Beyond Retirement: Crafting a Multi-Generational Wealth Legacy in San Diego

By Elisabeth Dawson, Founder of Copia Wealth Management & Insurance Services

The Next Big Question: How Do You Make Wealth Last for Generations?

For many San Diegans, retirement planning isn’t just about stopping work—it’s about ensuring everything you’ve built continues to serve your family for generations. You’ve worked hard, you’ve saved, and you’ve created a life of comfort and abundance. But now the question becomes:
“How do I make sure this wealth lasts—not just for me, but for my children and grandchildren?”

This is the heart of multi-generational wealth planning. And in a city like San Diego—where property values are high, many families hold significant assets, and generational roots run deep—estate planning and legacy conversations are more important than ever. This is precisely where the expertise of high-net-worth financial advisors in San Diego becomes invaluable.

Let’s explore how to go beyond traditional retirement and start crafting a legacy that aligns with your values, your family, and your vision for the future.

What Is Multi-Generational Wealth?

Multi-generational wealth is about more than just leaving behind money or property. It’s about:

• Transferring values along with assets
• Equipping your family to make wise financial decisions
• Structuring your estate in a way that preserves wealth—not fractures it
• Reducing or avoiding taxes, so more of your legacy stays in your family

This is where true financial planning meets legacy design.

Why It Matters in San Diego

San Diego families often have more to protect than they realize. Consider:

• Home values routinely top $1 million, making real estate a significant estate asset
• Family-run businesses and professional practices are common, needing succession planning
• Blended families, second marriages, and adult children require thoughtful estate structures
• High living costs and housing shortages can make inherited wealth even more vital for younger generations trying to stay rooted in San Diego

Without a clear plan, your legacy could get tied up in probate, reduced by taxes, or create unintended conflict among heirs.

Step 1: Start With an Estate Plan That’s Alive

Many people create a will or trust and then forget about it for years. But life evolves—so your estate plan should evolve too.
At Copia, we help our clients create living estate plans—plans that are reviewed and refined regularly as your circumstances change.

A robust plan typically includes:

• A living trust to avoid probate and direct how your assets are distributed
• Powers of attorney and healthcare directives
• A pour-over will to catch any assets not titled in your trust
• Beneficiary reviews for retirement accounts and life insurance
• Letters of instruction that communicate your values and wishes beyond the legal documents

Think of it like this: your estate plan is your family’s financial GPS when you’re no longer here to guide them.

Step 2: Use Smart Wealth Transfer Strategies

San Diego families often face higher estate taxes and capital gains due to appreciating real estate and investment accounts. That’s why how you transfer your wealth matters just as much as what you transfer.

Here are a few strategies we use with our clients:

✅ Gifting During Your Lifetime

You can gift up to a certain amount each year per person without triggering gift tax. This lets you gradually transfer wealth while enjoying the impact of your generosity.

✅ Use of Irrevocable Trusts

These trusts can remove assets from your taxable estate, provide asset protection, and allow for control over how and when assets are distributed.

✅ Roth Conversions

By converting taxable retirement funds to Roth accounts now, you give your heirs the gift of tax-free income later—and reduce the size of your taxable estate.

✅ Step-Up in Basis

Assets passed at death typically receive a “step-up” in basis, reducing or eliminating capital gains taxes. Strategic timing and holding periods matter here.

✅ Life Insurance

A properly structured life insurance policy can be used to equalize inheritance, pay estate taxes, or provide a tax-free lump sum to beneficiaries.

No two families are the same. The right combination depends on your assets, your family dynamic, and your long-term intentions.

Step 3: Involve the Next Generation Now

One of the biggest mistakes I see is leaving heirs out of the planning process. When children or grandchildren inherit wealth without context or preparation, the results can be disappointing—or even destructive.

That’s why we encourage what I call Generational Financial Conversations.
These can include:

• Sharing the “why” behind your financial choices
• Teaching foundational principles of stewardship, savings, and investment
• Introducing your financial advisor or estate attorney to the family
• Holding regular family meetings to discuss shared goals or philanthropic giving
• Involving adult children in reviewing or co-managing family real estate or business assets

Your wealth is more likely to last when your family is emotionally and financially ready to receive it.

A San Diego Family Legacy Story

Let me share the story of one of my long-time clients—we’ll call them Mark and Linda.
They had built a successful dental practice in La Jolla and owned several rental properties in San Diego County. Their two adult children were pursuing careers in education and the arts—not interested in running the business, but deeply connected to the family’s history.

We worked together to:

• Create a family trust that divided real estate equitably
• Set up a life insurance policy to offset tax exposure
• Sell the dental practice with a planned buyout
• Host a family legacy meeting to explain their decisions and encourage dialogue

The result? A plan that not only transferred wealth, but strengthened family unity—and a set of grown children who felt empowered, not overwhelmed.

Your Legacy Is More Than Numbers

At the heart of all this planning is one truth:
Your legacy isn’t just about money—it’s about meaning.
It’s about making sure your life’s work continues to serve your family, your community, and your values long after you’re gone.

And whether you’re just beginning to think about estate planning or you have an outdated plan collecting dust, it’s never too late—or too early—to start designing your legacy.

Let’s Build Your Legacy, Together

At Copia Wealth Management, we’re not just here to help you plan for retirement. We’re here to help you think beyond retirement—to the people and causes that matter most to you.

Let’s sit down together and explore:

• How your assets can serve multiple generations
• How to reduce unnecessary taxes and fees
• How to prepare your family for the responsibility of wealth
• How to create a legacy plan that reflects your heart as much as your net worth

Schedule your complimentary legacy planning session today.
Because wealth, when planned for properly, can become a blessing that lasts far beyond one lifetime.

Warmly,
Elisabeth Dawson
Founder | Financial Advisor | Educator
Copia Wealth Management & Insurance Services
📍San Diego, CA
CA LIC #0C71264, #0G81294
Investment advice offered through Copia Wealth Management Advisors, Inc.
Copia Wealth Management Advisors, Inc. is a registered investment advisor.