Most of the retirees we work with at Troyer Retirement aren’t only thinking about their own retirement — they’re thinking about what comes after. What will be left for their children and grandchildren? Will their spouse be taken care of? Will taxes eat into the inheritance they’ve worked their whole life to build?
These are the questions at the heart of family legacy planning, and getting ahead of them now can make a meaningful difference for the people you care about most.
Start With the Hard Conversation
Legacy planning starts with something many people avoid: preparing for your own mortality, or the loss of a spouse. It’s not a comfortable topic, but retirees who plan for it tend to leave their families in a far better position than those who don’t. That includes making sure a surviving spouse won’t face an income gap, and that your family understands your wishes before a crisis forces the conversation.
Think Beyond the Will
A will is important, but it’s often just one piece of a legacy plan. The way your accounts are titled, who your listed beneficiaries are, and how your assets are structured can matter just as much — sometimes more — than what’s written in your will. Outdated beneficiary designations are one of the most common (and most avoidable) legacy planning mistakes we see.
Taxes Can Quietly Shrink an Inheritance
Without planning, taxes can take a significant bite out of what you pass down — particularly on tax-deferred accounts like traditional IRAs and old 401(k)s. Strategies like Roth conversions, done thoughtfully and at the right time, are one of the tools we use as part of a broader tax-efficient strategy to help your heirs keep more of what you leave them.
How and when you move old employer accounts can matter too. An IRA or 401(k) rollover strategy that fits your full plan can make those assets easier to manage, both for you now and for your beneficiaries later.
Coordinate Legacy Planning With the Rest of Your Plan
Your legacy plan doesn’t stand alone — it connects to nearly everything else in your retirement strategy:
- Your Social Security claiming decisions affect the income a surviving spouse will rely on
- Your retirement income plan needs to account for a spouse who may live many years longer
- Your wealth management approach should reflect how much you intend to spend versus pass along
We help our clients see how these pieces connect, so decisions made in one area don’t create unintended consequences in another.
Frequently Asked Questions
When should I start legacy planning? Now. Legacy planning works best when it’s built alongside your retirement income plan, not addressed as an afterthought once health or other issues arise.
Can I really help my family keep more of an inheritance? Often, yes. Strategies around account titling, beneficiary designations, and tax-efficient withdrawals or conversions can meaningfully change how much of your savings reaches your heirs versus taxes.
What happens to my spouse’s income if something happens to me? This depends heavily on your Social Security claiming strategy and how your other income sources are structured, which is why we review this specifically with every couple we work with.
Do I need a lawyer for legacy planning? Legal documents like wills and trusts typically require an estate attorney, and we’re not able to provide legal advice. We work alongside your attorney and tax professional to make sure your financial strategy supports your overall legacy goals.
Let’s Talk About Your Family’s Future
At Troyer Retirement, we help clients across Fort Wayne and the broader Indiana, Ohio and Michigan region build a retirement plan that protects both their lifestyle today and their family’s future.
This content is provided for informational purposes only. Troyer Retirement and its representatives do not provide tax or legal advice. Individuals should consult with a qualified professional regarding their personal situation before making financial decisions.
Investment advisory products and services made available through Impact Partnership Wealth, LLC (“IPW”), a Registered Investment Adviser. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA. 5953083-09/26
