Building Lasting Legacies Through Family, Community and Retirement

As we get older, three things naturally move to the center of our lives: family, community, and having a retirement plan we can count on. Family gives us purpose and a chance to shape the future for the next generation. Community connects us to something larger than ourselves and reminds us that our influence can reach far beyond our household, and sound, comprehensive retirement planning that aims to provide financial freedom to support both.

At iWealth, our Minnesota-based financial advisors and planners help families assemble these critical pieces. For example, a retirement plan should do more than cover expenses; it should reflect your values, strengthen your connections, and create opportunities for the people and causes you care about.

In our Quick Guide, we’ll explore six ways family, community, and legacy planning can work toward creating a financially confident retirement.

Chapter 1: Planning for the Next Generation

Chapter 2: Passing on More Than Money

Chapter 3: Community and Legacy in Action

Chapter 4: Women and Wealth: Taking the Lead

Chapter 5: Retirement & Purpose for Couples

Chapter 6: Giving Back as Part of Your Legacy

Chapter 1: Planning for the Next Generation

For many families, one of the greatest motivations behind building wealth is the desire to support children and grandchildren. Financial planning in Minnesota isn’t just about covering your own needs in retirement; it’s also about preparing the next generation for opportunities that help them thrive.

That preparation often begins with education. Accounts such as 529 plans and UTMA accounts give parents and grandparents tax-advantaged ways to set aside money for the next generation’s college expenses and other important milestones. These tools create flexibility to provide support that aligns with your goals, whether funding tuition, helping with a down payment, or supporting other life events. (1)

At iWealth, our Minnesota based financial advisors also guide families through a common, but essential question:

“Should my wealth be divided equally among heirs, or equitably based on individual needs? “

Equal distribution might look fair on paper, but equitable planning considers personal circumstances. One grandchild may need more help with tuition, while another might be better supported with funds to start a business or buy a first home.

For instance, if you are a grandparent who wants to support three grandchildren, you need to assess their needs and future paths:

• One wants to go to college
• One wants to go to a trade school
• One wants to start a business

Instead of dividing assets evenly, you could work with fiduciary financial advisors in Minnesota to create an equitable plan that gives each grandchild the correct type of support for their unique goals.

Lastly, estate planning can tie all of this together. Through wills, trusts, and other tax-efficient investment strategies, you can seek to ensure your wealth reflects your values during and after your lifetime.

Thoughtful planning helps preserve harmony within the family and leaves a legacy that extends far beyond your financial assets.

Click here to watch our popular podcast on “The Importance of Estate Planning.”

Chapter 2: Passing on More Than Money

When new clients meet with us in Waseca, the conversation usually starts with values rather than numbers. We ask questions like:

• What’s the one thing you hope your grandchildren will never forget about you?
• What values and lessons do you want to pass on?
• How do you want your financial plan to reflect your beliefs?

These conversations shape everything from portfolio construction to estate documents. Our financial planners in Minnesota can collaborate with you and other family members, CPAs, and attorneys to create a comprehensive estate strategy. The result is a customized plan that weaves values, goals, and risk tolerance into actionable strategies.

Let’s say you and your spouse want your financial plan to reflect your faith and lifelong commitment to service. Alongside their estate documents, you should set up various charitable giving strategies that your children could continue after you are gone. For you and your legacy, it’s more than just the distribution of wealth; it’s passing on the importance of your generosity to others.

By tailoring strategies to your unique circumstances, our Minnesota-based retirement planners help families pass on more than wealth; they pass on wisdom, values, and their visions for the future.

Chapter 3: Community & Legacy in Action

At iWealth, we believe legacy isn’t only about what happens within your family; it’s also about how you touch the community and organizations around you. Our Player of the Game program is one way we’ve put that belief into practice.

Started by our founder, Brad Connors, the program highlights standout athletes from Waseca and Waterville-Elysian-Morristown high schools. The goal is simple: recognize hard work, commitment, and leadership qualities that matter far beyond the football field.

Local coaches like Brad Wendland of Waseca emphasize that lessons from sports, such as discipline, teamwork, and preparation, carry over into financial responsibility and many of life’s more important decisions. Sam Stier of WEM points out that goal-setting in sports mirrors financial goal-setting – short-term steps pave the way for long-term wins.

We’ve seen the impact firsthand. Families display Player of the Game plaques at graduation parties, and some even at funerals, a reminder that recognition and encouragement live on.

Legacy comes alive when we invest in our community, and we encourage our clients to consider this as part of their financial planning process.

Chapter 4: Women & Wealth: Taking the Lead

Over the past 15 years, we’ve noticed a significant rise in women’s involvement in family finances, and we’ve seen firsthand how women are driving change in a family’s financial planning process and decision-making.

In many households, women are stepping into stronger roles in financial planning, which is a positive shift. Women bring a unique perspective, often emphasizing family stability, long-term care, and intergenerational goals to a wealth strategy. Their voices ensure a more holistic financial plan.

When women actively participate in planning, families benefit from clearer communication, shared goals, and stronger financial outcomes. Women frequently ask the more important financial questions that may otherwise be overlooked, such as questions about healthcare costs, education funding, and care for aging parents.

Our team of financial advisors in Minnesota encourages women in our communities and across the country who may be hesitant to begin by taking small steps: learning basic concepts, attending workshops, and having open conversations with partners. This engagement builds confidence and creates stronger family legacies.

Chapter 5: Retirement & Purpose for Couples

Retirement can look different for every couple, but finding shared purpose is the key to making it meaningful. It’s common for spouses to approach this stage of life with different expectations; one may picture travel and new hobbies, while the other envisions continuing part-time work or spending more time with family.

These differences don’t have to create conflict; instead, they can become opportunities for growth and collaboration when handled with open communication.

For example, let’s say you and your spouse have very different visions of retirement. You may dream of exploring the world, while your spouse hopes to stay active in a local family business and volunteer regularly in the community. At first glance, those goals might feel at odds with each other.

But with honest conversations and thoughtful financial planning, both visions can be incorporated into a shared plan. That might mean setting aside more funds for annual travel while building flexibility to support the other spouse’s ongoing business activities or volunteer commitments.

At iWealth, our Minnesota financial planners encourage couples to approach these discussions as a partnership. Retirement planning isn’t just about money; it’s about how you spend your time, who you spend it with, and what gives your life meaning.

When both partners feel heard and see their priorities reflected in the plan, retirement becomes less about compromise and more about creating a new life chapter together. By weaving together both perspectives, couples can build a retirement plan that supports financial stability and enriches their lives in deeply personal ways.

When you begin to create a retirement plan or need to refine it, you and your spouse must both participate in the process. Each partner should have an equal voice in shaping the financial plan, whether the conversation concerns retirement income strategies, investment risk, or charitable giving.

Chapter 6: Giving Back as Part of Your Legacy

For many families, a meaningful legacy extends beyond financial assets. It’s about helping others, honoring shared values, and supporting the communities that helped shape your life. Whether through your local church, alma mater, hospital, or hometown nonprofit, giving back connects generations and builds purpose that lasts.

At iWealth, we often meet families who want to give more intentionally but aren’t sure where to start. According to our proprietary FDC Plan on Purpose software, about 20% of households we serve have charitable planning marked as “needs attention,” while 18% have completed it. The desire to give is there; it simply needs structure, planning, and encouragement to take shape.

Helping Your Giving Work Smarter

There are several ways to pursue charitable goals while staying aligned with your broader financial strategy:

• Donor-Advised Funds (DAFs): A DAF lets you make a charitable contribution, receive an immediate tax deduction, and recommend grants to nonprofits over time. Families often use these funds as a tool for teaching younger generations about giving, meeting each year to decide together where to direct their support.
• Qualified Charitable Distributions (QCDs): If you’re age 70½ or older, a QCD allows you to donate directly from your IRA to a qualified charity. The distribution counts toward your required minimum distribution (RMD) but doesn’t add to taxable income, helping you contribute meaningfully while managing your tax bill.
• Charitable Remainder Trusts (CRTs): A CRT allows you to donate assets, receive income for life or a set number of years, and direct the remaining assets to charity. This approach supports both your retirement needs and your long-term giving priorities.
• Gifting Appreciated Securities: By gifting investments such as stocks directly to a nonprofit, you can avoid capital gains taxes and receive a charitable deduction for the fair market value. This strategy helps your dollars work harder for the causes you care about.

Volunteering: Building Stronger Families and Communities

While structured giving plays a major role in legacy planning, volunteering offers another powerful way to give back. iWealth’s Vice President, Shawn Pomeroy, writes that volunteering is “the heartbeat of a thriving community.”

Through his work as a Scout leader, Red Cross CPR instructor, and Community Emergency Response Team (CERT) volunteer, Shawn has seen how shared purpose strengthens both families and neighborhoods.

When parents, children, and neighbors work together, they’re not just helping others; they’re building stronger bonds and fostering a greater sense of belonging. These shared efforts build trust, collaboration, and a lasting connection between generations. From teaching CPR to organizing disaster preparedness drills, families learn responsibility, empathy, and leadership while giving back to the communities that support them.

Turning Generosity Into Tradition

iWealth’s own team has seen this firsthand through the Holiday Food Basket Drive, which started as a small family initiative and has grown into a powerful community event.

What began with Brad and Trudi packing meals has evolved into a collaborative effort among high school students, Scout troops, local churches, and service organizations, each group contributing time and effort to help others.

In 2025, iWealth raised $13,195, which fed over 600 people during the holidays and helped supply 8,000 food backpacks to area students throughout the year. As Brad shared, seeing young volunteers load boxes and deliver meals not only helped those in need but also changed how those volunteers view generosity.

Giving back became a shared experience that inspired compassion and gratitude across the entire community.

Wealth Advisor JP Eykyn captures this spirit best: “Be intentional about your giving. Find causes that align with your family’s values; ones where you can see and feel the impact of your contribution.” When children grow up seeing their parents and grandparents give their time and resources, they begin to learn that a legacy isn’t measured only by wealth, but by how it’s used to help others.

Working Toward a Lasting Legacy

Giving, whether through structured planning or hands-on service, is about working together to build a lasting impact. Integrating charitable efforts into your financial plan can make your giving more organized and tax-efficient, but more importantly, it helps your family grow closer through shared purpose.

At iWealth, our financial advisors in Minnesota work with families who want to connect generosity with financial planning. By helping clients think strategically, whether through donor-advised funds, IRA distributions, or volunteering, we’re focused on helping them build a legacy rooted in kindness, purpose, and community.

As Shawn reminds us, “Every hour spent serving others is an investment in stronger relationships, safer communities, and a brighter future for all.”

Get to Know iWealth

Retirement planning should be as personal as the family and community you care about most. At iWealth, we don’t believe in offering one-size-fits-all solutions. Instead, we take the time to understand your story, values, goals, and the legacy you want to leave for others.

Whether you’re preparing for retirement, exploring tax-efficient charitable giving, or planning for the support of the next generation, we’re here to walk alongside you.

Your financial plan should reflect more than numbers; it should reflect who you are and what you want to pass on. If you’re ready to connect your wealth with what matters most, we invite you to start that conversation with us today. Connect with an iWealth Advisor today.

Disclosures:

1) Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.