Retirement is about more than just slowing down. It can also be about leadership, wisdom and making a lasting impact.
For many, this chapter is an opportunity to become the steward of the family, by aligning their wealth with values and a long-term legacy.
If you view yourself as the financial leader of your family, thoughtful planning can ensure your wealth lives on in meaningful ways.
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The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.
Here are five key strategies to help you build a legacy as the family steward while balancing generosity with sustainability and purpose.
1. Define your family values and vision
A strong legacy begins with clarity. Before focusing on dollars and cents, take time to define the values you want your wealth to support.
- What principles matter most to you? Consider themes like education, entrepreneurship, philanthropy or multigenerational support.
- What kind of impact do you want your wealth to have? Is it about helping grandchildren with college? Supporting charitable causes? Creating lasting family experiences?
Once you define your family’s mission and values, use them as a north star. Share these intentions openly with loved ones, not just through a will or financial plan, but through conversation.
A rich legacy is more than how much you leave behind. It’s also the story you live and the lessons you pass on.
2. Design a financial plan that supports both giving and living
Creating a legacy doesn’t mean giving everything away. It means building a plan that supports both your life and the impact you want to have.
- Income first. Ensure your own financial independence is secure. Build a retirement income plan that supports your lifestyle through guaranteed income sources and sustainable withdrawal strategies (such as the 4% rule).
- Legacy next. Once your needs are covered, calculate how much of your wealth can be dedicated to family support, gifting or charitable efforts. Consider donor-advised funds, trusts or direct gifting strategies.
This approach helps prevent over-giving while you're alive, so you are prepared for longevity. It's important to balance generosity so your giving feels like a choice, not a burden.
3. Educate and empower the next generation
Being a family steward means managing money while also helping others learn how to manage it too.
- Share financial wisdom. Consider hosting regular family meetings to discuss financial topics, from budgeting and investing to philanthropy and taxes. These conversations build confidence and clarity for future generations.
- Introduce family governance. If you have a family business, shared properties or a philanthropic fund, consider setting up a family charter or advisory board to define roles, responsibilities and long-term goals.
- Support financial education. Help your children or grandchildren gain financial literacy by funding education programs, hiring a financial coach or simply spending time reviewing real-life financial decisions together.
Your financial knowledge may be just as valuable as your financial assets. The sooner you pass it on, the more empowered your legacy becomes.
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4. Protect your wealth with custom estate planning
Legacy planning is incomplete without proper legal and tax strategies in place.
- Wills and trusts. Ensure your estate documents are up to date and reflect your wishes. Trusts can help avoid probate, protect assets and offer more control over how your wealth is distributed.
- Beneficiary designations. Double-check your retirement accounts, insurance policies and investment accounts for accurate and intentional beneficiary listings.
- Tax-efficient giving. Work with a qualified adviser to explore strategies such as qualified charitable distributions (QCDs), gifting appreciated assets, or using your lifetime gift tax exemption efficiently.
Protecting your wealth includes matching your intentions with proper estate planning.
5. Live your legacy now
A legacy doesn’t have to be delayed until the end. In fact, some of the most powerful legacies are lived, not left.
- Invest in shared experiences. Take that family trip you’ve always dreamed of. Celebrate milestones together. Create memories that carry your values more vividly than money ever could.
- Be present and proactive. Whether it’s helping a grandchild buy their first car or supporting a family member’s business venture, living your legacy means being part of the story — not just funding it.
- Lead by example. How you live, give and grow in retirement becomes a model for those who come after you. Show what it looks like to align life and wealth with purpose.
Legacy is the bridge between who you are and how you’ll be remembered. By aligning your financial resources with your personal values, you can create a legacy that extends well beyond your lifetime.
Are you building a legacy with intention? Take our free quiz here to see how your life and wealth align.
This article is for your information and guidance and is not intended as investment, tax or legal advice. The views and opinions expressed in this article are solely those of the author and should not be attributed to Summit Financial LLC. Links to websites are provided for your convenience and informational purposes only. Summit Financial LLC is not responsible for the information contained on third-party websites. Investment advisory and financial planning services are offered through Summit Financial LLC, an SEC Registered Investment Adviser, doing business as Conway Wealth.
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