In addition to world-class investment management, estate planning and trust services, Family Trust can coordinate nursing home or in-home care, arrange for home repairs, provide transportation for doctor's visits, insure medications are taken properly, handle medical insurance claims, prepare meals and arrange housekeeping services for elderly family members.
With more families geographically dispersed and life expectancy rates increasing, caring for aging parents and grandparents poses a serious dilemma for millions of Americans. Whether across the country or just down-the-street, many families believe that better care can be provided by trained, experienced professionals.
"With Family Trust, we now can care for more than just the financial well-being of our clients and their families," said Don McMullen, First Union executive vice president and head of the Capital Management Group. "We are aggressively addressing this national concern by creating a revolutionary service that combines personal care and financial management."
"This is a terrific service for families, one that only a financial service organization with First Union's professional depth and geographic diversity could offer," said Tony Terracciano, president of First Union Corp.
Designed to provide security and independence to an aging population, Family Trust can also take care of the day-to-day financial needs of an elder client including paying bills, making bank deposits, as well as preparing and filing tax returns.
A care management provider working with First Union assesses clients' current and future needs, emphasizing both quality of life and clinical concerns. This assessment includes physical, psychological and social needs, as well as home safety and transportation requirements. The First Union-appointed provider will be responsible for execution, coordination, supervision and monitoring of care. Clients and their families can maintain any level of involvement they choose.
The service will initially be offered through First Union's Trust Group but may be tailored for other client segments in the future.
Since each plan is tailored to a client's specific needs, fees are based on the level of care coordination required.
Family Trust is the latest service in one of the nation's most comprehensive trust product lines. First Union also offers: First Investment Advisors, a group of more than 100 top investment advisors dedicated to preserving capital and superior income and growth. Personal Estate Strategies, offering objective estate planning designed to help clients protect their assets for future generations. First Analysis, a detailed business valuation including financial and market analysis. First Union's Capital Management Group currently has more than $62.6 billion in assets under management. First Union Corporation is a leading provider of financial services to more than 12 million retail, commercial and corporate clients throughout the East Coast and the nation. With more than $137 billion in assets, First Union is the nation's sixth-largest bank holding company.
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