U.S. Trust Wealth Offering Focuses on the Young and the Aging

Some family-related concerns are intertwined with personal wealth objectives

Two issues are high on the list of concerns of high-net-worth families: preparing the next generation for the responsibilities attendant on their wealth and, increasingly, looking to the needs of aging family members.

This week, U.S. Trust rolled out Family Wealth Services, a new suite of offerings aimed at helping clients address these concerns.

“We have taken a broad approach with Family Wealth Services because we recognize that it may not be possible for [clients] to separate family-related concerns from personal wealth objectives,” the firm said in a statement.

Next Generation

The Financial Empowerment program is designed for women and men in their 20s and 30s, whether they are just starting careers or already have their own families. The program provides knowledge and tools on protecting wealth, philanthropy, trusts and dealing with life events from a financial standpoint.

It aims to focus clients’ attention on what messages about wealth they hope to convey to their children; their attitudes toward work, personal integrity and social awareness; their philanthropic interests; what they as a family truly care about; and how those concerns can be carried forward in the context of activities like trust and estate planning.

Working with a U.S. Trust specialist, participants identify values and goals and also diagnose gaps in financial knowledge, then receive a customized program that can be delivered online, in one-on-one sessions or in groups for the entire family.

Older Generation

The ElderCare Planning program addresses specific planning issues related to aging, and provides support and guidance for decisions clients will face as they make later-life plans for themselves and other family members.

The program offers these services:

  • Assistance in gathering and organizing critical financial, legal and medical information, determining whether a family member needs some form of assistance and assembling documents and sharing them with appropriate family members as early as possible in order to reduce stress and facilitate their handling later.
  • Access to a dedicated team of elder care planning specialists through partnership with external organizations who work with U.S. Trust clients on a preferred basis and at specially negotiated prices.
  • Help with important financial planning for longevity—including budgeting assistance, retirement asset planning, provision of longevity and long-term care insurance and assessments of other ways of financing long-term care arrangements.
  • Gift and estate planning for anyone who needs assistance.
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