AT A GLANCE

CHALLENGES

Managed bill payments/vendors

Implemented accounting procedures

Established household payroll

Provided financial reporting

BENEFITS

Manage and track bill payments and vendor oversight

Establish payroll compliance and accounting checks

Deliver financial reports and tax organizers

Optimize expenses and tracked donations

Monitor healthcare and safeguarded valuables

Objectives

A recently widowed elderly woman, experiencing early dementia and with little experience managing family finances, needed help to safeguard her $10 million net worth. Her family sought Plumb Family Office Accounting to oversee her finances and bill payments, addressing vulnerabilities to fraud and fund mismanagement while improving communication and trust.

Plumb’s Ongoing Support:

• Bill Management: Redirect all bills and bank statements to Plumb for timely payments and vendor oversight.
• Checks and Balances: Establish robust accounting procedures.
• Payroll Compliance: Set up payroll for household staff to mitigate noncompliance risks.
• Financial Transparency: Deliver monthly financial statements and annual tax organizers for the client, family, and advisors.
• Cost Optimization: Review vendor and staff expenses, eliminating unnecessary payments.
• Philanthropic Tracking: Implement a process to manage charitable donations.
• Healthcare Oversight: Monitor healthcare providers when the family was unavailable.
• Asset Protection: Inventory valuables like art and jewelry for improved insurance coverage and theft prevention.

Solutions