You have a vision for your life, a list of dreams you’d like to see accomplished. Chances are, your vision isn’t just about you. Multigenerational financial planning is the practice of planning not just for one’s own future financial needs, but for those of other generations.

As you refine your vision and goals, consider your entire family unit. If your parents are alive, what are their values and dreams? Write down their wishes, in addition to what you want their lives to be like as they get older. For example, you may want to provide for modifications to their home, so that they may age in place safely and independently. If your parents are deceased, write what they stood for and how that plays out in your life – and perhaps what you’d like to see occur in your own life as a result.

Multigenerational goals can happen today. Family trips – especially to museums, memorials and foreign countries – create memories for your loved ones and enrich their view of the world. And they don’t have to involve spending money. Teach your children about generosity and compassion by helping together as a family at a soup kitchen. Older children can be encouraged to tutor younger pupils at a low-income school. Ask your loved ones for their ideas. Incorporate their ideas into your goals, vision, and plan.

How does all this relate to wealth management? The first step is to think about broadening your personal financial goals and discussions with your financial adviser to include all of the generations of your family. Then broaden those discussions to include all of your goals. Expand your thinking beyond the typical financial targets of retirement and the proverbial beach house to include what you want to teach your children or enable for your parents. Let your planning reflect all of your, and your family’s, priorities. This is the best type of legacy to leave for those you love – one that helps to offer them financial stability, opportunities and memories that will last a lifetime.