Author Archives: Rebecca Eddy

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About Rebecca Eddy

Rebecca Eddy is a daily money manager & co-founder of Eddy & Schein in New York, New York.
EMAIL: rebecca@eddyandschein.com
BIO: About Rebecca
PHONE: 212-316-2214

Understanding the Effects of Memory Loss on Finances
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Authored by , re: Healthcare Management, on .
Understanding the Effects of Memory Loss on Finances | Rebecca Eddy

Failure to pay bills is a common early sign of memory loss; the longer it goes unidentified, the more troublesome credit card companies can be, as they may view erratic payments as a sign of risk. Managing bank accounts online may also prove difficult for those with signs of memory loss, especially since incorrect login attempts will be red flagged.

Janice had a favorite credit card which, because of memory challenges, she did not always pay in a timely way. When she finally brought her account current, the card company summarily canceled her card.

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Connecting With Your Elders: Stories of the Past
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Connecting With Your Elders: Stories of the Past | Rebecca Eddy

Every life is made up of a million stories and experiences. Each ancestor’s life is another chapter in the story of where we came from. So, it’s only natural that more and more people have taken an interest in their story through the study of genealogy. Books, historical documents, and (more recently) websites can help in that study. If our elders are still alive, we can find a unique insight into the more recent chapters of our stories through their living history.

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Terminating Household Employees Tips
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Authored by , re: Elder Care, Healthcare Management, on .
Terminating Household Employees Tips | Rebecca Eddy

Ideally, the dynamics between home employees, clients, and any other caregivers is amicable and beneficial to everyone involved. Unfortunately, there are situations where this is not the case.
Through the terminations for cause of two home health aides, we have learned what procedures are required by law, as well as steps to make the process as efficient and trouble-free as possible.
Client Attitude  
Clients may be reluctant to fire employees, even when they don’t like them and/or are fully aware that the employee is taking advantage of them. The client may also resist termination because of a strong personal bond with the employee or excessive attachment due to loneliness or diminishing cognitive function.

Preparing to Work with Trusts and Estates Attorneys
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Authored by , re: Healthcare Management, on .
Preparing to Work with Trusts and Estates Attorneys | Rebecca Eddy

A trusts & estates (T&E) attorney is an important individual to have on your team of professionals, especially:

  • when preparing and/or updating legal documents, such as a will, power of attorney, and healthcare proxy; or
  • if you are acting as an executor for an estate.
Legal Documents: Working with a T&E attorney is an opportunity to plan for the future—financially and legally—at a time when matters are not pressing. Collaborating with your attorney and financial advisor will help you create a more secure future for yourself and your beneficiaries.

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Unbeknownst to Many, Curmudgeons Day is January 29th!
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Authored by , re: Healthcare Management, on .
Unbeknownst to Many, Curmudgeons Day is January 29th! | Rebecca Eddy

Start every day off with a smile and get it over with.” - W.C. Fields

Curmudgeon’s Day commemorates the birth of renowned curmudgeon W.C. Fields, who built his career on the hardships of his (mostly fictional) past, presented through comedic grumpiness and acerbic wit.

If at first, you don’t succeed, try, try again. Then quit. There’s no point in being a damn fool about it.” - W.C. Fields

The word curmudgeon itself does not always have the most positive associations, due largely to a demeanor sometimes identified as “ill-tempered.” Definitions often Include words like bad-tempered, difficult, and cantankerous.

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Getting Organized for the Tax Season
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Authored by , re: Elder Care, Healthcare Management, on .
Getting Organized for the Tax Season | Rebecca Eddy

Does thinking of April 15th put you or your clients in a state of panic? Many accountants send out Tax Organizer booklets in January, but not all clients use them. Some people have alternate systems in place that help them present their accountants with all the necessary information in an organized manner. Regardless of the method, there is value in streamlining the materials sent to accountants, who are most efficient when provided with the tools to do the job: accurate statements about income, expenses, and deductions.

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Communicating with Aging Relatives During the Holidays
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Communicating with Aging Relatives During the Holidays | Rebecca Eddy

The holiday meal is planned. Candles come down from the shelves. Presents are wrapped and cards addressed. We look forward to reconnecting with family. Often, that includes elderly parents, aunts, uncles, and friends. In our work with seniors and their families, we have seen many warm and easy relationships between older and younger family members. But sometimes the two generations have little in common, which can result in long and uncomfortable silences.

A Client Story for Holiday Sharing
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Authored by , re: Healthcare Management, on .
A Client Story for Holiday Sharing | Rebecca Eddy

Bernice sent out holiday cards every year, and they were a big deal: she had a photo of herself in holiday garb and wrote a poem full of wit to go with the photo. The cards were sent to 200 friends and relatives, so there were lots of envelopes to address. As macular degeneration made it more difficult to see, the joy-filled project became a burden.
Then there was the tipping. In New York's large apartment buildings, as many as 20 envelopes needed to be prepared for maintenance staff and doormen.

Supporting Family Caregivers
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Supporting Family Caregivers | Rebecca Eddy

Family caregivers make up the majority of long-term care providers in the United States. Every year more than 65 million Americans make the choice to provide nursing and periodic or continual care for their aging or disabled loved ones. That number is growing as advances in medicine are allowing us to live longer. November is National Family Caregiver’s Month, a time to recognize the amazing efforts of these wonderfully caring people, but also a time to make sure that they, in turn, have the support they need to continue.
One of the greatest things we can do is encourage family caregivers to make themselves a priority. Caregiving can be a rewarding experience, but it is also physically and emotionally demanding, and the natural tendency of most caregivers is to put their own needs last.

2016 Election: Voting Obstacles and How to Overcome Them
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2016 Election: Voting Obstacles and How to Overcome Them | Rebecca Eddy

{3:35 minutes to read} In a year when every vote counts, how can you help family members, neighbors or friends exercise their right to vote? While many seniors are fully capable of participating without aid or incident, others will need some assistance in order to vote.
Let’s take Julia for example: Can Julia physically get to the voting station? Will she be able to stand in line while waiting to vote? Once there, will she understand how to enter her vote? Does she have any physical limitations that need to be navigated? Can someone help her? Or should she get an absentee ballot?

Make Sure Bills Get Paid!
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Authored by , re: Healthcare Management, on .
Make Sure Bills Get Paid! | Rebecca Eddy

{3:03 minutes to read} Paying bills is a critical part of any routine. Sometimes, things happen and bills go unpaid. Below, we share a few examples:

  • Justine had long-term care insurance, but when she developed Alzheimer's Disease and became confused about bills, her policy lapsed. Without insurance, she doesn’t have the coverage for the aides that she needs.
  • Deborah had her Medicare prescription insurance on autopay, specifically so she wouldn't miss a payment. For some reason, the insurance stopped taking the automatic deductions from her checking account and started sending her bills instead.

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Tips to Prevent Financial Abuse by Home Health Aides
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Tips to Prevent Financial Abuse by Home Health Aides | Rebecca Eddy

{2:49 minutes to read} Home Health Aides are invaluable partners in enabling seniors to stay comfortably and safely in their homes. The vast majority are competent, caring and provide excellent compassionate service. However, there are exceptions. Among the most challenging are aides who gain their client’s trust and affection in order to manipulate the situation for their own benefit.

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Is Funeral PrePlanning Right for Me?
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Is Funeral PrePlanning Right for Me? | Rebecca Eddy

{3:25 minutes to read} Below are a few common situations and resulting questions that seniors and their loved ones encounter:

  • George is getting older in years, and his few heirs don’t have much money. How will they pay for his funeral before George’s money gets put into an estate account?
  • Barry is in hospice at home and his wife is elderly. How can his funeral plans be pre-arranged so that Barry’s wife can be freed up to focus on her family and friends at that time?

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What Are the Indicators That a Daily Money Manager Might Be Useful?
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What Are the Indicators That a Daily Money Manager Might Be Useful? | Rebecca Eddy

{2:40 minutes to read} There are many situations in which the services of a Daily Money Manager (DMM) can be beneficial, whether it's dealing with an isolated project or working in a more long-term capacity, but life often has to provide an extra push before people will ask for help. So, what finally inspires people to seek assistance? Here are a few examples:

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Seniors in Cities: Protecting Aging Residents
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Seniors in Cities: Protecting Aging Residents | Rebecca Eddy

{2:50 minutes to read} City dwellers living in multiunit housing have unique challenges. Every building has its own cast of characters, each making lifestyle choices which may or may not affect their neighbors. Nonsmokers may take issue with smokers, particularly those who smoke heavily. Non-pet owners may not appreciate pet owners, especially those who are unable to properly care for or control their pets. Among the many needs and desires of residents that a building manager may juggle, the special concerns specific to aging residents may be the most challenging.

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Honoring Aging Life Care Professionals!
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Honoring Aging Life Care Professionals! | Rebecca Eddy

{2:50 minutes to read} What does a 97-year-old woman with mild paranoia and beginning stages of dementia, a lonely 86-year-old WWII vet being taken advantage of by a woman who has befriended him, and an 87-year-old forgetful woman hoarding papers in a tiny apartment have in common? They are all Eddy & Schein clients who have benefited personally from the work of Aging Life Care Professionals, also known as Geriatric Care Managers.

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Planning for Life’s Unexpected Turns
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Planning for Life’s Unexpected Turns | Rebecca Eddy

When we are young and fearless, not yet feeling our own mortality, we do very little planning ahead. However, as we grow older and take on greater responsibilities, we begin to address the future differently. We may use that new foresight to develop a retirement plan for when we leave the workforce and create wills to provide for our loved ones when we are gone.  What we often fail to prepare for are circumstances, whether due to an accident, illness, or mental decline, which interfere with our ability to make reasonable decisions and meet our daily needs.

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Financial Abuse of Seniors: How to Uncover and Prevent It
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Authored by , re: FINANCIAL ARTICLES, Trusts, Estates & Elder law, on .
Financial Abuse of Seniors: How to Uncover and Prevent It | Rebecca Eddy

{3:00 minutes to read} One of the unfortunate realities of aging is an increase in vulnerability. We all know seniors are prone to falls and illness, but there are other areas of danger that caregivers and family members should be aware of. Despite the availability of information, instances of elder abuse can take many forms and be difficult to uncover. One of the more prevalent types of abuse dealt with at Eddy & Schein is financial abuse, which can result in major losses when left unchecked.

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Eddy & Schein Celebrates 15 Years of Service!
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Eddy & Schein Celebrates 15 Years of Service! | Rebecca Eddy

{4:35 minutes to read} The first seed of Eddy & Schein, Inc. was planted in 1990 when Rebecca was hired by a friend to pay bills while she and her husband were out of the country for six months. She has been Rebecca’s client ever since. Meanwhile, Gideon was caring for his ailing mother, and subsequently her best friend, which was the impetus that led him to take on his first paying client.

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Daily Money Managers: Agents Under a Power of Attorney, Trustee or Executor
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Authored by , re: Trusts, Estates & Elder law, on .
Daily Money Managers: Agents Under a Power of Attorney, Trustee or Executor | Rebecca Eddy

{4:35 minutes to read} Have you been struggling to identify trustworthy agents under power of attorney (POA), trustees or executors for yourself, your loved one or your clients? With an aging population in which many people don’t have adult children or younger friends to whom they can turn, there is a growing need for people who can be fiduciaries. SomeDaily Money Managers (DMMs) who choose to perform these duties and are properly insured, may be the right choice as fiduciaries.

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Vigilance Rules the Day
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Authored by , re: Asset Management, Financial Planning & Insurance, on .
Vigilance Rules the Day | Rebecca Eddy

{4:40 minutes to read} In greater and greater numbers, seniors are living alone and facing the daily danger of unintended chaos. We all must do our best to be aware of such seniors and to protect them. While this often requires great vigilance and commitment, it does not have to be done alone. Doris, an 80-year-old woman, found herself helpless in a nursing home. She had been injured in a fall in her apartment and was rushed to the hospital.

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What Do I Do with All My Parents’ Books?
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Authored by , re: Asset Management, FINANCIAL ARTICLES, on .
What Do I Do with All My Parents’ Books | Rebecca Eddy

{4:25 minutes to read} Books bring great joy to those who love to read and collect them. But they pose challenges when people move to smaller quarters or when their estates are settled. At Eddy & Schein, we are often called to assist clients, or their heirs, find a good solution - a recent case involved us finding a buyer for 4,000 books in mint condition. Most books have no value. However, that does not mean you should discard them. Here are some tips: First, survey the selection. What does it consist of?

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Senior Housing Choices – Bewildering, Fear-provoking, Yet Plentiful
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Senior Housing Choices - Bewildering, Fear-provoking, Yet Plentiful | Rebecca Eddy

{5:25 minutes to read} Choosing senior housing and care is a critical part of aging. We are asked almost daily, “Where shall I go and when?” The options available are plentiful and they fall into a few distinct areas. Deciding where to go and eliminating where not to go is often based on four factors: physical and medical needs, home size and preparedness, social and emotional needs, and last, but hardly, least financial needs and resources.

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Social Security Fraud Happens: Taking Steps to Resolve the Problem
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Authored by , re: Asset Management, Elder Care, on .
Social Security Fraud Happens: Taking Steps to Resolve the Problem |Rebecca Eddy

{3:55 minutes to read} Jonathan has Alzheimer’s, and as a result, he has not been handling his finances for over a year. He has an agent under his Power of Attorney (POA) and Eddy & Schein taking care of his financial affairs. A Geriatric Care Manager and a Home Health Aide Agency are caring for his physical and medical needs. Each week Diane Lansing stops by to visit with Jonathan and collect his mail.

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Daily Money Managers Help Seniors With Financial Administration
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Daily Money Managers Help Seniors With Financial Administration | Rebecca Eddy

{4:50 minutes to read} In recent months we have been highlighting various professional resources for seniors. This month’s article examines the benefits of a Daily Money Manager. Think of the mail coming into your home, the bills that need to be paid, the calls or emails that should be made about insurance, wills, retirement planning and more. Now imagine handling all this with impaired eyesight, decreased hearing, arthritic hands, or failing memory.

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Veteran Administration Benefits: Explore All Options
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Authored by , re: Family, MENTAL HEALTH, on .
Veteran Administration Benefits: Explore All Options | Rebecca Eddy

{4:50 minutes to read} For U.S. Military Veterans, there are many resources available through the Department of Veteran Affairs. However, several steps are required to apply for these benefits. Below, we describe a recent case involving a World War II Veteran who already had benefits. Don was living alone in a studio apartment within walking distance of major NYC Entertainment Venues, but he was lonely and getting more and more confused.

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Preparing For “The Talk” with Your Aging Loved Ones
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Preparing For “The Talk” with Your Aging Loved Ones | Rebecca Eddy

{2:55 minutes to read} Recently, Laura called our office to learn about the different services we offer. As a result of our conversation, she could envision her parents benefiting from the support Eddy & Schein provides, but she wasn’t sure how to get them onboard with the idea. She had tried having “The Talk” with her parents about their finances, their health, their legal documents, and plans for where to live. Unfortunately, the conversation was not successful. Her parents got defensive and refused to continue the discussion.

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Maintaining Peace, Restoring Dignity
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Authored by , re: Asset Management, Elder Care, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Maintaining Peace, Restoring Dignity | Rebecca Eddy

The upcoming festivities of the holiday season can be a good opportunity to spruce up the family home, furnishings and collectibles. But for many seniors, cleaning, clearing and repairing can be especially daunting:

  • The prospect of chaos, mess and plaster dust can be strong deterrents to people accustomed to calm and routine.

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The Ugly Truth About Elder Financial Abuse & Fraud
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Authored by , re: Accounting & Bookkeeping, Asset Management, Elder Care, FINANCIAL ARTICLES, Financial Planning & Insurance, on .

Elder financial abuse and fraud is one of the largest growing changes in the care of seniors.

There are eight major sources of fraud: family members (including the result of sibling rivalry); unscrupulous businesses; caregivers; trusted professionals; transients; neighbors; “friends”; and what are called “sweetheart scammers."

“Sweetheart Scammers,” both domestic and foreign, ask seniors for money for a sick relative or an emotionally-compelling emergency that tugs at the heartstrings.

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Synergy: Enhancing the Work of a Team Already in Place
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Authored by , re: Accounting & Bookkeeping, Elder Care, FINANCIAL ARTICLES, on .
Synergy: Enhancing the Work of a Team Already in Place | Rebecca Eddy

When a client has a team of healthcare, financial or administrative professionals, there sometimes needs to be a liaison between the client and the professionals, or between the different professionals. A daily money manager/financial organizer can do that. Case Study: 80-year-old Paula already had a team in place before we began working with her. The team consisted of her two adult children who lived across the country, her attorney, her financial advisor and her accountant. Everyone was doing what they were supposed to do:

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