The statistics are staggering. And they all have an unavoidable impact on estate planning, trust administration and family care.
First, our population is aging:
The median age of the U.S. population is expected to grow from age 38 today to age 43 by 2060. (United States Census Bureau 2018)
Those over age 65 will outnumber children for the first time in U.S. history by 2035, according to new projections by the Census Bureau. Aging baby boomers are one of the main drivers of this trend. (United States Census Bureau 2018)
Second, mental health is becoming a bigger issue:
1 in 5 adults have a mental health condition. That's over 40 million Americans; more than the populations of New York and Florida combined. (Mental Health America)
Youth mental health is worsening. Rates of youth with severe depression increased from 5.9 percent in 2012 to 8.2 percent in 2015. Even with severe depression, 76 percent of youth are left with no or insufficient treatment (Mental Health America)
Depression is the leading cause of ill health and disability worldwide. According to the latest estimates from WHO, more than 300 million people are now living with depression, an increase of more than 18 percent between 2005 and 2015. (World Health Organization 2017)
Finally, addiction is increasing indiscriminately:
Blue Cross Blue Shield (BCBS) members with an opioid use disorder diagnosis spiked 493 percent over a seven-year period. The report analyzes medical claims from BCBS commercially-insured members diagnosed with opioid abuse disorder from 2010 through 2016. (Blue Cross Blue Shield)
These issues significantly affect families of all backgrounds. For families with wealth and trusts, it complicates matters for all involved.
Often, these are difficult issues for trustees to manage. In fact, many corporate or bank trustees will not work with families when elder care, mental health, or addiction are involved. It takes a high level of care, responsiveness, and willingness to take on difficult and complex situations, and many aren't up for the challenge.
Cumberland Trust is different says distinctive care leader Debbie Butler.
"Traditional banks and trust companies often don't want what they consider to be high-touch work – they simply aren't equipped for it," said Butler. "We see it differently. This is a high-touch concierge service where we have a real opportunity to make a difference in the life of a client. We embrace the opportunity."
Cumberland's unique distinctive care team is dedicated to working with clients who need extra assistance, such as aging clients or those living with disability, illness, or addiction. The team is flexible in responding to changing family needs. Cumberland works with clients and their advisors to hire professionals or agencies to provide personalized care such as bill pay, household or lawn maintenance, transportation, or caregiver management.
"Our specialty in distinctive care is the ability to be a resource for our clients in both their financial and personal care needs," said Butler. "People are living longer and there are more challenges in life than ever before. We think our services are not only valued, but a necessity in today's reality."
Cumberland Trust's early adoption of assisting with these unique and growing familial conditions has made them a national leader in the space. Partnering with financial advisors and attorneys to take on the trustee role and offer distinctive care services when called on has built Cumberland a nationwide client base and reputation. It's also led to a large network of vendors and support partners across the U.S., allowing Cumberland to offer comprehensive concierge services to families.
In an industry where the goal is the betterment and legacy of families, Cumberland Trust is happy to answer the call of clients who need it most.
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