Hartford Business Journal

HARTFORDBUSINESS.COM | SEPTEMBER 4, 2023 23 FOCUS: LAW Another Successful Project by PDS IMPACT PLASTICS | PUTNAM, CT TAC AIR HANGAR V BRADLEY AIRPORT WINDSOR LOCKS, CT LIBERTY MAZDA | HARTFORD, CT EPPENDORF | ENFIELD, CT NEFCO | EAST HARTFORD, CT Building For Your Success Retail • Industrial • Commercial • Institutional • Education • Healthcare • Religious PDS Engineering & Construction has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. THINK • PLAN • BUILD PROJECT SPOTLIGHT PLIMPTON & HILLS MANCHESTER, CT Standing at almost 60' tall, this 54,000 square foot metal building is being built to the specifications of our longstanding customer Plimpton & Hills. Constructed on a 6" concrete slab, this warehouse will be used primarily to house plumbing components and other necessary material. PDS has always emphasized building long lasting relationships to serve our client's needs in every aspect of their project from start to finish. 107 Old Windsor Road, Bloomfield, CT 06002 860.242.8586 | pdsec.com Another Successful Project by PDS IMPACT PLASTICS | PUTNAM, CT TAC AIR HANGAR V BRADLEY AIRPORT WINDSOR LOCKS, CT LIBERTY MAZDA | HARTFORD, CT EPPENDORF | ENFIELD, CT NEFCO | EAST HARTFORD, CT Building For Your Success Retail • Industrial • Commercial • Institutional • Education • Healthcare • Religious PDS Engineering & Construction has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. THINK • PLAN • BUILD PROJECT SPOTLIGHT PLIMPTON & HILLS MANCHESTER, CT Standing at almost 60' tall, this 54,000 square foot metal building is being built to the specifications of our longstanding customer Plimpton & Hills. Constructed on a 6" concrete slab, this warehouse will be used primarily to house plumbing components and other necessary material. PDS has always emphasized building long lasting relationships to serve our client's needs in every aspect of their project from start to finish. 107 Old Windsor Road, Bloomfield, CT 06002 860.242.8586 | pdsec.com Another Successful Project by PDS IMPACT PLASTICS | PUTNAM, CT TAC AIR HANGAR V BRADLEY AIRPORT WINDSOR LOCKS, CT LIBERTY MAZDA | HARTFORD, CT EPPENDORF | ENFIELD, CT NEFCO | EAST HARTFORD, CT Building For Your Success Retail • Industrial • Commercial • Institutional • Education • Healthcare • Religious PDS Engineering & Construction has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. THINK • PLAN • BUILD PROJECT SPOTLIGHT PLIMPTON & HILLS MANCHESTER, CT Standing at almost 60' tall, this 54,000 square foot metal building is being built to the specifications of our longstanding customer Plimpton & Hills. Constructed on a 6" concrete slab, this warehouse will be used primarily to house plumbing components and other necessary material. PDS has always emphasized building long lasting relationships to serve our client's needs in every aspect of their project from start to finish. 107 Old Windsor Road, Bloomfield, CT 06002 860.242.8586 | pdsec.com CONSTRUCTING EXCELLENCE Standing at nearly 60 feet in height, this expansive pre- engineered metal building spans 54,000 square feet. Its design is tailored to align with the precise needs of our valued partner, Plimpton & Hills. Erected upon a foundation of 6" concrete, this warehouse is designed to facilitate an array of plumbing components and essential materials. Throughout our 58 year history, PDS has consistently championed the cultivation of enduring partnerships, placing paramount importance on our clients' needs at every phase of their project from inception to completion. simplest and most straightforward ways to plan, but often leaves the recipients vulnerable to creditors or tax burdens. Parents sometimes worry about their children responsibly handling newfound wealth, so they arrange for a more controlled asset allocation, such as a restricted trust. "All those questions have to be answered, and it takes time, and it takes self-awareness and soul- searching to figure out what's the best plan," Dudley said, adding there are usually several advisers involved with high-net-worth clients, including an accountant, investment adviser and estate planning lawyer. No set rules Eric Hogarth is a partner with wealth management and retirement planning firm Johnson Brunetti, which has 17 certified financial planners between six offices in Connecticut, one in Boston, and one in Atlanta. The main conversation he was having with clients as they approached retirement age was, "Will I have enough?" Many of those clients are now in their 70s and 80s, and their concerns are shifting to protecting their money from long- term health risks, and providing some money for their children. They often feel they didn't save their money to make their children rich, but they didn't save it to just pay taxes on it either, so asset protection is a big part of the job for an estate planning team. Hogarth said he's seeing more clients gift money to their children while they are still alive instead of after they die. Others who are "first-generation" wealthy, and saved their money rather than inherited it, can be apprehensive about giving it to their children, wondering if it could harm them as much as help. He's heard of many inheritances getting lost, sometimes in a matter of months, not because the younger generation is bad with money, but "because they are making mistakes." They might get an inheritance that was not set up properly, and upon their parents' death, the windfall trig- gered a 50% taxable event, meaning they lost half the money to taxes, "and they just didn't know that was going to happen," Hogarth said. Hogarth said he encourages clients to remember, "It's their money and there are no set rules of what they have to do with it. Do what you want to do. Have these conversa- tions and set it up to do what you want to do." The Great Wealth Transfer An estimated $84 trillion in multigenerational wealth is expected to be transferred through 2045, according to market research firm Cerulli Associates. Here's a break- down of how it will happen: • $72.6 trillion in assets will be transferred to heirs, while $11.9 trillion will be donated to charities. • Greater than $53 trillion will be transferred from households in the Baby Boomer generation. • Silent Generation households and older will transfer $15.8 trillion, which will primarily take place over the next decade. • $35.8 trillion (42%) of the overall total volume of trans- fers is expected to come from high-net-worth and ultra- high-net-worth households, which together only make up 1.5% of all households. Source: Cerulli Associates

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