Expertise in Accounting Services For Seniors

There are many different challenges that seniors may face when handling their financial needs.  Outside assistance can be required when circumstances change, such as:

  • Some seniors simply want to have the freedom to spend their time on activities they prefer – like traveling, recreation and family – and delegate the day-to-day financial minutia to qualified outside professionals.
  • The loss of a spouse can suddenly make managing family finances the responsibility of a survivor, who isn’t prepared to handle it.
  • Health issues can make it difficult for seniors to handle finances without assistance.
  • In other situations, the adult children of aging parents take on the partial or full responsibility of managing their parents’ finances.
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These situations and others can leave seniors, and sometimes their adult children, with the burden of added stress and financial problems.

HMWC CPAs & Business Advisors has recognized these needs and developed our “Accounting Services for Seniors” program. We work hand-in-hand with you to relieve you of the tedious details, but leave you in control and as involved as you choose to be.

Our services are customized to fit your exact needs, which may include:

Banking & Bills

  • Deposit and process checks received
  • Balance checkbook and reconcile bank accounts
  • Pay bills (Our optional on-line bill payment program is convenient and easy to use and is especially beneficial to adult children who are sharing the financial responsibilities with their senior family member.  It allows involvement and oversight, even if you are separated geographically.  Invoices can be viewed on-line and authorized for payment.)

Monitoring of Income & Expenses

  • Track financial activities or investments
  • Assist in resolving medical bill issues
  • Create budgets to help monitor expenses (which is especially important for seniors concerned about fixed monthly income or outliving their assets)

Financial Statements & Tax Returns

  • Compile personal financial statements
  • Prepare income tax returns
  • Handle payroll taxes for household employees

Communication Assistance

  • Provide a liaison between seniors and their vendors
  • Communicate to family members based on pre-arranged authorizations
  • Provide in-home visits to gather information

Estate Planning

  • Guidance in the creation and preservation of wealth and the orderly transfer of assets to beneficiaries
  • Techniques to maximize the transfer of your estate (i.e., substantially reduce the taxable value)
  • Use of various tools, such as lifetime gifting programs, living trusts, family limited partnerships, qualified personal residence trusts, and charitable remainder trusts
  • Preparation of federal estate tax returns, estate and trust income tax returns, and gift tax returns
  • Business succession planning
  • Executor/trustee assistance

Wealth Management

Your Trusted Advisor

By hiring HMWC CPAs & Business Advisors, the family will have confidence that these matters are being handled in a professional and secure manner.  Our professionals have many years experience and have a foundation in tax, financial planning, audit and accounting.  As such, you can have the trusted assurance that your finances (or the finances of your senior family member) are being managed appropriately.

Practice Leaders

Our Accounting Services for Seniors practice is headed by partner Susan Levinstein, partner Jay Wikum, and manager Lisa Young.