Sponsored By
Trusts & Estates logo

A New Paradigm: Truly Multigenerational PlanningA New Paradigm: Truly Multigenerational Planning

Help families achieve a diversity of shared goals

18 Min Read
A New Paradigm: Truly Multigenerational Planning

To many attorneys, the term “multi-generational planning” brings to mind family business, dynasty trust, generation-skipping transfers (GSTs) and a host of tax planning opportunities. These opportunities are inherently “top down,” in the sense that the older generation—the parents—do the planning for the benefit of following generations.

Attorneys pay far less attention to the type of multi-generational planning that’s required when concerns about the cost of long-term care (LTC) and related issues arise. On a more plebeian level, it’s rarely considered and pursued when dealing with a more or less straightforward estate plan for a typical client.

These latter examples suggest a different paradigm—an approach in which multiple generations a...

Unlock All Access Premium Subscription

Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!

Already Subscribed?

About the Authors

Mark Gerson Gilfix

Attorney, Gilfix & La Poll Associates, LLP

Mark Gerson Gilfix is an attorney at the Palo Alto, Calif. firm of Gilfix & La Poll Associates, LLP. Twitter: @markgilfix

 

Michael Gilfix

Gilfix & La Poll Associates, LLP

Michael Gilfix is a nationally known authority in the field of law, aging and estate planning. A 1973 graduate of Stanford Law School, he is a Fellow of the National Academy of Elder Law Attorneys (NAELA), a co-founder of NAELA, and a Certified Legal Specialist in Estate Planning, Trust and Probate Law. Mr. Gilfix regularly addresses professional audiences, including attorneys, physicians, certified public accountants, and financial planners, nationally as well as locally.
An entrepreneur in the legal field, Mr. Gilfix created the first legal aid program for elders in 1973. He served as Executive Director of that program, Senior Adults Legal Assistance (SALA) of Santa Clara County, for ten years. In 1983 he created the law firm that is today known as Gilfix & La Poll Associates LLP . 

Mr. Gilfix is a California legal advisor to Partnership For Caring, the national organization devoted to rights of individuals to make their own health care decisions. 
A highly respected practitioner and a prolific author, Mr. Gilfix is co-author of Tax, Estate & Financial Planning for the Elderly: Forms and Practice (Matthew Bender) and is the principal author of Medi-Cal and Asset Preservation, a book- length set of materials for practicing attorneys. He regularly contributes to a wide variety of legal journals such as Trusts and Estates Magazine, where his writings have discussed the role of personal values in estate planning, life care communities, and asset preservation planning.