Banks Provide Elder Care

Private banks and trust companies are increasingly helping older clients manage their financial affairs. Banks with elder services programs will do things like manage crises, sort out medical bills, manage the sale of a home, manage Medicare-coverage claims, or hire in-home care for their elderly clients.

The banks and trust companies that offer such services get something out of providing these services as well, possibly including:

• Increased asset management fees
• Providing an incentive for clients to move more assets to their institution to qualify for the services
• A long-term, loyal relationship with the client as well as the younger generations of the client’s family

For more information, including examples of banks helping out their elderly clients, see Kelly Greene, Beyond Estate Planning: Bankers Tackle Elder Care, W.S.J., June 26, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.