Financial Services for Families

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These days, families come in all shapes and sizes. But no matter what they look like, our families are important to us, and often come with a unique set of needs.

Maybe you have elderly parents or grandparents who need a nurse or companion. Maybe there’s someone in your family or household with a disability who requires a caregiver or special services. Or maybe both parents work, and so a full-time nanny is needed to help take care of the children during the day.

Whatever your family needs, APS Money Management is here to help, and offers a suite of concierge services that includes:

Finding Caregivers

Finding the right person to provide the services your family member needs, somebody you can trust and rely on, is critical. But it takes time. Also, a lack of familiarity with the options can add to the challenge of making a confident decision.

Should you hire somebody through a home care agency or an independent contractor? Is the rate reasonable? Will they accept medical insurance? Can they provide medical care? How do you go about doing a background check?

Here at APS, we’ve spent years dealing with these issues. We’re ready to explain the options to you, make you feel comfortable with the process, and get you connected with the right caregiver for your family’s needs.

Learn More About the Advantages of Hiring a Private Caregiver

Hiring a Private Caregiver

Flexibility: A caregiver hired independently by the family often can assist with a wider range of tasks than one hired through an agency. APS can assist with finding a caregiver for you since we collaborate with several home care referral agencies that vet the caregivers and can also provide backup caregivers when needed.

Choices: You interview and choose the caregiver whom you hire and what skills they possess. APS can assist with finding a caregiver for you since we collaborate with several home care referral agencies that vet the caregivers and can also provide backup caregivers when needed.

Supervision and Direction: As the employer of the caregiver you can supervise and instruct the caregiver and explain what their responsibilities are as a caregiver. APS can assist and craft a written agreement between the household employer and caregiver prior to hiring so there is no confusion during the employment of the caregiver.

Scheduling: As the employer you can work with the caregiver to create a mutually beneficial schedule as well as a pay rate and work agreement. APS can assist and craft a written agreement between the household employer and caregiver prior to hiring so there is no confusion during the employment of the caregiver.

Cost: Often you can negotiate more affordable options for care when you choose to hire independently because you don’t have to cover the overhead costs of agencies. Using an independent caregiver can save a family 20%- 30% on overall costs. APS will assist with finding a caregiver, setup/insurance, and paying the caregiver legally through payroll so the household employer can focus on the care of their loved ones and not be burdened managing weekly payroll and taxes.

Legality, Taxes & Deductions: IRS has ruled that caregivers must be classified as employees, not independent contractors. Paying an independent caregiver under the table is illegal. Also, it’s important to note, paying the caregiver under the table is not in the family’s best interest anyway because the family may be missing out on some tax benefits and deductions. APS will assist with payroll setup, insurance and paying the caregiver legally through payroll so the household employer can focus on the care of their loved ones and not be burdened managing weekly payroll and taxes. In addition, employing caregivers legally can be tax deductible.

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Hiring a Home Care Agency

Limited Flexibility: Home care agencies tend to have stricter rules about what a caregiver can and cannot do, while independent caregivers are not subject to the same restrictions. Remember, as a household employer hiring an independent caregiver, you will have greater flexibility with supervision and control of the caregiver.

Limited Choices: Typically, they provide limited range of support services – Caregivers are limited to those the home care agency has on staff as well as staff availability.

Limited Supervision and Direction: Many aides working with agencies are prohibited from doing anything considered invasive, like taking a patient’s blood sugar or assisting with medication management or administration.

Limited Scheduling: Most agencies will require a minimum number of hours or days for the caregiver to work because its not in the agency’s best interest and not profitable for the agency. Usually not less than 8 hours a day or 4 to 5 days a week.

Higher Cost: More expensive, agencies are 30% or more expensive due to business overhead costs than hiring and paying a caregiver independently.

Caregiver Payroll & Documentation

Once the right caregiver has been identified, we can help you create a binding work agreement, ensure that all required tax and insurance documentation is completed and filed, and then make sure they get paid in a timely manner.

It’s important to keep in mind that unlike other service providers, caregivers present a unique set of payroll challenges for families. That’s because odds are, unless a caregiver is being hired for a very short amount of time, they are considered an employee and not an independent contractor in the eyes of the government. Which opens the doors to a variety of tax, legal, and insurance regulations and compliance conditions designed to cover the interests of all parties concerned.

With years of caregiver payroll experiences under our belts, APS Money Management can help you navigate these waters, ensuring that you don’t experience any headaches with your caregiver now or with tax agencies down the line.

Bill Paying

Whether it’s the mortgage, rent, utilities, car payments, insurance, or credit cards, most of us are buried under a pile of bills these days. So many that keeping track of how much needs to be paid to whom on which day of the month can become a full-time job.

This situation can be further complicated if we’re not only paying our own bills, but also managing accounts for elderly parents, grandparents, or other dependent family members. Sometimes remotely, from many states away.

Raising the stakes even higher, the consequences for paying bills late could include high fees, additional interest, or even a damaged credit rating.

APS Money Management can stay on top of your bills for you. We’ll keep track of who’s owed what, make sure everybody is paid on time, and keep your credit rating safe, leaving you time to focus on the more important things in life.

Personal Budgeting & Expenses Tracking

If the “Big Picture” of your finances—or those of your elderly parents—seems more like a scrambled jigsaw puzzle, you’re not alone. Keeping track of what your expenses are and understanding exactly where your hard-earned money is being spent requires not only time, but also organizational skills and fiscal expertise.

APS Money Management can transform the pieces of your financial puzzle into a clear picture by giving you the tools needed to track, document, and control your spending. We’ll help you consolidate past bills wherever possible, while also showing you how to stick to a realistic budget, a savings plan, and retirement goals for the future.

Finally, when tax time rolls around, it’s easy to be caught scrambling. But by letting us keep your books in order all year round, the process of getting all relevant documents in order by April will take hours instead of days or even weeks.

Services Management

Whether it’s caregivers, nannies, housekeepers, or somebody who mows your lawn for you every week, the process of juggling household private staff or service professionals takes time and attention. Which is time you might rather be enjoying with your family, stepping out with friends, relaxing, exercising, watching a movie, or reading a book. Or … you could let APS take it off your plate for you, freeing up your time and ensuring your peace of mind.

For more information about homeowner services management, visit our Financial Services for Homeowners page.

Have a special need that you don’t see on the list above? Then reach out and let’s talk. Our goal is to keep your family’s financial life running smoothly. So, if there’s any way at all to make that happen, we’ll help you find it.