Multigenerational Households: Avoiding Succession Frictions With Trusts

Family homes often carry deep emotional and financial significance, but without careful planning, they can also become a source of tension across generations.

In a recent FamilyWealthReport article, Day Pitney Trusts and Estates Partner Michael Wargon explores how the rise in multigenerational living is increasing the potential for disputes over shared property, from day-to-day use to long-term ownership decisions. He points to structured solutions like dynastic and generation-skipping trusts—often paired with LLCs—as ways to help families define governance, allocate responsibilities, and navigate shared ownership across generations.

As Wargon notes, “Where property is a significant part of family wealth…a lot of the time it is because the property has a significant part in a family history. In theory, that’s a beautiful thing but if you are not thoughtful about it then it can lead to problems.” Read the full article here.