1. Place your trust in trusts. Trusts are not only a great way to shield assets from estate taxes and capital gains taxes, they are also a great defense against family spendthrifts and playboys.
"A trust puts some protection around how the beneficiary can access the funds and can be a first line of defense against imprudent family spending," Fittizzi said. Trusts can also insure that the values and wishes of the original wealth creator are carried out through the generations. And they protect assets from gold diggers and other non-family members who might try to make a money grab.
2. Beat Uncle Sam. Taxes always take a big cut of the family fortune over time. Fittizzi recommends tax planning that can include generation-skipping trusts, dynasty trusts and intra-family loans to help legally shield assets.
"You need to be cognizant of the financial environment and the legislation environment to stay ahead," he said.
3. Teach your children well. Wealth management firms have all jumped on the bandwagon of family education and next-generation programs—and with good reason. Bad investing decisions and poor basic budgeting can lead many families from "new money" to "no money."
Fittizzi said education programs shouldn't just focus on investing, though that's important. They should also focus on budgeting, spending and the responsibilities that come with holding multigenerational wealth.