Attorney Mark Gilfix of Gilfix & La Poll Associates LLP recently appeared on a podcast to offer his insights on multigenerational planning. He was a special guest on episode 109 of Lomah, a special needs podcast.
The show, titled Financial Planning Across Multiple Generations, is part of a 12-episode series that focuses on special needs financial planning. Coordination of financial planning becomes especially crucial when children with special needs are involved. The episode encourages listeners to consider an integrated approach to planning across multiple generations to maximize the preservation of family assets.
“When families come together and think across generations it is extraordinarily powerful,” said Gilfix. He emphasizes the importance of open communication between family members about long-term care expenses, type of care, accommodation preferences and other matters. He suggests framing discussions in terms of hopes and dreams for the future rather than dwelling on the darker aspects often associated with these issues.
“It is critical that you communicate ahead of time and that grandma and grandpa — generation one — have discussions with generation two; they have a good estate plan in place and they discuss these issues with their kids,” Gilfix shared on the podcast. “And if you — of generation two, the kids — have never talked to your parents about this, you need to do it. You need to talk to them about long-term care.”
Gilfix is a sought-after speaker and an advocate for helping families use a multigenerational approach to building integrated financial and legal plans. Palo Alto-based Gilfix & La Poll Associates LLP is a nationally recognized leader in the fields of special needs planning, estate planning and elder law.
To listen to the podcast episode, search for Lomah Special Needs Podcast on your favorite podcasting app or visit www.lomah.org.