Gilfix & La Poll Attorneys Discuss Innovative Multigenerational Planning in Trusts & Estates Magazine Article

San Francisco, CA (Law Firm Newswire) September 14, 2015 – Attorneys Michael Gilfix and Mark R. Gilfix of Gilfix & La Poll Associates have co-authored an article about estate planning and taxation in the September 2015 issue of the prestigious Trusts & Estates magazine.

In the feature titled “A New Paradigm: Truly Multigenerational Planning,” they present a novel and innovative approach for estate planning with the aim to “help families achieve a diversity of shared goals.” The article suggests a new paradigm in which multiple generations of a family actively participate in planning.

The essentials of estate planning — including long-term care, Medicaid planning, special needs trusts, tax planning and other related topics — are discussed in this multigenerational context. “Regardless of wealth, most members of our client communities would benefit from multigenerational estate planning. Such a paradigm is necessary in an era in which traditional approaches to estate planning might not meet the needs of all families,” said nationally known estate planning attorney Michael Gilfix.

When it comes to this type of planning, there are a variety of factors that need to be addressed. Michael Gilfix and Mark Gilfix draw on their extensive experience as a multigenerational father-son team of estate planning attorneys to examine how the goals, hopes and perceptions of each generation are likely to influence planning.

Along with asset preservation, parents and grandparents tend to be concerned about long term care. Costs for health care and housing can grow exponentially with age. While the younger generation prioritizes the well-being and care of their elders, they also have an interest in helping to protect their parents’ assets — and their inheritances. These goals need not be contradictory.

“Communication is key when trying to achieve harmony between the perspectives of different family members. Shifting the focus away from fears and concerns about privacy to the family’s shared goals and dreams can foster cooperation between generations,” said Mark Gilfix, who has previously shared his expertise on multigenerational planning in the book “Facing the Reality of Long Term Care,” co-authored with Michael Gilfix. They believe that this new approach will help to bring families together, and will help them achieve more positive planning outcomes.

For over 35 years, Gilfix & La Poll Associates has provided expert representation and innovative legal solutions in estate planning, tax, special needs and elder law. Read the Trusts & Estates magazine article at: http://www.gilfix.com/wp-content/uploads/2014/03/new-paradigm-2015.pdf