Financial Management
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When You Can't Manage Your Personal Affairs, Who Will?
Today, people are living longer and fuller lives than ever before. While this is good news, there often comes a time when older adults can no longer manage their personal business and finances. Additionally, some individuals may want to be relieved of the stress and responsibility of managing their financial affairs, especially after the loss of a spouse or partner who traditionally handled these tasks.
Sometimes family members can help an aging parent or loved one when they begin to struggle. However, the more time a family member spends managing their relative's finances, the more likely it is to strain the relationship. This is when having a professional step in can be especially important.
First Pont Financial Management & Trust Services can be entrusted to act on behalf of another person (to serve as an Agent). We are bound by fiduciary duty to act for that person's benefit. If named as Agent, our team can essentially "step into the shoes" of the client to make decisions that the client would have made. Even if not named as Agent, our team can still provide valuable assistance in managing the many financial details for a client.
Our Financial Management services also offer essential assistance for individuals who do not have family or friends who are able to help, or who do not want to burden them with the overwhelming obligations of managing assets and property, processing insurance claims, and handling day-to-day bill paying.
Who May Benefit Most from Financial Management Services?
Financial Management services can be particularly beneficial for adults who face challenges in managing their finances effectively. Here are some situations where assistance may be needed.
- Difficulty tracking bills and financial documents.
- Memory issues, such as forgetting to pay bills on time.
- Physical limitations or other health issues.
- Mobility concerns, such as difficulty getting to the bank.
- Complex financial portfolios that require professional management to optimize their assets and income.
- Susceptibility to scams.
- Desire for independence and relief from the stress and responsibility of financial management.
- Need for effective income management, crucial for financial security.
- Interest in ensuring assets are protected and distributed according to their wishes.
- Legal competency concerns, where a person is not competent to handle their affairs.
Financial Management Services
Collect and deposit income to relieve you of the burden of day-to-day recordkeeping.- Bill pay includes handling expenses such as healthcare, dental, life insurance, credit cards, utilities, telephone/cellphone, income tax estimates, property taxes, etc.
- Asset consolidation of stocks, bonds, and mutual funds held in a custodial account with First National Bank at Fifth Third Bank. Physical assets such as certificates of deposit and abstracts are held in our vault under dual control.
- Premium payments for healthcare and long-term care insurance, process claims, and track tax-deductible expenses.
- Gifting to a pre-established list of charities.
- Tax preparation assistance, which consists of gathering tax documents and submitting them to your tax preparer.
- Facilitate transition-in-living arrangements in concert with your Medical Power of Attorney to address your medical needs through coordination of in-home nursing or move to a senior living facility, canceling household services, and auctioning of household items no longer needed.
- Consult with other professionals (accountant, financial advisor, tax preparer, realtor, attorney, etc.) to provide a team effort in overall financial planning.
- Periodic account statements via secured website or mailed statements detailing asset portfolio, performance compared to established benchmarks, and transactions.
You Can Put Your Trust in Us
Clients put their trust in First Point Financial Management & Trust Services because we are a reputable, stable, secure, and trustworthy financial institution. In fact, First National Bank has been around for more than 120 years.
Our Financial Management services provide peace of mind for clients and their families, ensuring that their financial health is taken care of with expertise and care. You can always be assured that we act for the client's benefit - not our own.
To learn more about our services, call us at 515-663-3037 or submit the Contact Us form below.
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