Are Papers Somewhat Muddled?
Suppose you become involved with your Aging Loved One in the later stages of dementia. You discover papers in disarray. You suspect, probably correctly, that there's trouble afoot. Someone phoned wondering why he hadn't received a cheque, perhaps.
Do you know that you can bundle up the papers and someone out there will make sense of them?
Call in the Accountant
Make an appointment with an accountant. Don't know one? Ask at the bank or ask a trusted, financially secure friend or responsible relative to suggest one.
Take in The File. The accountant will verify name, address, accounts, etc. He will be impressed with your homework. He, the lawyer, and the investment manager may wish to confer. This is okay and usually beneficial. Answer all of his questions.
He will need the most recent Income Tax Return that you can find. Some assets may have been kept private. He can help you track them down. These assets may include insurance policies, pieces of real estate, etc.
Have you ever heard that Uncle Fred owns a piece of property somewhere other than his home? The accountant will help you locate the deed.
The accountant will ensure that a correct Income Tax Return is filed.
In the event of death, the accountant will ensure that a final settlement is made.
Accountants love to and live to have numbers tally up properly!
You will save money if you can group the papers into sections such as real estate and general banking, for example. An accountant will charge by the hour. He has junior staff members who may do the bulk of the investigating and he will oversee the final statement.
He can make suggestions for easier management of funds and assets. He's a professional and he safeguards confidentiality.
Disability Tax Credit
Does Auntie qualify for a Disability Tax Credit? The qualifications will vary from one jurisdiction to another and the accountant is the one to ask. The tax credit can be a substantial amount of money. Don't miss the chance to ask, ask, ask.
A Giggle for you
An accountant is having a hard time sleeping and goes to see his doctor. "Doctor, I just can't get to sleep at night."
"Have you tried counting sheep?"
"That's the problem—I make a mistake and then spend three hours trying to find it."