PROTECT THE FAMILY FINANCES
BY DI IORIO & DI IORIO ACCOUNTING FIRM
When people become older or disabled, they often are unable to manage all of their important financial matters. Rather than depending solely on their children for the best control over their finances, families should consider using the assistance of a professional who is an expert with proper organization and control over personal finances.
During times that the children of elderly parents are struggling to take care of the health of their parents, or when they are busy or distant with running their own lives and families, proper care is also needed in the area of giving attention to the broader family’s crucial financial matters and decisions, timetables, deadlines, coupons, conversions, renewals, expirations, etc.
Di Iorio & Di Iorio has been implementing the best financial management tools and offering guidance for families for over 25 years. We have teams who will work closely with families to professionally install financial management software with the appropriate password controls for the responsible family members, organize the accounts and data structure, and train all of the users for the appropriate upkeep. The financial management software that we install and implement handles all assets and liabilities including real estate and investments. The programs are fully supported by the software manufacturers, as well as by our professional staff. We have client sites that are running with 25 plus years of data still intact and interactive!
The primary strength of our implementation is the result of quickly showing a one-page, up-to-date presentation of each and every asset and liability that a person (or a family) has. There is some work and discipline to maintain this, but it is a very worthy task that fulfills the objective of protecting the family finances. The work and discipline are provided by proper training and periodic reviews by our professional staff.
Having a current and correct report of all financial matters is an essential “blue-print” to avoid losses, missed opportunities associated with unexpected tax issues, unclaimed insurance benefits, lost financial benefits, and risks of losing control over papers and related financial matters. The February 26, 2016 Wall Street Journal had an article by Leslie Scism entitled: “Why Decades-Old Life-Insurance Benefits May Still Go Unpaid”. The article presents important facts about how some life insurance companies are balking about paying claims that are long overdue according to death databases, while some states are requiring the payouts. This incident occurs only when the beneficiaries and family members have no knowledge about the policies and thus no claim is made. The article talks about over $7.4 billion in such payouts since the states have gotten involved in this kind of enforcement.
A current and maintained personal finance program that your family can share will provide the information necessary to enable you to control against these and many other kinds of financial risks. Our program not only presents to any reader what you have on one page, but it also enables you to get snapshots with drill-downs “on the fly” to tell you what happened (spending or income), and where it happened (which bank account or credit card) over any period. Just imagine that at tax time you can simply click one or two buttons and you will get a complete listing of every check and credit card charge that you incurred on charity, medical expenses, etc.
Di Iorio & Di Iorio strongly recommends that every household keeps a “master control” over its family finances. We can either; do the work for you by maintaining all records, or educate/ train you on proper installation and implementation.
Di Iorio & Di Iorio Accounting Firm’s offices are located at 567 Park Avenue, Suite # 203, in Scotch Plains, New Jersey. Call us at (908) 451-2016, or visit our website at www.diioriocpa.com.