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Leaving a Financial Legacy: Charitable Giving and Gifting Strategies for Retirees

For many retirees, the idea of leaving a financial legacy goes beyond personal wealth—it’s about creating a lasting impact for family, community, and causes they care about. Thoughtful planning can help you preserve your assets, reduce taxes, and ensure that your wealth reflects your values. Here’s a closer look at strategies for charitable giving and gifting.

 

1. Charitable Giving: Making an Impact

Charitable giving allows you to support organizations and causes you care about while potentially receiving significant tax benefits. Common strategies include:

  • Direct Donations: Simple contributions to charities can provide annual income tax deductions.
  • Donor-Advised Funds (DAFs): These accounts let you make a tax-deductible donation upfront, then recommend grants to charities over time, giving flexibility in timing and impact.
  • Charitable Remainder Trusts (CRTs): A CRT can provide you with income during retirement while leaving the remaining assets to a charity. This approach can also help reduce estate taxes.
  • Qualified Charitable Distributions (QCDs): If you’re over 70½, you can donate directly from your IRA to a charity. QCDs count toward your required minimum distributions (RMDs) and are excluded from taxable income.

 

2. Gifting to Family and Loved Ones

Gifting strategies can help you transfer wealth efficiently while seeing the benefits during your lifetime:

  • Annual Exclusion Gifts: You can gift up to a set annual limit (e.g., $20,000 per recipient in 2025) without triggering gift taxes.
  • Education and Medical Gifts: Payments made directly to educational institutions or healthcare providers are exempt from gift taxes. This allows you to support your children or grandchildren without tax complications.
  • Trusts for Inheritance Planning: Trusts can help manage how and when your heirs receive assets, protect beneficiaries from creditors, and potentially reduce estate taxes.

 

3. Balancing Legacy with Retirement Needs

While leaving a legacy is rewarding, it’s important not to compromise your own financial security. Consider:

  • Maintaining an emergency fund and adequate healthcare coverage.
  • Ensuring that gifting and charitable contributions align with your income needs.
  • Consulting with a financial advisor or estate planning attorney to integrate your legacy goals with retirement planning.

 

4. The Emotional and Personal Reward

Beyond taxes and financial efficiency, leaving a legacy can be deeply fulfilling. Supporting a cause, helping family members, or establishing scholarships can create a lasting memory of your values and generosity.

 

Key Takeaway: Thoughtful charitable giving and gifting strategies allow retirees to leave a meaningful legacy while optimizing financial outcomes. With proper planning, you can make a lasting impact for your loved ones and the causes you care about—without sacrificing your own retirement security.

 

Here are other articles on Estate and Legacy Planning >

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

 

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Peter M. Babilla, CFP®, CRPS®

PARTNER

Peter Babilla brings 40 years of experience in investment management and fiduciary* financial consulting to Vertex Planning Partners, LLC.

Pete graduated from Indiana University in Bloomington, Indiana with a Bachelor’s of Science in Finance.

He began his career in 1983 with a focus on institutional fixed-income portfolio management, primarily working with community banks. After a decade serving institutional clients, Pete shifted his focus to working with individuals, families and business owners, providing guidance and education in all areas of Wealth Management.  Among his areas of focus are accumulation and retirement planning, investment management, risk management, and estate and wealth transfer.

Pete’s planning philosophy allows him to create a personalized program for clients, based on their own unique goals and circumstances.  The extensive investment and planning platform offered by Vertex enables him to create a highly customized program, tailored to each individual client.

Pete and his wife Suzanne have two children, and have resided in Wheaton, Illinois for the past 30 years.  He enjoys golf, reading, and traveling with his family.  Pete gives back as a past Board Member of the Epilepsy Foundation of Greater Chicago, where his focus is on improving the lives of those living with epilepsy.

Pete works as fiduciary for his clients and holds the CERTIFIED FIANANCIAL PLANNER™ (CFP®) designation and the Chartered Retirement Plan Specialist (CRPS®) designation.

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JUSTIN J. D'AGOSTINO, CFP®, TPCP®, ChFC®, CRPC®

PARTNER

Justin D’Agostino joined Vertex Partners in 2019 and serves a select group of business owners and affluent families. He specializes in investments, financial planning, and succession planning. His interest and knowledge in providing comprehensive financial planning and wealth management services to clients was sparked when he worked at a boutique tax and wealth management firm in Michigan. He has nine years of experience in the financial services industry, and his mission is to provide every client with targeted, comprehensive financial advice and to help them implement customized strategies designed to move them closer to accomplishing their unique goals.

Justin attended Hillsdale College where he earned his BA in Accounting and Financial Management and was a member and captain of the football team. Justin is a CERTIFIED FINANCIAL PLANNER™ Professional, and holds the Tax Planning Certified Professional®, Chartered Financial Consultant® and Chartered Retirement Planning Counselor™ designations.

Justin and his wife, Alexandra, reside in Chicago, Illinois. He is an avid sports fan and enjoys golfing, playing soccer and spending summer weekends with his family.

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Scott A. Sandee CFP®, CIMA®, CPWA®, CEPA

MANAGING PARTNER

Scott Sandee brings over 20 years of experience as Managing Partner. He is responsible for leading the firm’s efforts in assisting middle-market business owners and seven and eight-figure families to plan and realize financial goals based on their unique aspirations and situations.

With a privately held family business background, Scott has helped owners prepare for and execute a successful transition. In addition, he works with business owners and their advisors to develop financial strategies to maximize sales proceeds and minimize future taxes.

Before joining Vertex, Scott served in financial planning and investment strategy roles at Oxford Financial Group, Capital Group, and The Northern Trust Company, working with Chicago’s HNW/UHNW families clients.

Scott holds the Certified Financial Planner®, Certified Private Wealth Advisor®, Certified Investment Management Analyst®, and Certified Exit Planning Advisor designations. Scott earned his B.S. in Computer Science from Northern Illinois University, and his family resides in Wilmette, IL.

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Julie Hupp CFP®, MBA

PARTNER

Julie Hupp, CERTIFIED FINANCIAL PLANNER™ professional, has worked in the accounting and corporate finance field since 1987. She began her career as a CPA with Deloitte & Touche, specializing in the financial needs of small businesses. Then spent the next 13 years in corporate financial planning and business development at Baxter and TAP Pharmaceuticals. Recognizing her passion for personal financial planning, Julie started her business in 2006 where she focuses on comprehensive financial planning strategies and implementation.

Julie graduated from University of Illinois with a BS in Accountancy. She received her Master’s in Management with a concentration in Finance from Northwestern University’s Kellogg School of Management in 1994.

Outside the office, Julie is the co-founder of the 12 Oaks Foundation, which has merged with Cal’s Angels, and is a former Board member. Julie enjoys cooking, reading, running, triathlons and doing almost anything outdoors. A great weekend is spending time with her husband and two adult kids boating at their lake house in Wisconsin.

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Steven P. Franzen, CPA, PFS, CGMA

MANAGING PARTNER

Steven P. Franzen, CPA, PFS, CGMA is a public accountant and consultant with more than 23 years of experience helping individuals and businesses reduce their tax liability.  He began his career under the guidance of Patrick M. De Sio, CPA, CGMA and in 1996 became Mr. De Sio’s partner in De Sio, Franzen & Associates, Ltd. Steve’s expertise include entity design, complex tax strategies and multigenerational wealth transfer.  As Managing Partner, Steve conducts his practice under the philosophy that the client’s investment in their CPA should yield a return on that investment – most of the time that return is realized when working with clients on planning for their future. In an effort to increase the planning capabilities of the firm,  Steve formed Vertex Accounting Partners, LLC to ensure their guiding philosophy will continue well into the future.

Steve is a certified public accountant and has earned the professional designations of Personal Financial Specialist and Chartered Global Management Accountant.  He is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.  Steve earned a B.S. degree in accounting from Millikin University.  He and his wife Kristie live in Sugar Grove, IL with their three children.

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Gregory P. Benner, CPWA®, CFP®, CLU®, ChFC®, AIF®, RMA®

MANAGING PARTNER

Greg Benner advises high-net-worth and ultra-high-net-worth business owners, individuals and families on advanced tax, risk management, retirement, estate planning, and wealth strategies.  

As a co-founder of Vertex Planning Partners, he works closely with clients, families, and their professional advisors—CPAs, attorneys, and business stakeholders—to implement thoughtful, durable planning strategies. His approach prioritizes clarity, coordination, and disciplined execution.

For twenty-four years, Greg’s work has focused on designing and coordinating multi-factor, integrated plans involving:

  • Tax Efficiency
  • Wealth Transfer Structures
  • Retirement Planning
  • Investment Strategy, and
  • Long-Term Financial Architecture

 

Drawing from his own experience as a founder, business and real estate investor, and multi-generational family business member, he understands some of the challenges that can arise for business owners as they consider an exit. Multi-disciplinary, intentional planning with stakeholder communication creates structure, mitigates risk, addresses tax implications, and preempts issues that can arise.

Greg holds a Master of Science in Taxation, a graduate program that deepened his technical training in federal income taxation, partnership and corporate taxation, estate and gift tax, and tax procedure. This academic work enhances his ability to help families and business owners navigate complex tax environments and align their financial and estate-planning objectives across generations.

Designations:

  • Certified Private Wealth Advisor®
  • Certified Financial Planner®
  • Chartered Financial Consultant®
  • Chartered Life Underwriter®
  • Accredited Investment Fiduciary®
  • Retirement Management Advisor®

 

Licenses:

  • Series 65 registration held with Vertex Planning Partners, LLC
    Illinois, Ohio, Wisconsin & Louisiana Life & Health Insurance License

 

Greg is deeply committed to lifelong learning and continuous professional development in the areas of tax, estate planning, and private-wealth strategy.

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Michael D. Bellis, CFP®, CLU®

MANAGING PARTNER

Michael D. Bellis, CFP®, CLU® began his career as a financial planning professional in 1994. His practice is centered on holistic financial planning, astute risk management strategies and empirical, research-driven portfolio construction. He began his career in partnership with his father under the name Bellis & Associates. Together, their practice and reputation for excellence dates back more than 40 years and includes multiple generations of the same families. After his father’s retirement several years ago, Mike continued to build a client-centric, consultative practice before forming Vertex.

Mike holds the CERTIFIED FINANCIAL PLANNER™ certification and is also a Chartered Life Underwriter. He has been an active member of both the Society of Financial Services Professionals and the National Association of Insurance and Financial Advisors. He earned a B.S. in Business & Marketing from Illinois State University. Mike is a lifelong resident of Naperville, Illinois. He and his wife Tanja have three children.

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