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Resources and Concepts for Multi-Generational Wealth Planning

  • Parkview Partners Capital Management
  • 2 days ago
  • 4 min read

Building a Long-Term Framework for Family Wealth


Multi-generational wealth planning involves more than transferring assets. It includes establishing structures, practices, and values that support financial stability across multiple generations. An effective plan often blends legal tools, governance structures, tax planning, and education.


This guide provides an overview of several commonly used components in long-term wealth planning. Each resource plays a different role, and their usefulness depends on an individual family's goals, assets, and circumstances.


1. Revocable Living Trust


A revocable living trust allows an individual to retain control of their assets during life while outlining how those assets should be managed or transferred in the event of incapacity or death. Because the trust is revocable, its terms can be adjusted as circumstances change.


Key considerations include:


  • Properly titling assets in the trust’s name

  • Selecting successor trustees

  • Coordinating the trust with other estate planning documents


This type of trust can support streamlined administration and help avoid probate.


Overhead view of two people discussing financial data on a tablet during a business meeting.


2. Family Limited Partnership (FLP)


A Family Limited Partnership is a business entity sometimes used to consolidate family assets. Senior family members may serve as general partners, while younger generations may hold limited partnership interests.


Common considerations include:


  • Establishing a legitimate business purpose

  • Maintaining accurate records and partnership formalities

  • Obtaining independent valuations for transfers


An FLP may support centralized management and long-term asset stewardship.


3. Irrevocable Life Insurance Trust (ILIT)


An ILIT is designed to own a life insurance policy outside of an estate. When structured correctly, policy proceeds may avoid inclusion in the taxable estate.


Important factors include:


  • Establishing the trust before acquiring a new policy

  • Using proper procedures for premium gifts and beneficiary notices

  • Selecting an independent trustee


ILITs may play a role in providing liquidity for heirs.


Irrevocable Life Insurance Trust (ILIT)


4. Professional Financial Guidance


A credentialed financial professional, such as a CERTIFIED FINANCIAL PLANNER (CFP®), may help coordinate tax planning, investment strategy, estate planning, and other components of long-term planning.


Key considerations include:


  • Verifying professional credentials

  • Understanding compensation structures

  • Ensuring the advisor follows a fiduciary standard


Working with qualified professionals can help ensure that planning decisions align with long-term goals.


5. Family Office Structures


A family office centralizes management of financial, tax, administrative, and governance matters. This structure is often used by families with substantial or complex assets.


Factors to consider include:


  • Establishing a family mission or governance charter

  • Developing an investment policy statement

  • Selecting appropriate staffing or partnering with a multi-family office


A family office may support cohesion, professionalism, and continuity.


6. Charitable Remainder Trust (CRTs)


A Charitable Remainder Trust can provide income to designated beneficiaries for a term, with remaining assets ultimately benefiting charitable organizations.


Considerations include:


  • Choosing between CRAT and CRUT structures

  • Understanding administrative requirements

  • Coordinating charitable goals with financial objectives


CRTs may combine philanthropy with long-term planning.


7. Family Constitutions and Governance Charters


A family constitution outlines shared values, decision-making guidelines, and long-term intentions. Although not legally binding, it may help maintain unity and clarity across generations.


Considerations include:


  • Facilitated family discussions

  • Documenting governance processes

  • Reviewing the charter periodically as circumstances evolve


This resource may support harmony and help preserve family priorities.


8. Family Wealth Education


Education is an important component of preparing future generations for stewardship. Programs may include financial literacy training, investing concepts, or governance workshops.


Key considerations include:


  • Offering age-appropriate learning

  • Combining classroom concepts with practical experience

  • Including external mentors or structured programs


Education may help foster confident, informed heirs.


9. Qualified Personal Residence Trust (QPRT)


A QPRT is an irrevocable trust used to transfer a residence to beneficiaries at a reduced gift tax value while allowing the grantor to live in the home for a set term.


Considerations include:


  • Selecting appropriate property

  • Structuring a term aligned with the grantor’s goals

  • Planning for post-term occupancy


A QPRT may support both estate planning and real estate stewardship.


10. Dynasty Trust and Long-Term Trust Structures


A dynasty trust is designed to last for multiple generations, subject to state law. Assets in the trust may avoid estate and generation-skipping transfer taxes when structured properly.


Key considerations include:


  • Selecting an appropriate trust jurisdiction

  • Defining distribution standards

  • Establishing trustee succession plans


These long-term trusts may help preserve family wealth over extended periods.


Integrating These Resources Into a Cohesive Strategy


Each of the tools described above serves a different purpose. The effectiveness of a multi-generational wealth plan often depends on how well these components work together within a family’s goals, values, and governance structure.


Regular reviews, professional coordination, and open communication can help ensure that planning strategies remain aligned with evolving circumstances.



Investment advice offered through Stratos Wealth Partners, Ltd., a registered investment advisor. Stratos Wealth Partners, Ltd and Parkview Partners Capital Management are separate entities. Neither Stratos nor Parkview Partners Capital Management provides legal or tax advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investing involves risk, including possible loss of principal. The information presented is for educational purposes only and should not be interpreted as individualized investment, tax, or legal advice. Past performance is not indicative of future results. For more information, please review our Form ADV, available upon request.


 
 
 

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Financial Advisor, Investment Advisor, High Net Worth, Wealth Management, Tax Planning, Risk Management, Financial Coordination, Retirement Planning, Charitable Giving, Columbus Ohio, Parkview Partners Capital Management

291 East Livingston Ave.
Columbus, OH 43215


Phone: (614) 427-2132

Fax: (614) 427-2132

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