather than by a percentage of the trust.
Daily Money Management
IKOR’s Daily Money Management Services assist elderly or disabled people in managing their daily finances. When there is a possibility of financial abuse or improper influence, our services are extremely helpful.
When seniors have financial commitments and assets to cover them, they may not always remember the financial institution where their funds are held or the whereabouts of paperwork and investments. To discover accounts that have been misplaced or lost, we investigate tax returns, credit reports, and databases that link us to additional documents.
We can also help you make plans to sell your house, as well as engage with a vendor to undertake home clean ups or clean outs. We have extensive knowledge and expertise in a variety of areas.
We stay up to date on changes in FINRA rules pertaining to vulnerable individuals and the Seniors Safe Act for financial exploitation. We are well-versed in the care-related areas and expenditures of Special Needs Trusts. Wealth Management Firms and Trustees like working with our team because we help them fulfill their Fiduciary Duty through in-person visits and hands-on personal interaction.
Our service is client-centered and adaptive to the client’s needs, allowing the Trustee, Financial Advisor, or Institution to concentrate on Big Picture Financial Areas. 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.