A guide to protecting what matters most 

As wealth grows, so does complexity, especially for families looking to steward that wealth across generations. At SteelPeak, we believe estate planning isn’t just about paperwork. It’s about preserving values, reducing friction, and building continuity from one generation to the next. 

Whether you’re just getting started or revisiting an old plan, here are five foundational strategies every multi-generational family should consider. 

1. Set Up a Living Trust (And Fund It Properly) 

Let’s start with a common myth: “I have a Will, so I’m covered.” 

Not quite. 

A Will does outline your wishes, but it doesn’t avoid the court-supervised process known as Probate. Probate can be time-consuming, expensive, and public, three things most families want to avoid. A Living Trust, on the other hand, allows your assets to pass privately and efficiently to your heirs. 

But here’s the part many people overlook: the trust only works if your assets are actually in it. 

That means titling your real estate and other major assets in the name of the trust. If you’ve created a trust but never transferred your home or investment properties into it, your estate may still end up in Probate, defeating the purpose entirely. 

The takeaway: A Living Trust isn’t just a document. It’s a tool that must be maintained. Especially for families who own real estate or other high-value assets. 

2. Establish Powers of Attorney for Property and Health Care 

We tend to think of estate planning as something that kicks in after death. But many of the most important tools are designed to protect you while you’re alive. 

Power of Attorney (POA) documents allow someone you trust, often a spouse, child, or fiduciary, to step in and help manage your affairs if you become ill or incapacitated. 

This is especially important as we see more families navigating cognitive decline in aging parents and loved ones. Without these documents in place, even simple tasks like accessing a bank account or making a medical decision can become tangled in legal red tape. 

There are two main types: 

• Health Care Power of Attorney lets someone make medical decisions on your behalf. 
• Financial (or Property) Power of Attorney gives them authority to manage assets, pay bills, or handle investments. 

Why it matters: These tools create clarity, reduce stress, and help families act quickly in moments of crisis. 

3. Review and Refresh Your Existing Trust 

If you already have an estate plan in place, then great. But don’t let it sit on the shelf. 

Families evolve. So do tax laws, asset portfolios, and personal relationships. That’s why we recommend reviewing your trust every few years, or any time there’s a major life change, like: 

• Acquiring new real estate or investment accounts 
• Getting married, divorced, or having children or grandchildren 
• Relocating to a new state 
• Experiencing a significant shift in net worth 

One common oversight we see: clients forget to add newly acquired assets to their trust. This can leave portions of the estate unprotected or subject to probate. 

Bottom line: Estate planning isn’t one-and-done. It’s a living process. And trust reviews help ensure your plan keeps up with your life. 

4. Use LLCs and Corporations for Asset Protection and Succession 

If you own rental properties, a small business, or other income-generating ventures, it’s worth exploring how a legal entity, like an LLC or corporation, can support your estate plan. 

Here’s how: 

• Asset protection: These structures can shield your personal assets from liabilities tied to your business or properties. 
• Tax benefits: Depending on how they're structured, entities may offer meaningful tax advantages. 
• Succession planning: You can name your trust or heirs as members or shareholders, creating a clear path for wealth transfer. 

When used thoughtfully, entities like LLCs become part of a broader strategy that integrates your estate, tax, and investment plans. 

Our approach: We often help families align their LLC operating agreements with their estate documents, so everything works together seamlessly. 

5. Plan Proactively for Taxable Estates 

The federal estate tax exemption currently sits at just under $14 million for individuals and just under $28 million for married couples. If your estate is near or above those thresholds, you may be facing a sizable tax bill unless you plan ahead. 

Thankfully, there are several advanced strategies designed to reduce or even eliminate estate taxes: 

• Spousal Lifetime Access Trusts (SLATs): Allow one spouse to gift assets to an irrevocable trust while retaining indirect access. 
• Generation-Skipping Trusts: Help move wealth down multiple generations without being taxed each time. 
• Irrevocable Life Insurance Trusts (ILITs): Remove life insurance from your taxable estate while ensuring liquidity for heirs. 

Each strategy has pros and cons, and the right fit depends on your goals, family structure, and timeline. 

What we recommend: If you’re approaching the taxable threshold, talk to a team that understands the intersection of estate law, tax strategy, and family dynamics. A proactive plan can mean the difference between leaving a legacy or leaving a liability. 

Final Thoughts: Estate Planning as a Gift 

When done well, estate planning is one of the greatest gifts you can give your family. It protects your wishes, preserves your wealth, and provides clarity during what can otherwise be an emotional and stressful time. 

At SteelPeak, we believe estate planning isn’t just for the ultra-wealthy. It’s for anyone who wants to steward their resources wisely and intentionally. Whether you’re navigating family businesses, real estate holdings, or just making sure your loved ones are taken care of, we’re here to help. 

Ready to take the next step? Let’s build a plan that honors your values and supports the generations to come.