Memorial Day has always been a time for reflection. We honor the fallen and consider the values they made the ultimate sacrifice to protect. As a former Angel Flight pilot, I’ve had the privilege of serving in my own way, and these moments of reflection remind me that legacy isn’t just about what we leave behind financially. It’s about the values we live by and the impact we make on our communities.
This Memorial Day, I encourage you to think beyond traditional estate planning. Consider how your financial resources can reflect your deepest values and create meaningful change in the causes you care about most.
Beyond the Dollar Amount
Traditional legacy planning often focuses on the mechanics: who gets what, when, and how much. While these details matter, they miss the deeper question: what do you want to be remembered for?
Values-based giving starts with reflection. What are you passionate about? What problems in your community keep you up at night? What change do you want to see in the world? How do you want your grandchildren to remember you?
These aren’t just philosophical questions. They’re the foundation for connecting your money to meaning. Through my work in retirement coaching, I’ve seen how powerful it becomes when retirees align their resources with their values. It transforms giving from a financial transaction into a personal mission.
Take time to identify your family’s core values. These might include education, faith, environmental stewardship, supporting veterans, medical research, or community development. Once you’ve clarified what matters most, you can build a giving strategy that truly reflects who you are.
Strategic Approaches to Charitable Giving
Understanding your options helps you give more effectively and efficiently.
Qualified Charitable Distributions (QCDs) allow you to donate up to $111,000 directly ($222,000 for married couples filing jointly) from your IRA to charity if you’re over 70½. This satisfies your required minimum distribution while excluding the amount from your taxable income. For many retirees, this strategy offers significant tax advantages.
Donor-advised funds function like charitable investment accounts. You contribute assets, receive an immediate tax deduction, and then recommend grants to charities over time. This approach gives you the flexibility to choose specific gifts while capturing the tax benefit immediately.
Charitable remainder trusts provide income to you or your beneficiaries for a period, with the remainder going to charity. This strategy can be particularly useful if you have highly appreciated assets and want both income and a charitable deduction.
Family foundation. A family foundation is another option our clients have used to create a true multi-generational legacy. It requires more setup and administration than a donor-advised fund, but it gives your family a formal structure to carry on your philanthropic mission for decades. It’s worth exploring if giving is central to the legacy you want to leave.
Direct contributions remain the most straightforward approach. You write a check, you receive a deduction (if you itemize), and the charity receives immediate support.
The right strategy depends on your financial situation, tax circumstances, and giving goals. Integration with your overall estate planning ensures your charitable intentions are properly documented and executed.
Giving During Your Retirement Years
One of the most common questions I hear is: “How much can I afford to give while ensuring I don’t outlive my money?” It’s a fair and important question, and it’s exactly why comprehensive financial planning matters so much.
At TFS Advisors, every client’s financial plan includes the ability to model the impact of different giving scenarios on the success of their long-term plan. We can run projections showing how a $25,000 annual gift, a $100,000 one-time contribution, or a charitable bequest affects your retirement security over time. That clarity removes the guesswork and gives you the confidence to give generously without fear.
The answer requires balancing your current needs with your desire to make an impact. Required minimum distributions often provide an excellent opportunity. Many retirees don’t actually need their RMDs for living expenses. Directing these distributions to charity through QCDs eliminates the tax burden while supporting causes you care about.
Consider your capacity to give on multiple levels. Major gifts might come less frequently, while regular annual contributions create sustained support for organizations. Some retirees find that volunteering their time and expertise creates as much impact as their financial contributions.
Impact investing offers another dimension. You can align your investment portfolio with your values, directing capital toward companies and funds that support environmental sustainability, social responsibility, or other causes important to you. This approach doesn’t replace charitable giving, but it ensures your investments work toward the world you want to see.
Involving Family in Legacy Planning
Some of the most meaningful legacy planning includes multiple generations.
Creating a family mission statement around giving can unite your family around shared values. It provides a framework for decisions and helps younger generations understand what matters to your family. Annual family giving meetings allow everyone to research causes, present recommendations, and participate in decisions.
Donor-advised funds work particularly well for family involvement. You can name successors who will continue recommending grants after you’re gone, creating a multi-generational giving vehicle that keeps your values alive.
Different generations often care about different causes, and that’s healthy. Your children or grandchildren might prioritize environmental issues while you focus on veterans’ causes. Finding ways to honor everyone’s passions strengthens family bonds while expanding your collective impact.
Teaching values through philanthropy gives your family something more valuable than money. It gives them a framework for living purposefully and using resources to create positive change.
Local Impact in Our Community
While national causes deserve support, there’s something special about seeing your impact in your own community.
Here in Edmonds and throughout the Puget Sound region, we have exceptional organizations addressing local needs. Community foundations offer an efficient way to support multiple local causes while benefiting from professional grantmaking expertise.
I encourage you to consider causes where you can witness the impact firsthand. Supporting local food banks, shelters, educational programs, or arts organizations allows you to see the difference your contributions make. You might serve on boards, volunteer your time, or simply attend events that demonstrate how your gifts create change.
Combining national and local giving creates a balanced approach. Perhaps you support medical research at a national level while also funding local health clinics. You might contribute to international relief organizations while also strengthening community programs in Seattle and Edmonds.
Honoring The Fallen
Memorial Day reminds us to honor those who gave everything for our country. For many of us, that honor extends to supporting veterans and military families year-round.
My experience with Angel Flight taught me the privilege of service. While I had the opportunity to fly missions supporting those in need, countless organizations serve veterans and military families every day. These organizations address challenges ranging from mental health support to job training, housing assistance to family services.
Veterans’ organizations make a tremendous impact, but they need sustained support. Whether through the VA, local veterans’ groups, or national organizations, your contributions can honor service members’ sacrifices in meaningful ways.
Here in Washington State, we have strong veteran communities and organizations doing exceptional work. Consider how your giving can support those who served our country.
Creating Your Legacy Gift Strategy
Effective legacy planning requires assessment and integration with your overall financial plan.
Start by evaluating your capacity to give honestly. What can you contribute during your lifetime without compromising your financial security? What assets might you designate for charity in your estate plan? Your advisor can help you model different scenarios to find the right balance.
Consider whether you prefer lifetime giving or bequests. Lifetime giving allows you to see your impact and adjust your strategy based on results. Bequests can sometimes be larger since they don’t affect your retirement security. Many people choose a combination of both approaches.
Tax planning integration maximizes your impact. Strategic timing of gifts, careful selection of appreciated assets to donate, and coordination with retirement tax strategies can substantially increase the amount that reaches the causes you care about.
Document your intentions clearly for your family. A legacy statement explaining why you support particular causes helps your family understand your values and potentially continue your giving after you’re gone.
Living Your Legacy Today
Legacy isn’t something that begins after you’re gone. It’s something you’re building right now through the choices you make and the values you live by.
This Memorial Day, take time to reflect on what you want your legacy to be. Have conversations with your family about the causes that matter to you. Consider how your financial resources can help you achieve the impact you envision.
Your legacy extends beyond finances. It encompasses the values you model, the communities you strengthen, and the causes you champion. Memorial Day reminds us that the most meaningful legacies are built on service, sacrifice, and commitment to something larger than ourselves.
If you’re ready to develop a comprehensive legacy planning strategy that reflects your values and supports the causes you care about, let’s schedule a conversation. Together, we can create a plan that honors your legacy while providing for your financial security.
