Smart Solutions for Affluent Clients and Family Offices: Addressing Extended Care Planning Needs for Family Office Clients

Posted by on May 10, 2011 in Long-Term Care Insurance | 0 comments

Achieving the top strata of net worth has its advantages and its challenges. To address the challenges, persons of exceptional wealth enlist the assistance of family offices to manage planning needs and day-to-day affairs.

The purpose of this strategy is easy to understand. A family office offers the client the valuable expertise of trusted advisors and experts, the most effective and up-to-date solutions and time savings.

There are many risks subject to such management, not the least of which is the risk of debilitating injury or illness or onset of a chronic condition requiring extended health care. Why should ultra-high net worth clients address this risk? Why should family offices include planning for this risk alongside traditional wealth management efforts? How can family offices and clients secure the right expertise to best address this risk?

The typical response to the invitation to plan for long-term care is that these clients can easily self-insure the costs of such care. But are these clients prepared to invest the time and emotional capital needed to treat a family member who requires around-the-clock care? A full-service family office would be remiss in failing to bring this aspect of risk and best solutions to the attention of their clients.

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