Sometimes managing wealth requires more than understanding how to approach investments and build portfolios. It takes a fundamental understanding of tax codes, managing business balance sheets and protecting personal wealth in times of adversity or declining health.

Sometimes managing wealth requires more than understanding how to approach investments and build portfolios. It takes a fundamental understanding of tax codes, managing business balance sheets and protecting personal wealth in times of adversity or declining health.

Charles F. Bailey, III, CPA/PFS, CFP® , member of Charles Bailey & Associates, LLC and founder of Beacon Wealthcare Services, Inc., draws from his accounting background to provide his individual and small-to mid-sized business clients with a breadth of services ranging from taxation and IRS compliance, to elder care and long-term care expense management.

“We provide an orderly, disciplined approach to the investment process. Having a CPA background gives us a little leverage in providing a more comprehensive wealth management service,” Bailey said.

Bailey, who works with IRS agents on a daily basis, said that while he’s heard the horror stories of abusive agents, he has never encountered one. “The majority are very professional in what they do. They are really just trying to get taxpayers to be in compliance with tax regulations, get all the returns filed and get on a payment plan,” he said, adding, “It’s nice to see a negotiation come to a resolution where the clients are okay with things and the IRS is happy – everybody wins.”

While Bailey is adept at understanding the ins and outs of complex government codes, he can see how the increasingly stringent regulations are making compliance cumbersome for those in his industry. “For a smaller, mid-sized company,” he explained, “it’s harder to keep track of the regulatory environment and compliance issues that are coming down from both state and federal governments.”

Increasing regulation often results in resources being diverted into keeping pace with regulations, which means they cannot be reinvested into the growth of the business.

Bailey’s interest in elder care is personal. Having walked through this stage of life with his aging parents in the mid-2000s, Bailey understands firsthand how financial decisions can affect the quality of life and care for elderly loved ones.

“You have to make sure they have proper estate planning documents in place, and you need an elder law attorney to help in that area just to review things and make sure they have whatever documents that they do need,” Bailey said.

“It’s a very sensitive area that a lot of people don’t like to talk about – how they can stay in their house, living arrangements, family and neighbors, different types of care arrangements in place to help.”

Fortunately, Bailey added, there are a number of planning options as well as resources through the state and federal government which can help seniors manage their home and health expenses. He knows that the hardest part can sometimes be initiating the conversation. “When dealing with finances, it’s a very private issue for some people,” Bailey emphasized.

For more information visit: www.cbaileycpa.com

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