U.S. Trust has launched a new services specifically aimed at wealthy families and their complex planning needs.
Family Wealth Services is designed as a comprehensive approach to meeting the needs of high-net-worth families, according to U.S. Trust, a part of Bank of America's Global Wealth and Investment Management.
“Today’s families are complex, and they come in all shapes and sizes, with emotional, lifestyle and financial issues that are closely intertwined,” says Keith Banks, president of U.S. Trust.
“We recognize that the individual financial and planning goals of our clients are part of a bigger, multi-dimensional family dynamic,” he adds. “Family Wealth Services is a reflection of the increased interests we are seeing by clients taking control of their individual financial security with a more disciplined, proactive, longer–term view of family relationships and responsibilities.”
Family Wealth Services will assist clients with providing financial education for children and managing wealth across multiple generations; addressing the needs of elderly family members; planning for the unique needs of lesbian, gay, bisexual and transgender domestic partners; supporting philanthropic interests and supporting trustees and executors, according to U.S. Trust.
The 2012 U.S. Trust Insights on Wealth and Worth Survey showed 61 percent of wealth parents are not fully confident their children will be well prepared to handle a financial inheritance. It also is designed to help wealthy families with long-term care planning for themselves and elderly relatives, to help women deal with blended families, divorce or the death of a spouse, and to help with estate planning and establishing a philanthropic legacy, according to U.S. Trust.