Minnesota Veterans Pantry, Charitable Giving and Financial Planning
Tom Lyons—a Vietnam-era U.S. Air Force veteran, M&A advisor, and passionate philanthropist—shares how his military service inspired founding the Minnesota Veterans Pantry. (podcast hosted by Chris Wagner)
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About this Episode
In this conversation, Tom Lyons, chairman of the Minnesota Veterans Pantry and Vector’s Chris Wagner, discuss the importance of charitable giving and philanthropy. Tom shares his personal journey from military service to establishing the Minnesota Veterans Pantry, which addresses food insecurity among veterans.
They explore the tax benefits of charitable contributions and the role of financial planning in supporting philanthropic efforts. Tom emphasizes the need for community support and encourages others to get involved in charitable work, highlighting the fulfillment that comes from helping those in need.
Takeaways
Tom's military service deeply influenced his commitment to helping veterans.
The Minnesota Veterans Pantry addresses food insecurity among veterans.
Charitable giving can provide tax benefits under new legislation.
Sojourn is a valuable tool for financial planning and charitable giving.
Tom encourages others to find a personal passion in philanthropy.
Leaders have a responsibility to care for those they lead.
About Thomas Lyons
Tom Lyons has 40+ years of experience in business brokerage and mergers & acquisitions helping owners maximize the value of their companies. A Vietnam-era Air Force veteran, he’s also the author of Exit Strategy, a host of Minnesota Military Radio, and a passionate advocate working on veterans’ food security and family support through nonprofit initiatives like the Minnesota Veterans Pantry.
Visit faelon.com/thomas-lyons to learn more about Tom and connect with his various causes and interests, including the Minnesota Veterans Pantry.
Disclosure: Tom Lyons is a current client of Vector Wealth Management. Vector Wealth Management is also a paid sponsor of Today’s Business Radio, a program hosted by Tom Lyons. Tom was not compensated for participating in this interview or for sharing it. His comments reflect his own opinions and experience and should not be construed as investment advice or a recommendation of Vector Wealth Management’s services. Past performance is not indicative of future results.
Chapters
00:00 … Introduction to Philanthropy and Tom’s Military Background
04:58 … Establishing the Minnesota Veterans Pantry
10:14 … Charitable Giving and Tax Benefits
18:37 … Financial Planning and Charitable Contributions
24:31 … Advice for Aspiring Philanthropists
28:26 … Regulatory
Transcript (adapted for readability)
Chris: I’m Chris Wagner, Wealth Advisor at Vector Wealth Management. Today, I’m honored to welcome Tom Lyons—a business owner, military veteran, passionate philanthropist, and valued Vector client. We’re diving into charitable giving as part of holistic wealth planning and highlighting Tom’s charity, the Minnesota Veterans Pantry. Before we begin, a shoutout to Sharon Calhoun for her recent interview with you on Faelon Partners and business valuation.
So Tom, could you share how your service shaped your passion for giving back, especially to fellow veterans?
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🪖 Rooted in Service & Giving
Tom: I’m a bit reticent to share all this, but I’ll share a couple of stories with you today. Not many people know that I was orphaned as a teenager and grew up in foster care on a Minnesota farm—great in many ways, but when I graduated high school, I was essentially on my own. I worked odd jobs and looked to the future. Inspired by a friend who joined the Air Force and made it work, I decided to enlist myself on November 13, 1970. I served in Vietnam and later the Minnesota Air National Guard. Those years shaped me deeply.
My experience led me into veteran service—joining the Minnesota Military Family Foundation board, hosting Minnesota Military Radio for 14 years, telling stories of service and sacrifice. Since 9/11, over 35,000 Minnesotans have been deployed overseas; while they served, their families sacrificed too. When financial crises hit—like a broken furnace—we’d help families before deployed vets even knew.
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Chris: That’s truly remarkable, Tom. Your dedication is inspiring.
Tom: I believe those of us who’ve done well have a duty to help those who haven’t. I may not make a national impact, but here in Minnesota I can make a difference. My fellow veterans are my “fraternity”—and I will continue this work as long as I’m around.
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🥫 Launching Minnesota Veterans Pantry
Chris: That leads us to your newest project: the Minnesota Veterans Pantry. What’s behind it?
Tom: On Veterans Day 2024, I launched a 501(c)(3)—MN Veterans Pantry. A VA guest on my radio show had introduced the alarming statistic: 11% of veterans nationally face food insecurity. Imagine living on Social Security, and after rent and utilities, not having enough left for groceries or medication. The Minneapolis VA didn’t have funding to distribute food, even though they offered the infrastructure.
We teamed up with other veteran groups to fund pop-up food pantries at the Minneapolis VA—monthly events where veterans receive a 25-pound food box. Around 80% also sign up for additional support. The Pantry handles fundraising, covers food costs, and supports expansion across VA outpatient clinics statewide. With around 300,000 veterans in Minnesota, over 30,000 may need help today. This cannot wait.
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Chris: That’s incredible to see in action—and off to a great start. You’re already expanding?
Tom: Yes. Veterans often prefer to get help quietly through the VA—not a public food bank. So we’re scaling fundraising: $35/month donations fund two boxes a month. Several Vietnam-era buddies matched my initial gift. It’s all about ensuring that no veteran goes hungry.
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💡 Charitable Strategies & Tax-Advantaged Giving
Chris: Let’s connect that to financial planning. The One Big Beautiful Bill now allows individual deductions: up to $1,000 (single) or $2,000 (married filing jointly) in addition to the standard deduction.
Tom: That’s a big help. Proper charitable strategy now lets you deduct while still claiming the standard deduction. Even small (ex: $50) monthly donations to the Pantry count.
Chris: Another tool: QCD—qualified charitable distributions from IRAs. For example, if your RMD is $10,000, you could keep $5,000 and give $5,000 directly to a qualified charity—such as MN Veterans Pantry—and that portion is non-taxable. Of course, you could give all $10,000 of it if you wanted as a QCD.
Tom: Exactly. And even before you turn 73, you can make QCDs at 70½. But you must transfer directly from IRA to charity—no intermediaries or it becomes taxable.
Chris: Schwab and other custodians make this easy with IRA checkbooks. For those in that age range, it’s worth discussing with your advisor. This year giving is even more attractive with the increased standard deduction.
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🧾 Planning Together with Sojourn
Tom: And truly, I sat down with my wife and Chris reviewed everything in Sojourn. It confirmed I can donate year after year without impacting our lifestyle, kids, or grandchildren. That clarity let us commit.
Chris: Yes, Sojourn simplifies complex planning to a few pages. You can test scenarios live—spending, giving, trips—and immediately see what works. It helps clients involve their spouses, memorialize charitable intentions, and future-proof decisions.
Tom: It also guides conversations with heirs: what legacy do we leave? Do gifts or 529 contributions work with the plan? Seeing numbers in the tool gives comfort. Sojourn and financial planning is invaluable.
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🌱 Final Thoughts & Insights
Chris: One more question: any advice for someone wanting to get involved in philanthropy or start a charity?
Tom: If you’re engaging, choose what matters to you. Pick a cause you’re passionate about—for me, it’s veterans—and commit your resources: time, energy, finances, family. Talk with your spouse, plan it, and dive in wholeheartedly.
A concept General Joe Kelly shared is “Leaders Eat Last.” A leader’s job is to ensure their people are fed and cared for—even if that means they go without. Veteran hunger is unacceptable. If you’re still a leader, join us at the end of the chow line: give to the Minnesota Veterans Pantry. Visit mnvp.org to help us feed every veteran in Minnesota.
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Chris: Beautifully put, Tom. Thank you for your time and sharing. For anyone interested in supporting Tom’s mission, visit mnvp.org.
These discussions aim to spark dialogue about enhancing retirement readiness and making more informed financial decisions. At Vector, we delve into the nuances of scenario planning, offer insights and guidance tailored to each client's unique circumstances. If you or someone you know is pondering their financial future or seeking clarity on their retirement plan, we're here to help.
This discussion is hosted by Vector’s Chris Wagner.
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