In today’s landscape of modern wealth management, successful intergenerational wealth transfer requires far more than basic estate documents. Financial advisors are increasingly being called upon to help clients navigate family dynamics, long-term succession planning, and complex regulatory environments—all while ensuring continuity across generations.
During our recent webinar, “Intergenerational Wealth Transfer: Beyond Basic Estate Planning,” expert attorneys from Hargrove Firm and NetLaw’s CEO, Alex Hargrove, explored practical approaches and advanced planning techniques that go beyond the basics.
We’ve summarized key insights from the webinar, showcasing how tehnology like NetLaw’s online estate planning platform empowers financial advisors to guide their clients through this evolving and essential process.
The Importance of Tech-Enabled Estate Planning
Technology has become an indispensable tool in estate planning, and NetLaw’s platform is built specifically to facilitate collaboration among advisors, attorneys, and clients. By delivering legal services at scale through Hargrove Firm, the NetLaw platform creates a transparent, streamlined process across all 50 states.
Samantha Chevalier, an advanced planning attorney with Hargrove Firm, explained how NetLaw’s planning process helps clients understand their estate plan, make informed decisions, and feel empowered. This structure enhances the advisor-client relationship and keeps advisors actively involved throughout the planning journey.
Advisors no longer have to refer clients into a “black box” legal process. Instead, with NetLaw, they gain visibility and influence, allowing for better outcomes and stronger client relationships.
Challenges in Multigenerational Wealth Transfer—and How to Address Them
Planning for intergenerational wealth transfer involves more than setting up trusts and wills. One of the most significant shifts in recent years is the increased use of Lifetime Protection Trusts, which allow clients to transfer wealth in a controlled and protective manner. Rather than providing outright distributions at set ages, these trusts offer long-term benefits such as creditor protection, divorce shielding, and potential transfer tax minimization.
According to Chevalier and fellow advanced planning attorney, Keven DuComb, encouraging clients to involve their children early in the estate planning process not only enhances financial literacy but also helps create continuity across generations. Including children in wrap-up meetings, when appropriate, allows them to understand their roles in future administration and prepares them to work with both attorneys and advisors.
Strategies for Advisors to Elevate Their Value
Here are a few of the key estate planning strategies discussed during the session:
- Use of Corporate Trustees: Neutral administration helps prevent family conflict and ensures consistent fiduciary responsibility.
- Custom Trustee Transition Structures: Children can start as co-trustees in their 30s and become sole trustees later, giving them time to “learn the ropes.”
- Powers of Appointment: Testamentary and limited powers allow flexibility for future generations to adjust asset distribution based on their needs.
- State-Specific Tax Awareness: Advisors should help clients understand inheritance and estate tax implications in states where their heirs live, even if the client resides in a tax-neutral state like Florida or Texas.
These approaches help advisors demonstrate their strategic value and reinforce their role as multi-generational relationship managers.
Navigating Family Dynamics with Sensitivity and Structure
Family dynamics often complicate estate planning, particularly in blended families or when one child is more involved in a family business. The speakers emphasized that fair doesn’t always mean equal, and that proactive communication and clear documentation can help manage expectations and avoid future conflict.
For families with estranged children or beneficiaries facing challenges such as substance abuse, attorneys recommended incentive-based trust provisions and continued use of a corporate trustee to ensure impartiality.
Balancing Control and Flexibility
Many clients struggle with relinquishing control while wanting to ensure their assets are protected. By using revocable trusts, clients can make adjustments over time as family circumstances evolve. Lifetime Protection Trusts offer flexibility through distribution standards (like HEMS—Health, Education, Maintenance, Support) and optional withdrawal provisions (like 5% annual access).
The ability to adapt trust terms ensures clients feel confident that their intentions can evolve without compromising structure.
Next Steps
To explore the full depth of insights, watch the recorded webinar and elevate your estate planning conversations and strategies.
If you’re interested in how NetLaw’s technology and Hargrove Firm’s legal expertise can enhance your practice and client outcomes, schedule a personalized demo with our team. Start transforming your client experience and streamline intergenerational estate planning with modern tools and attorney collaboration.