Multigenerational Estate Planning in Connecticut: Strategies for Long-Term Wealth Protection
If you’ve created an estate plan that protects your spouse and children, you’re ahead of many. But estate planning doesn’t end there, especially if you’ve built family wealth or own property and investments meant to benefit more than one generation.
Without proper planning, wealth can erode by the time it reaches your grandchildren. In fact, many estates are significantly reduced or lost entirely by the third generation. But this outcome isn’t inevitable. With the right tools and planning, it’s possible to preserve and grow your assets while honoring your values and protecting your family's future.
The Opportunity to Shape Generational Impact
Multigenerational estate planning is about more than just money, it’s about intention. Whether your goal is to:
Shield your family from unnecessary tax burdens
Protect assets from poor spending decisions
Support charitable causes
Pass down a family business
Now is the time to develop a plan that reflects your vision for the future.
You don’t need to have all the answers up front. At Harper Law in Milford, CT, we help you clarify your goals and build a custom estate plan that meets your family’s needs today and for years to come.
Trusts: A Cornerstone of Multigenerational Planning
Trusts are often at the center of a multigenerational estate plan. They offer long-term control, privacy, and protection while helping you avoid probate and ensure smooth management of assets if you become incapacitated.
Common Trusts for Multigenerational Planning:
Discretionary Trust
Allows a trustee to manage how and when distributions are made, helping preserve wealth and protect beneficiaries from creditors or financial mismanagement.Irrevocable Life Insurance Trust (ILIT)
Keeps life insurance proceeds out of your taxable estate, which can reduce estate taxes and ensure more passes to your heirs.Charitable Trusts
Tools like charitable lead or remainder trusts let you support causes you care about while also benefiting your family.
Your specific trust strategy should align with your goals, family structure, and tax considerations. We’ll work with you to choose the right structure and implement it with clarity.
Planning for Global Families
If you hold assets outside the United States or have family members who live abroad, estate planning requires additional considerations. Some countries, particularly in Europe have forced heirship rules and may not recognize U.S.-based trusts.
In these cases, dual planning may be necessary to align your U.S. estate plan with the legal systems where your foreign assets are located. We help families navigate these complexities to ensure cross-border protection and compliance.
Other Key Tools for Multigenerational Families
Trusts are essential, but they’re not the only component of a strong estate plan. You should also consider:
Powers of Attorney – To authorize someone to manage your finances if you’re unable to do so.
Advance Medical Directives – To document healthcare preferences and designate a medical decision-maker.
529 College Savings Plans – To invest in your grandchildren’s education in a tax-advantaged way.
Every family’s needs are different. Our job is to help you create a plan that reflects your values, preserves your wealth, and gives future generations the tools they need to succeed.
Start Planning for the Future Today
At Harper Law, we work with families who want to think long-term beyond the next generation. Whether you’re growing a business, passing down a home, or simply want to protect what you’ve worked hard to build, we’re here to help.
Schedule a consultation to begin your multigenerational estate planning journey. Together, we’ll create a plan that honors your legacy and strengthens your family’s future.
Disclaimer: This blog is for informational purposes only and does not constitute legal advice. Please consult an attorney for specific legal guidance.