Thursday, September 23, 2010

Wells Fargo discusses how a "private bank" can help with estate settlement and elder geriatric care management

On Thursday, September 24, Wells Fargo held a gathering at Morton’s steakhouse in Reston, VA, where it discussed its “private bank” and presented “The 12 Wealth Management Issues”.


Much of this involves tax reduction strategy (in anticipation of the 2011 reversion) with gifting, insurance, and proper use of different kinds of IRA’s, including Roths, whose strategy changes frequently.

What was interesting was the subject of geriatric care management. The Bank can assist a family in finding the best care management services and of relieving adult children of some of the difficult issues that occur day to day. If is becoming more common for adult children to be in other cities when parents need long term care, and the need for LTC is increasing very rapidly. But often properly managed care also prolongs life by obtaining proper medical supervision.

A couple months ago, the New York Times had discussed the entry of banks into geriatric care management. Banks would be in a particularly good position to prevent improper comingling of elder’s funds.

The merger with Wachovia is proceeding slowly and carefully, affecting cities like Charlotte. In Minneapolis, the second tallest building in town, formerly Norwest, is Wells Fargo.

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