A Story of Reflection, Purpose, and Partnership
James and Evelyn, both in their early 70s, had spent the last few decades building a life they were proud of. They raised three children, enjoyed meaningful careers, and were now entering retirement with a sense of freedom—and a growing list of questions.
As they sipped coffee one morning overlooking their garden, their conversations increasingly turned to what came next—not just in terms of travel or hobbies, but how they wanted to be remembered. James had just received a letter about his required minimum distributions (RMD’s), and Evelyn had been reading about qualified charitable distributions (QCD’s). Both had been organizing old files and revisiting their estate plan.
“It’s not just about what we leave behind,” Evelyn said, “it’s about the impact we can make while we’re still here.”
Their story is one we often hear—a couple with more time to focus on family, travel, and passions, while also considering how to align their wealth with their values and legacy. Whether you’re looking to simplify, share, or steward your wealth more intentionally, your 70’s are an ideal time to revisit your financial plan. Here are five areas to focus on to live—and give—with greater purpose.
1. Intentional Giving During Your Lifetime
Giving isn’t just about what happens after you’re gone. Many couples like James and Evelyn find joy in witnessing the impact of their generosity now.
Consider:
- Annual Gifting: In 2025, you can each gift up to $19,000 per recipient without triggering gift taxes. That means James and Evelyn could gift a total of $38,000 to each child or grandchild. These gifts can help with education, housing, or launching a new business.
- Family Gifting Funds: A “family giving fund” invites your children and grandchildren to participate in charitable giving, creating shared values across generations.
- Qualified Charitable Distributions (QCDs): If you’re age 70½ or older, you can contribute up to $108,000 per person—or $216,000 per couple filing jointly—each year directly from your IRA to qualified charities. This strategy allows you to support causes close to your heart while reducing your taxable income.
2. Required Minimum Distributions (RMD’s)
RMD’s are the IRS’s way of ensuring that tax-deferred retirement savings are eventually taxed. Starting at age 73 (or 75 for those born in 1960 or later), you’re required to withdraw a minimum amount annually from accounts like IRA’s and 401(k)’s.
At Gatewood, we help ensure your RMD strategy supports both your lifestyle and your legacy. For James and Evelyn, this meant setting aside what they needed for living expenses, donating through QCD’s, and reinvesting any surplus to align with their future goals.
3. Review and Refresh Your Estate Plan
Your estate plan is your voice for the future. By your 70’s, it’s critical to ensure:
- Your will, trust(s), and powers of attorney reflect your current wishes
- Beneficiary designations on retirement accounts and life insurance are accurate
- Special instructions for healthcare, gifts, or guardianships are clearly documented
We recommend a full estate plan review every three years—or sooner if there’s been a major change in your family, finances, or goals.
4. Simplify and Organize for Your Heirs
Part of good legacy planning is making life easier for your loved ones when the time comes. James and Evelyn decided to:
- Consolidate outdated or unused accounts
- Digitally organize important documents and upload them to Gatewood’s secure client vault
- Create a simple summary of their accounts, contacts, and intentions—so their children wouldn’t have to guess or worry
These steps aren’t just practical—they’re a profound expression of care.
5. Live Fully, With Purpose
Legacy is about more than money—it’s about how you live, what you value, and how you share that with others.
James and Evelyn chose to:
- Travel with intention, visiting places tied to family history and shared dreams
- Create memorable experiences with their grandchildren, like family vacations and storytelling nights
- Volunteer together at a local literacy program
- Mentor younger professionals in their former industries
They realized that living well now is one of the most meaningful legacies they could offer.
Let’s Build Your Living Legacy
At Gatewood, our goal is to help clients go beyond the numbers to live and give with purpose. Whether you need help structuring gifts, updating your estate plan, or simply organizing your financial life, we’re here to guide you.
Your legacy doesn’t start after you’re gone—it begins with how you live today.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.
There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification
and asset allocation do not protect against market risk.
The information provided here is general in nature. It is not intended, nor should it be construed, as legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
