Learn about daily money managers

​Need help organizing your finances, paying bills and gathering information for insurance claims and taxes?  Karen Sabin Gitles is the resource you need.

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​What happens when we can no longer stay on top of our paperwork, pay bills, file insurance claims, and manage our cash flow?  Who steps in?  In many cases it is family, but some people do not have family nearby.  Others do not want their family involved. 

​Paying bills, reconciling bank accounts, filing claims, paying taxes, and managing cash flows are skills necessary to manage one’s financial life.  These responsibilities can become more difficult as we age. According to a 2017 report by the Center for Retirement Research at Boston College, in the next 10 years nearly half of the oldest boomers face the likelihood of some cognitive impairment. The rates for mild cognitive decline and dementia rise from a combined 12% for ages 70 to 74 to 45% for those 80 to 84.

In other situations, people may be too busy to stay on top of their daily personal finances or perhaps the spouse or partner who handled this chore may no longer have the same ability or may no longer be present.  Sitting here at my desk it is easy to imagine the chaos and stress this can cause since, on a good day, sometimes filing an insurance claim can be confusing!

To the rescue is Karen Sabin Gitles, a very personable daily money manager.  Karen started her business after helping her own parents work through their bills, claims, and accounts when their health declined.  Their need was great and she recognized that there are other people who have the same need. 

With a background in corporate finance and banking and an MBA from Northwestern in finance, Karen is uniquely qualified to prepare financial statements, reconcile bank accounts, pay bills, file insurance claims, and gather information for tax filing.  She works closely with family members, accountants, insurance companies, financial advisors, and attorneys, in order to facilitate and expedite all personal paperwork for her clients.  Most importantly, Karen adheres to the fiduciary standard of care by acting only in the best interests of her clients. All information is kept confidential and all communications will be acted upon in a timely manner.

Karen’s process of management is straightforward. Initially, she will meet with a potential client and/or a family member.  If a family member is not available, then perhaps an advisor could be present. During this meeting Karen gathers information about the needs and wants of the client.  If there is an agreement to work together, the next step is to determine the scope of services and fees.  Once an agreement detailing the services is signed, Karen will schedule a mutually agreeable time to gather necessary information, including bills and statements, in order to begin the organizational process.

Often overlooked by family and elders are long-term insurance claims.  Each policy is different.  Karen is an expert at interpreting the policies and gathering all requested information needed  for the claim.  Most of us understand the tenacity and determination required to file and complete an insurance claim.  Karen will persevere until there is a resolution.  It can be particularly overwhelming for elders if faxed or scanned documentation is required. 

With Karen’s diligence, she can save a household dollars and many hours of anxiety and frustration.

Most of Karen’s clients are long-term who find her assistance invaluable.  She provides peace of mind to both clients and their families. Every situation is different and may require different authorizations and levels of service.  Click on this link to find information about daily money managers.   For more information about Karen’s services, please contact her at Karen@karengitles.com. 

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