Nearly half of high net-worth individuals say they have plannedahead for health care and long-term care costs in retirement, butonly a small fraction, 18 percent, said their financial planaccounted for their parents’ long-term care costs.

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In “Insights on Wealth and Worth,” a survey of 711 highnet-worth individuals by U.S. Trust, only one-quarter of BabyBoomers and 16 percent of those over age 68 said they expectedtheir parents to turn to them for financial assistance in thefuture, yet one-third of Generation X and 46 percent of GenerationY said they expect to provide financial assistance to their parentsor in-laws at some point in their lives.

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Fifty-six percent of those surveyed said they provide financialsupport to their adult children and 46 percent said they haveprovided substantial financial support to adult family membersother than their own spouse or partner.

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The report also found that wealthy people feel more financiallysecure than other groups so they have shifted their investmentpriorities from asset protection to asset growth.

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“The majority of people we surveyed grew up in middle-classfamilies and created their own wealth. They don’t see themselves aswealthy and many are unaware of risks and circumstances that growincreasingly complex as wealth accumulates,” said Keith Banks,president of U.S. Trust.

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“The wealthy have been disciplined about protecting their assetsfrom market loss, but may have a false sense of financial security.They are not adequately planning for family health concerns or forthe retirement that they want. We need to shift the conversationabout wealth management to these important topics and expand theirunderstanding of risk.”

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Eighty-eight percent of those surveyed said they feelfinancially secure now and 48 percent said they feel even morefinancially secure today than they did five years ago. Women,Generation X and households on the highest tier of the high networth segment were all concerned about having enough income inretirement.

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When it comes to retirement planning, 62 percent of high networth households said they were confident they would havesufficient income in retirement and six in 10 non-retirees havebeen calculating their retirement income by reviewing expecteddistributions from retirement savings accounts.

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A large percentage had not adequately accounted for the impactof inflation, taxes on their investment income, life expectancy,the cost of long-term care or any financial support that might beneeded by their children or parents.

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U.S. Trust, Bank of America Private Wealth Management is aprivate wealth management organization.

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