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US Trust expands eldercare planning services


US Trust has expanded its core wealth management and estate planning capabilities to include extensive eldercare services designed to help clients take control of their biggest fiduciary, financial and health-related concerns related to ageing and long-term care for themselves and elderly family members.

"Ageing baby boomers are reporting moderate to high levels of stress as they assume the responsibilities of caring for elderly family members and contemplate their own longer life expectancy," says Keith Banks, president of US Trust. "Fear, uncertainty and a lack of trusted legal, financial and healthcare advice have caused many people to put off planning for eldercare, leaving them with piecemeal, disparate or rushed solutions that put their health, family and financial security at risk."

At the core of US Trust’s eldercare services is a focus on wealth and estate planning, augmented by educational materials, tools and support. US Trust now provides its private wealth clients across the country with access to:

Organisational services and tools to assist anyone designated to act on their behalf. US Trust has developed a comprehensive inventory manager to help clients and their family members organise vital information and documents, including paper files, electronic records and digital passwords. This document will help address the organisational challenges that many clients face as they and their loved ones age.

Healthcare management and coordination of service providers and support to individuals and family members anywhere in the country through a strategic alliance with a nationwide referral network of external health care providers and professionals.

A library of eldercare financial planning and educational materials, including materials that provide simple and objective explanations of financial tools such as life insurance and trusts, as well as user guides on topics such as managing Health Savings Accounts and understanding the scope of power and intent of a power-of-attorney document.

Core estate planning services and professionals dedicated to specialised eldercare issues such as philanthropic and legacy planning, multi-generational estate planning and reviews, trust creation and asset protection considerations, estate settlement, bill paying services, beneficiary designations, and healthcare proxy and power of attorney roles and responsibilities across generations.

Through extensive industry research and consultation with clients about attitudes and feelings related to ageing and eldercare, US Trust learned that beyond their own health status, the biggest fears our clients have are: outliving their financial assets, becoming a burden to their loved ones, losing independence and control, and a lack of understanding or ability to access and assess care options.

US Trust identified a widespread need for thorough, need-based, multi-generational approaches to eldercare planning, which clients viewed as a natural extension of the personal relationship they already have with their private wealth advisor.

"Combining US Trust’s deep planning and administrative expertise, we can help clients think more holistically about issues having to do with ageing, health care, wealth planning and wealth transfer and the linkages among all these interrelated areas," says Chris Heilmann, US Trust’s chief fiduciary executive.


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