Taking over a Parent’s Checking Account

Many “baby boomers” like myself have had to take over the role of “bill payer” and checking account balancer. For those of us who have swam in these waters, you know it is a daunting task to say the least. Often, the hardest part is obtaining consent from the parent.

Fortunately, there are some tools and strategies that can help with these tasks, according to Kelly Greene at Kelly.greene@wsj.com:

• Setting up a power of attorney
• Monitoring accounts online
• Hiring a professional bill-paying service ( some banks do this)

One way to get the conversation started, says Greene, is to ask your parents for some financial advice—and then bring up something they might find challenging. If your parent(s) are reluctant to cede control, you can suggest starting with an unofficial role of financial monitor. You can then gradually move into a more official role of money manager as you both get comfortable with sharing the reins.

A more formal step is to establish a power of attorney, which allows you to act on your parent’s behalf in all financial matters, such as directing their financial advisors and brokers. In this regard, I recommend consulting with an Elder Law Attorney to draw up the required documents.

Finally, if you’re willing to spend a few thousand dollars, you can set up a revocable living trust to hold a parent’s assets and make you and the parent co-trustees. Having a trust will also address any concerns banks and investment firms may have about children abusing powers of attorney.

These strategies will not solve all the problems associated with the loss of ones independence, but it is a proactive approach to preventing missed payments and unbalanced accounts.

Building Your Brand

Both opening and operating a business is hard work, and it is even harder if you customers can’t find you. Proper signage and branding are two of the major contributing factors to a successful business.

Not only do you need your customers to find you, but you need them to remember you.

But how can a small business, or any sized business for that matter, make sure that they are getting noticed? Well, the answer is simple really, hire a professional to do the job right.

Bob Flemming, owner of the Feasterville Sign-A-Rama, has been helping small, medium and large businesses to identify themselves and their brand in Bucks County since 1993.

According to Bob, the best way to identify yourself and your product is visually.

Without question, customers respond to visually appealing advertisements. The real question is, how do you get the best bang for your buck.

Start by hiring a company who can design and deliver all of your necessary signage and display advertisements. At the Feasterville Sign-A-Rama, Bob and his team can make wooden and electric signs, neon signs, banners, sidewalk signs, window signs and even vehicle wraps.

There is almost nothing that Bob and his team can't deliver in the way of signage for their customers. They can even produce Department of Transportation mandated signage, handicap parking and other legally necessary signage.

By using an experienced company, like the Feasterville Sign-A-Rama, you not only enjoy the benefits of one-stop-shopping, you can also rely on Bob and his team to use their expertise to save your company money by using creative and adaptive sign technologies.

For more information about how signage can help you business grow, contact Bob Flemming at the Feasterville Sign-A-Rama by calling 215-355-2060 or outside of Pennsylvania, 800-974-0072. Or just stop by at 434 West Street Rd., Santilli Plaza, Feasterville, PA 19053. They are on the web at www.SignaramaFeasterville.com

Tax loans waste money

It seems like you can't turn around anymore with out seeing an advertisement for a tax refund “now” loan. It seems like all the franchises are offering these rapid refunds, but what are they really?

The truth is, these rapid refunds are no better than the much criticized “pay day” loans. Commercial tax preparers are getting in to the action by offering customers faster, or in some cases, instant refunds at an expense anywhere between 40-and-700 percent APR.

According to Carl W. Maier, CPA, CVA with Cahan and Company in Southampton, PA, electronic filing, referred to as eFiling, has cut the standard wait time for a refund down dramatically.

Even waiting for a paper return to be accepted is a better deal than paying 700 percent interest on a tax refund loan.

According to the Center for Responsible Lending, a study conducted in 2005 found that about $1.57 million of earned income credits that were supposed to go to working parents, ended up in the pockets of tax preparers and other refund lenders.

Tax payers should take a close look at any income tax return loans they may want to take advantage of, remembering the old adage - “if it sounds too good to be true, it probably is.”

For more information about how to eFile your federal and state income taxes, or for advice and guidance to plan for next year's taxes, contact Carl at 215-364-7777 extension 106.