Family & Business Matters Archives

How Grandparents Can Help Fund Their Grandchildren’s Education with a 529 Plan

Andrew Lemay on July 6, 2026

Discover how 529 plans can help support future education costs through tax-advantaged savings, strategic gifting, and long-term planning.

In my first month at Note Advisors, I’ve noticed a wonderful trend: many grandparents are incredibly eager to make a lasting impact on their grandchildren’s education.

Recently, someone asked whether they could contribute appreciated stock directly to a grandchild’s 529 plan to bypass capital gains taxes.

While the short answer is no, it highlights a great opportunity to break down how 529 plans work and how to navigate this exact scenario.

What Is a 529 Plan?

Authorized by Section 529 of the Internal Revenue Code, 529 plans are tax-advantaged savings accounts designed to encourage saving for future education costs. Here are some key benefits of opening one:

Tax Benefits

Contributions are made with after-tax dollars.
Earnings grow 100% tax-free.
Withdrawals are tax-free when used for Qualified Higher Education Expenses.

Diverse Educational Pathways

Traditional 2- and 4-year public and private colleges and universities
Graduate programs
Technical and trade schools
Registered apprenticeship programs

No Income or Age Restrictions
The beneficiary must be a U.S. citizen or resident alien with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

Contribution Rules

By law, all 529 contributions must be made in cash or cash equivalents, such as checks, electronic transfers, or payroll deductions. While you cannot transfer stock directly into a 529 plan, there are ways to maximize contributions.

Maximizing Contributions: It’s Per Giver, Not Per Plan

There is no limit on how many different people can contribute to a single child’s plan. The 2026 rules apply to each individual donor:

Annual Exclusion

Each individual can contribute up to $19,000 per year (or $38,000 for married couples filing jointly) per beneficiary without triggering gift tax reporting.

Superfunding

An individual can front-load five years of gifts at once—up to $95,000 individually or $190,000 jointly—provided no further gifts are made by that specific donor to that beneficiary for five years.

Lifetime Plan Caps

Contribution limits vary by state. For example, New York caps the maximum aggregate balance per beneficiary at $520,000.
Once the cap is reached, no new contributions are allowed from any source, although the account may continue growing through investment returns.

Solving the Appreciated Stock Dilemma

Since you cannot transfer appreciated stock directly into a 529 plan, you have two primary pathways to consider, each with its own tax trade-offs.

Strategy 1: Liquidate and Gift

You can sell the stock, pay any applicable capital gains tax, and contribute the cash proceeds to the 529 plan.

While this approach may create an immediate tax liability, it is often the simplest and most straightforward option. Once the cash is contributed, future growth inside the 529 plan can compound tax-free, and qualified withdrawals for education expenses can also be taken tax-free.

Optimization Strategy: If the stock has appreciated, you may be able to reduce the tax impact by harvesting capital losses elsewhere in your portfolio to offset some or all of the gains recognized on the sale. In certain situations, it may also make sense to spread stock sales over multiple tax years to help manage the overall tax burden.

Although paying capital gains taxes upfront may seem undesirable, it can be worthwhile when weighed against the long-term tax benefits and flexibility that a 529 plan provides.

Strategy 2: Gift Stock Through a Custodial Account

You can gift the stock to a custodial account in your grandchild’s name. Your grandchild assumes your original cost basis, and the stock can later be sold to help fund the 529 plan.

However, there is an important tax consideration.

Many families assume that because the stock now belongs to the grandchild, any capital gains will automatically be taxed at the grandchild’s lower tax rate. In some cases, that is true. However, the IRS has established “Kiddie Tax” rules to prevent families from shifting investment income to children solely to take advantage of lower tax brackets.

As a result, if your grandchild is under age 18 (or under age 24 and a full-time student) and realizes more than $2,700 of unearned income, such as dividends, interest, or capital gains, a portion of that income may be taxed at their parents’ higher marginal tax rate instead of the child’s rate.

There is an important exception for grandchildren who are 18 or are full-time students between the ages of 19 and 23. If they file their own tax return and provide more than 50% of their own financial support specifically through their own earned income, such as wages or self-employment income, they may avoid the Kiddie Tax and instead use their own individual tax rate, which can be as low as 0% for long-term capital gains.

If they do not meet this earned-income support test, you may need to wait until the Kiddie Tax rules no longer apply—generally age 19 for non-students or age 24 for full-time students—before selling the stock.

What Counts as a Qualified Withdrawal?

Funds can be used at qualified colleges, universities, graduate schools, technical and trade schools, and registered apprenticeship programs.

Higher Education & Trade Schools

Qualified expenses include:

Tuition
Mandatory fees
Books
Supplies
Equipment
Computers and internet access used by the beneficiary for educational purposes

Room & Board

Room and board expenses qualify only if the student is enrolled at least half-time and are generally capped at the school’s published cost-of-attendance figures.

Apprenticeships

Qualified expenses include fees, textbooks, and equipment required for participation in a U.S. Department of Labor registered apprenticeship program.

K-12 Tuition

At the federal level, up to $20,000 per year per beneficiary may be used for elementary or secondary public, private, or religious school tuition.

However, New York State treats K-12 tuition withdrawals as nonqualified distributions for New York State tax purposes.

Student Loans

Up to a $10,000 lifetime maximum per beneficiary may be used to repay qualified student loans.

Understanding Adjusted Qualified Education Expenses (AQEE)

Adjusted Qualified Education Expenses (AQEE) are calculated as total qualified education expenses minus any tax-free educational assistance received.

You can only take tax-free withdrawals up to the final AQEE amount. Any withdrawal exceeding AQEE is considered nonqualified, and the earnings portion of the withdrawal is subject to ordinary income tax plus a 10% penalty.

New York State Tax Deduction

Contributions to a New York State 529 plan may help lower your tax bill.

New York taxpayers may deduct:

Up to $5,000 for individual filers
Up to $10,000 for married couples filing jointly

Certain limitations may apply depending on each individual’s situation.

Leftover Funds & “What-If” Scenarios

If a beneficiary receives a full scholarship, chooses not to attend college or trade school, or simply has money remaining in the account, the funds are not lost.

Scholarship Exception

You may withdraw an amount equal to the scholarship penalty-free. However, ordinary income tax will still apply to the earnings portion of the withdrawal.

Beneficiary Change

You can change the beneficiary to another qualifying family member, including children, siblings, cousins, spouses, and others.

Maintain the Account

If the beneficiary plans to pursue future education, the funds can remain invested and available for future qualified expenses.

Roth IRA Rollover

If the 529 account has been open for at least 15 years, leftover funds may be rolled directly into the beneficiary’s Roth IRA.

This strategy is subject to:

A $35,000 lifetime rollover limit
Annual Roth IRA contribution limits ($7,500 for 2026, or $8,600 if the beneficiary is age 50 or older)

Take a Nonqualified Withdrawal

You may withdraw funds for nonqualified purposes, but the earnings portion may be subject to:

Federal and state income taxes
A 10% penalty tax

The original after-tax contributions are treated as a return of capital and are generally not taxable.

Key Takeaways

The Ultimate College Safety Net

529 plans are one of the most effective tools for building a dedicated education fund and helping students graduate without the burden of significant student loan debt.

The Triple-Tax Advantage

Tax-Deferred Growth

Investments compound tax-free while inside the account.

Tax-Free Withdrawals

Qualified withdrawals are free from federal income tax and, in most cases, state income tax.

State Tax Benefits

Many states offer an upfront state income tax deduction or tax credit for contributions.

Significant Flexibility

If the original beneficiary decides not to pursue higher education, you are not locked into one outcome. The beneficiary can be changed to another qualifying family member without triggering taxes or penalties.

No More “Use-It-or-Lose-It” Concerns

Recent tax law changes allow a lifetime limit of up to $35,000 of unused 529 assets to be rolled into a Roth IRA for the beneficiary, potentially giving them a meaningful head start on retirement savings.

If you have questions or need help setting up a 529, don’t hesitate to reach out by either scheduling a call using the button below or emailing us directly at connect@noteadvisor.com.

Schedule a Call

Andrew Lemay, CPA, MBA, is a Tax & Financial Planning Associate at Note Advisors. He works closely with the firm’s CERTIFIED FINANCIAL PLANNER® professionals to help clients align tax strategy, preparation, and compliance with their broader financial goals. As he works toward earning his CFP® certification, Andrew is committed to delivering the integrated planning experience that is central to Note Advisors’ approach. Connect with him on LinkedIn.

No portion of this commentary is to be construed as the provision of personalized investment, tax or legal advice. Please consult with the appropriate professionals for advice that is specific to your situation. Note Advisors, LLC can assist in determining a suitable investment approach for a given individual, which may or may not closely resemble the strategies outlined herein.

What Parents Should Know About the New Section 530A “Trump Accounts”

Andrew Lemay on June 1, 2026

Insights From a Recent Kitces Webinar

I recently attended an informative webinar through Kitces.com covering the newly introduced Section 530A “Trump Accounts,” and I wanted to share some key insights because there have already been a lot of questions surrounding who can open these accounts, how they work, and whether they may create planning opportunities for families.

Authorized under the One Big Beautiful Bill Act (OBBBA), Section 530A accounts introduce a brand new tax-advantaged investment vehicle for minors. At their core, they function like an early start retirement account, designed to give children the opportunity to benefit from decades of tax-deferred compounding growth.

While the legislation is still very new and additional guidance will likely continue to emerge, there are several important takeaways worth understanding now.

Who is Eligible and How to Open an Account?

Any U.S. citizen under the age of 18 with a valid Social Security number is eligible for a Section 530A account.

A parent and/or legal guardian, adult sibling, or grandparent, in that order of priority, can establish the account beginning July 4, 2026, through either:

The official government portal at trumpaccounts.gov
IRS Form 4547, filed concurrently with your federal income tax return.

Understanding the Growth Period

From the time the account is opened until the end of the year before the child turns 18, the account enters what’s called the “Growth Period.”

During this phase:

Assets grow tax-deferred
Distributions are generally prohibited
Investments are limited to broad U.S. equity index mutual funds or ETFs with expense ratios capped at 0.1% annually.

The goal appears to be keeping these accounts relatively simple, low cost, and focused on long-term growth.

The 4 Ways These Accounts Can Be Funded

One of the more interesting aspects of the legislation is the flexibility around contributions.

1. Direct After-Tax Contributions

Parents, grandparents, family members, friends, or even the child themselves can contribute cash directly to the account.

Annual contribution limit: $5,000
Contributions are after tax
No tax deduction is received

2. Employer Contributions

Employers can voluntarily contribute up to $2,500 annually to either:

An employee’s account, or
Their dependent’s account

These contributions are excluded from the employee’s gross income under Section 128, though they still count toward the $5,000 annual limit.

3. The $1,000 Federal Pilot Program

One of the most discussed provisions is the government-funded pilot program contribution.

Children born between January 1, 2025 and December 31, 2028 qualify for a one-time $1,000 contribution funded directly by the U.S. Treasury.

Importantly:

This does not count toward the $5,000 annual contribution limit
Families must actively elect the contribution through Form 4547 or the online portal

For young families, this may represent a meaningful opportunity to begin investing early.

4. Qualified General Contributions

Approved charitable or government organizations can inject large-scale capital aimed at broad geographic or age-based classes of beneficiaries.

These do not count toward the $5,000 annual contribution limit

The Power of Starting Early

Even relatively small amounts invested early can potentially become substantial over time because of compound growth. Section 530A accounts are uniquely designed to maximize this compounding effect, as these accounts are established for minors and the initial investments have nearly two decades to grow.

What Happens at Age 18?

Once the beneficiary turns 18, control of the account transfers entirely to them, and the account essentially adopts the rules of a Traditional IRA.

At that point, they generally have four options:

Maintain the Account

Keep the account invested and continue allowing it to grow tax-deferred.

Roll It Into a Traditional IRA

Transfer the balance into a Traditional IRA without penalty and continue deferring taxes until retirement distributions begin.

Convert to a Roth IRA

Potentially one of the more powerful planning opportunities.

The beneficiary can convert the account into a Roth IRA without a 10% penalty, though income taxes would still apply at the time of conversion to the non-basis portion of the account, including:

Employer contributions
Government pilot contributions
Qualified General Contributions
Investment growth

Because many 18-year-olds are often in relatively low tax brackets, this could create an opportunity for lower-cost Roth conversions early in life.

That said, families will want to pay close attention to Kiddie Tax rules, since large conversions could potentially trigger taxation at the parents’ higher marginal tax rates.

Take a Distribution

The beneficiary can also withdraw funds directly.

Original direct after-tax contributions are considered a return of your basis and are tax-free
Growth, employer, charitable, and government contributions are taxable as ordinary income
Withdrawals before age 59½ may also trigger a 10% early withdrawal penalty unless an IRA exception applies

The Biggest Planning Consideration May Not Be Taxes

One of the more interesting discussion points from the webinar had less to do with taxes and more to do with behavior.

At age 18, the beneficiary legally gains control of the account.

For some families, that may prompt an important conversation about financial education and long-term decision-making.

An 18-year-old may understandably feel tempted to cash out funds for short-term wants, especially if they don’t fully understand the long-term value of compounding.

That makes financial literacy and ongoing education incredibly important.

Because ultimately, the real power of these accounts is not necessarily the initial contribution itself. It’s the time horizon attached to it.

We’ll continue monitoring guidance and developments surrounding Section 530A accounts and helping families evaluate how they may fit into a broader long-term financial plan. If you have questions, don’t hesitate to reach out by either scheduling a call using the button below or emailing us directly at connect@noteadvisor.com.

Schedule a Call

The Line Isn’t as Long as it Looks.

Tom Waring on May 12, 2026

I’ve had the good fortune to serve on several boards over the years. Each one came with its own rhythm and its own built-in ending. Three-year terms. Sometimes three in a row if you were lucky. And then, just like that, your time was up.

In my twenties and thirties, I never gave much thought to those limits. Time felt generous back then. Wide open. Almost endless.

But I remember one moment clearly.

I was 41, sitting as the youngest member of a bank board, looking at a simple chart—a line next to each director’s name showing how long they could continue to serve before reaching the age limit. My line stretched out farther than anyone else’s.

I’ll admit I felt a little proud of that long line. And maybe just a little invincible.

Around the table, others looked at their shorter lines with a mix of humor and quiet understanding. We laughed about it. Compared notes. But underneath the laughter, there was an awareness that time, even when it looks long, has a way of moving.

And move it did.

Years unfolded in ways none of us could have predicted. We took the bank public. We navigated leadership changes. We celebrated growth. We weathered difficult seasons—moments that felt like they might never end, and others that passed in the blink of an eye.

Some stretches of time crawled. Others flew.

Somewhere along the way, without much announcement, I stopped being the young guy at the table.

I began to notice the chart again. Only this time, my line didn’t look quite so long.

That’s when it really struck me that the line isn’t as long as it looks.

What once felt distant had drawn close. What once seemed permanent revealed itself to be temporary. And yet, instead of feeling loss, I found something richer.

Gratitude.

Gratitude for the conversations that mattered. For the decisions that shaped people’s lives. For the relationships built over years of showing up, listening, contributing, and learning.

I found myself paying closer attention.

Not just to the work, but to the moments in between. The laughter before meetings, the thoughtful pauses during difficult decisions, the shared sense of responsibility for something larger than any one of us.

And I began to see something else. The shortening of the line doesn’t diminish its value. It clarifies it.

It reminds you to lean in. To be present. To say what matters. To appreciate the people you’re sitting beside while you still have the chance.

As we approached the final chapter in the transition of the bank and the closing of a long and meaningful era, that line, once long and steady, looked more like a dash.

And strangely, that felt right.

Because what filled that line—those years, those decisions, those shared experiences—that’s what mattered all along.

Now, looking back over 27 years, I don’t think about how long the line was.

I think about what we did with it.

And I’m reminded of something simple, something worth holding onto: It’s not the length of the line that defines the experience…it’s how fully you live it while you’re there.

Tom is a person who likes to see good things happen for others. It’s why his life’s work has focused on serving those who are building good things for themselves and others. This mostly looks like advising business owners, their family members, and their key employees in attaining success by aligning their personal and professional visions. He’s been doing this for nearly four decades and has watched as his clients’ financial situations have evolved, gaining insights that only experience can provide. Tom applies his mix of financial know-how and business acumen to guide clients toward better financial outcomes, avoiding the common traps that thwart even the most well-intentioned business owners.

Financial Caregiving During Cognitive Decline

Angela Hall on May 6, 2026

How to Prepare for Aging Family Members, End-of-Life Planning, and the Financial Decisions No One Talks About

As an advisor and retirement plan specialist, one of the most rewarding parts of my career is building relationships with clients that span decades. I’ve had the privilege of walking with people through various stages of life — helping them prepare for retirement, guiding them into it, and planning for their legacy.

As a result, I’m working with aging clients who are experiencing signs of cognitive decline. These conversations can be tender and challenging. On my end of the phone, I often find myself answering the same questions multiple times, sensing changes in communication, and noticing shifts in behavior that weren’t there before.

Over time, the pattern becomes problematic, and we need to ask a member of the client’s family to step in and help.

What Is Financial Caregiving?

Financial caregiving happens when a family member steps in to manage money, decisions, and logistics for a loved one experiencing cognitive decline, aging-related challenges, or end-of-life transitions.

For many people, this role isn’t planned. It’s sudden, emotional, and often without a clear roadmap.

The Financial Responsibilities Families Face

When a loved one begins to decline, financial complexity increases quickly.

Families are often left managing:

Bank and investment accounts
Bill payments and cash flow
Insurance and healthcare expenses
Estate planning documents
Protection against fraud or scams
Meetings with advisors, attorneys, and CPAs

If there isn’t a plan in place, these responsibilities can feel overwhelming, especially for those just stepping in for the first time.

The Emotional Reality of Caring for Loved Ones

Financial caregiving isn’t just about managing money. It’s about navigating one of the most emotionally difficult stages of life.

We often see:

Adult children stepping into unfamiliar roles
Spouses taking over responsibilities they’ve never handled
Families making decisions while processing grief and uncertainty

The hardest part? These decisions don’t wait until you’re ready. They happen while you’re supporting a parent through cognitive decline, managing affairs after a loss, or helping a spouse through an illness.

Why Financial Planning for Cognitive Decline Matters

Most people think of financial planning in terms of retirement or investments, but one of its most important roles is preparing for what happens when you can no longer manage things on your own.

Proper planning can help ensure:

Power of attorney documents are in place
Accounts are organized and accessible
Beneficiaries are up to date
Income and expenses are clearly mapped out
Family members know who to call and what to do

Without this preparation, families are often left trying to piece everything together under pressure.

Common Mistakes Families Make

When planning hasn’t been done ahead of time, we often see:

No clear financial point person
Missing or outdated legal documents
Disorganized accounts across multiple institutions
Increased vulnerability to scams or poor decisions
Family tension due to unclear roles or expectations

These aren’t failures. They’re simply the result of conversations that never happened.

The Value of Having an Advisor in Your Corner

One of the biggest challenges during this stage is not just the complexity. It’s the feeling of being alone in it. Having a trusted financial advisor can help families:

Coordinate accounts and financial decisions
Guide conversations between family members
Work alongside attorneys and CPAs so everyone is on the same page
Provide clarity during emotionally difficult moments
Reduce the burden placed on a single caregiver

Because in these moments, families need guidance.

If you’re thinking about aging parents or your own future, reach out for help to ensure you have a plan in place.

Schedule a Call

Angela M. Hall, Ph.D., CFP^®, is Note’s Senior Financial Advisor and head of the Retirement Planning division at Note Advisors. As a Certified Financial Planner®, her mission is to guide you in achieving your most ambitious life and business vision by developing and maintaining custom wealth and retirement plan strategies. Connect with her on LinkedIn

What Your Relationship With Money Reveals

Christine Mathieu on April 10, 2026

What looks like a money issue is often something deeper.

Can you dig into the archives of your life and find memories of when you first began to misrepresent money… and how that misrepresentation has cost you?

I’ll go first.

At the age of four (that’s me in the photo above), I unknowingly decided to become a thief.

I stashed three cherry-flavored suckers into the pockets of my dress while my father was busy chatting with the owner of the drugstore. When we arrived back at my Nannie’s apartment for lunch, I took one of those suckers and popped it into my mouth.

Busted.

Within seconds, questions and accusations were hurled at me.

Where did you get that?
Did you take more? Where’s the rest?
What made you think it was okay to steal candy?

I cried.

All I knew was that, in the eyes of my parents, I had done something very wrong. But no one explained it to me. I had no idea what money was. I had no idea what it meant to steal.

Instead of understanding, I felt shame.

And shame sticks.

No one sat me down and taught me how money worked. What I learned instead was emotional. I learned that wanting something I couldn’t have could lead to guilt. And that doing something wrong might mean that something was wrong with me.

Over time, those moments formed quiet beliefs.

Not conscious ones.
But powerful ones.

I can’t have what I want.
There’s not enough.
If I get this wrong, I am wrong.

And the truth is, those beliefs do not stay in childhood.

They follow us.

They shape how we earn, spend, save, avoid, and overthink. They influence the risks we take — or don’t take. And they quietly define what we believe we are allowed to have, receive, or enjoy.

Years later, after 16 years as a financial advisor, I found myself in a place I never expected.

At 39, after the birth of my second son and on the heels of my third divorce, I filed for bankruptcy.

On paper, it made no sense.

I understood finances.
I had built a career around it.

And yet there I was, asking myself:

How did this happen?
What’s wrong with me?

I felt angry.
I felt confused.
And underneath it all, I felt that same familiar shame I had felt in childhood.

That is when I began to see something more clearly:

This wasn’t just a financial problem.
It was a meaning problem.

Not because money has no meaning, but because I had assigned money a role it was never meant to play.

Growing up, money wasn’t talked about. It was modeled.

My mother would say, “Christine, you have champagne taste on a beer budget.”

As a child, that did not land as, “We can’t afford that right now.”

It landed as, “Christine, you can’t have what you want.”
And deeper still, “Christine, you are not worthy of what you want.”

Without realizing it, money became tied to worthiness.
To guilt.
To shame.
To deprivation.

Money became more than a resource.
It became a symbol. A judge. A measuring stick.

And when we ask for money to do jobs like that, it gets heavy.

We ask it to make us feel safe.
We ask it to make us feel enough.
We ask it to give us peace.
We ask it to prove our value.

But money cannot do any of those things.

Money is neutral. It does not create our inner state — it reveals it.

It reveals what we believe.
It reveals what we fear.
It reveals the meaning we have assigned to it.

That is why what often looks like a money issue is not just about finances.

It is an invitation.

An invitation to pause and ask:

What have I been asking money to mean?
What have I been asking it to prove?
What role have I given it in my life?

Because when money is no longer responsible for our peace, our worth, or our identity, it can return to its rightful role:

A tool.
A resource.
Something that supports what matters most, rather than something we depend on to tell us who we are.

That shift is where healing begins.

If this resonates with you, you may be noticing that your relationship with money is not just about numbers.

It may be about safety.
Worthiness.
Identity.
Control.
Freedom.
Peace.

That is the work I guide people through.

If you are ready to explore your own soul and money dynamic — the deeper beliefs, patterns, and meanings shaping your decisions — I invite you to start that conversation with me. Because sometimes what appears to be about money is revealing something far more important. And seeing that clearly can change everything.

Book a Discovery Call

As Western New York’s only Certified Money Coach (CMC®), Christine partners with our financial advisors to bring clients the best of both worlds: the technical expertise of financial planning and the transformational insight of wealth coaching. She helps individuals uncover limiting beliefs, align financial choices with what matters most, and move toward clarity. Connect with her on LinkedIn or visit our website to learn more about wealth coaching.

Life is Good. How I Got Here.

Tom Waring on February 5, 2026

There was a time when I thought “well-being” meant things were calm, balanced, and mostly under control.

As a business owner, I’ve learned that it rarely looks that way in real life.

My journey hasn’t been a straight line. There have been seasons of growth and momentum as well as seasons of doubt, exhaustion, and pressure that sat heavier than I expected. There were times when the business was moving forward, but I wasn’t sure I was. Times when success, on paper, didn’t feel as satisfying as I thought it would.

And yet, today, I can honestly say: life is good.

Not because everything is perfect. Not because I get to play golf more often these days (though that does help). It’s because I’ve come to understand what true well-being really means and how intentional choices, over time, shape not just a business but a life.

The Ups and Downs No One Talks About

When you run a business, responsibility is constant. You carry the weight of decisions that affect employees, clients, and families—including your own. You’re expected to have answers, stay optimistic, and keep things moving, even when uncertainty is sitting right beside you.

There were moments when I pushed through stress rather than acknowledge it. When I focused so much on growth and progress that I didn’t pause to ask whether the pace I was keeping was sustainable. I told myself that this was just “part of the job.”

Over time, I realized something important: ignoring your own well-being doesn’t make you stronger. It just delays the reckoning.

Redefining What ‘Well’ Actually Means

For me, well-being isn’t about eliminating stress or achieving perfect balance. It’s about alignment.

It’s knowing that the way you spend your time reflects what matters most to you. It’s having clarity around your values and allowing them to guide decisions, even when it would be easier not to. It’s being honest with yourself about what’s working, what isn’t, and what needs to change.

True wellbeing shows up when:

You can step back without guilt
You trust the people around you
You’re no longer holding everything together by yourself
You feel peace about where you’re headed, not just where you’ve been

That didn’t happen overnight. It came from learning to let go of control, of ego, and of the belief that everything depended on me.

Passing the Torch Starts Long Before You’re Ready

One of the biggest shifts in my own sense of well-being came when I started thinking seriously about succession, not just as a business decision, but as a life decision.

Passing the torch isn’t just about ownership or leadership. It’s about identity. About trust. About believing that the business—and the people within it—can thrive without you at the center of everything.

A vision for my business that I have held since my mid-thirties has been a guide to test my response to questions like:

What do I want my legacy to be?
Are we building something that lasts or something that only works if I’m here?
Can I get out of the way of the bright people in this team?
Can I move from managing to leading, and leading to governing?
Can I exit my ownership during my lifetime?
What does a truly well-lived life look like beyond the business?

Answering those questions and others like it by referencing my vision led to better choices, better decisions, better responses, and great well-being and rich relationships.

What I’ve Learned About True Wellbeing

Looking back, well-being wasn’t something I found after the work was done. It was something I built by making more thoughtful, intentional choices along the way.

A few things made the difference:

Surrounding myself with people I trust and listen to
Putting a “pregnant pause” between an event and my choice of response, instead of reacting.
Accepting that growth includes discomfort
Recognizing that success means very little if it costs you your well-being.

Wellbeing isn’t passive. It’s something you actively protect.

Life Is Good—Because It’s Intentional

Today, life feels good not because the challenges are gone, but because I’m better equipped to meet them. I’m clearer about what matters, more comfortable asking for support, and more confident in letting others step forward.

If you’re a business owner in the thick of it—feeling stretched, uncertain, or quietly exhausted—I want you to know this: you’re not alone, and you don’t have to carry it all yourself.

Catch-up Contribution Changes

Angela Hall on January 26, 2026

What You Need to Know

Saving for retirement is getting a boost in 2026, especially for older workers. New IRS rules are expanding catch-up contribution opportunities while also introducing important changes around Roth catch-up contributions.

Whether you’re a plan sponsor or a participant, understanding these updates can help you make smarter retirement planning decisions and avoid surprises.

What Are Catch-Up Contributions?

Catch-up contributions allow participants age 50 and older to contribute more to employer-sponsored retirement plans—such as a 401(k), 403(b), or 457(b)—beyond the standard annual limit.

These contributions are designed to help individuals who:

Started saving later in their careers
Took time away from the workforce
Want to accelerate retirement savings as retirement approaches

For 2026, catch-up contribution limits have been adjusted for inflation and expanded for certain age groups.

Roth Catch-Up Contributions: A Major Change in 2026

One of the most impactful updates affects how catch-up contributions are taxed for higher earners.

Beginning January 1, 2026:

Participants with prior-year FICA wages from the same employer above the IRS threshold (approximately $150,000 for 2026) must make catch-up contributions as Roth (after-tax) contributions
Participants earning below the threshold may continue to choose between pre-tax or Roth catch-up contributions, depending on their plan’s provisions

Why Roth Catch-Up Contributions Matter

Roth contributions are taxed today but grow tax-free, and qualified withdrawals in retirement are also tax-free. While Roth contributions may reduce current take-home pay, they can provide meaningful tax flexibility in retirement, especially for participants who expect higher future tax rates.

Super Catch-Up Contributions for Ages 60–63

For workers nearing retirement, the IRS has introduced an enhanced saving opportunity known as the “super” catch-up contribution.

In 2026:

Participants aged 60, 61, 62, or 63 may contribute up to $11,250 in catch-up contributions
This is higher than the standard catch-up limit of $8,000 for participants age 50 and older

These expanded limits are designed to help late-career employees take advantage of peak earning years and close potential retirement savings gaps.

What These Catch-Up Contribution Changes Mean for Employers

The 2026 catch-up contribution rules affect more than just participants. They also create new administrative considerations for plan sponsors.

Employers should:

Review plan documents to confirm whether Roth and super catch-up contributions are permitted
Coordinate with payroll providers and recordkeepers to ensure systems can apply Roth requirements correctly
Communicate these changes clearly so participants understand their options and potential tax impact

Final Thoughts on Catch-Up Contributions in 2026

Catch-up contributions have long been a powerful retirement planning tool, and the 2026 updates make them even more impactful, especially for workers approaching retirement. At the same time, new Roth requirements add complexity, making education and planning more important than ever.

If you have questions about how catch-up contribution changes affect your retirement plan or personal savings strategy, let’s connect.

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Angela M. Hall, Ph.D., CFP^® is Note’s Senior Financial Advisor and head of the Retirement Planning division at Note Advisors. Angela works closely with business owners who need retirement plan options for their employees. As a Certified Financial Planner®, her mission is to guide you in achieving your most ambitious life and business vision by developing and maintaining custom wealth and retirement plan strategies. Connect with her on LinkedIn

The Best Things I Did for My Business Were the Things I Didn’t Do

Tom Waring on January 5, 2026

Lessons to carry into the new year

The start of a new year has a way of inviting reflection. We look back at what worked, what didn’t, and what we might do differently as we move forward. For business owners (especially those who have built something from the ground up), this reflection often extends beyond strategy and numbers. It reaches into leadership, trust, and the hard work of letting go.

A few years ago, I remember feeling as if I wasn’t showing up as the kind of leader or business partner I wanted to be. As I reflected on our many meetings throughout the year, I realized that too often I was making withdrawals instead of deposits. Sometimes, while I was simply being updated on the business, I would interrupt with opinions or direction. Other times, I was genuinely asked for my thoughts or opinions, but the distinction wasn’t always clear to them or to me.

So I asked for help from my business partner and our Director of Operations.

I asked that, for a period of time, we clearly distinguish between meetings that were meant as updates and those where the team truly wanted my input and perspective. This wasn’t about disengaging, but about recalibrating. They graciously agreed.

As the year came to a close, I found myself reflecting on what I’m most proud of, not just in terms of growth or progress, but in how I showed up as a partner.

And the answer surprised me.

The best things I did for Note Advisors last year were the emails I didn’t send and the phone calls I didn’t make. Messages that, in years past, I would have fired off almost reflexively. Pausing instead created space for others to lead, for trust to deepen, and for the business to operate without my constant hand on the wheel.

For many business owners, this is one of the hardest transitions: moving from being the driver of every decision to becoming a true partner. Letting go doesn’t mean caring less. It means caring differently.

As we begin a new year, I’m reminded that leadership isn’t always about action. Sometimes, it’s about restraint. And often, the greatest progress comes from learning when to step back.

That lesson, for me, has been one of the most meaningful rewards of all.

New York Secure Choice Is Coming

Angela Hall on December 17, 2025

What New York State Business Owners Need to Know

New York is taking a major step to expand access to retirement savings, and it has real implications for business owners across New York State.

With the rollout of the New York Secure Choice Retirement Savings Program, private employers with 10 or more employees that don’t currently offer a retirement plan will soon face new registration requirements. This will be the first time retirement benefits have moved from a “nice to have” to a legal mandate.

Let’s dive into what New York State business owners should know and how the right planning approach can turn this mandate into an opportunity.

Which New York Employers Are Affected

Under Secure Choice, private employers will be required to take action if they:

Have been in business for 2 or more years
Employed 10 or more employees in the previous calendar year
Do not currently offer a qualified retirement plan already

New York employers that meet these criteria will need to either register for the state-sponsored Secure Choice program or offer an eligible private retirement plan and claim an exemption.

Registration deadlines will be phased in beginning in 2026, based on employer size.

How We Help New York Businesses Implement the Right Retirement Plan

At Note Advisors, we work closely with New York State business owners to help them choose the plan best for their business and their employees. Our support includes:

Custom plan design
Tailored retirement solutions aligned with your business goals
Employee education & engagement
Ongoing financial education to drive participation and retention
Certified Financial Planners
Expert guidance to minimize administrative burden and stay compliant

Turning a Mandate Into an Opportunity

With Secure Choice deadlines approaching in the Spring of 2026, now is the time for New York State employers to review their retirement plan strategy. Early planning provides more flexibility, avoids last-minute compliance pressure, and allows businesses to implement a plan that supports growth and employee financial well-being.

If you don’t currently offer a retirement plan and would like guidance, I’m here to talk through your options and help you determine the best fit for your business. If you have questions or need help moving forward with confidence, let’s connect.

Schedule a Call

Four Things Every Family Business Owner Should Keep in Mind

Tom Waring on December 22, 2022

If I’ve learned one thing from my conversations with family business owners, it’s that you are busy people. Sure, any executive faces countless hours and complex decisions. But combining that with family affairs can prove to be overwhelming at times. Through the experiences others have shared with me, a common theme emerged: the day-to-day requirements of family business owners often causes them to overlook underlying problems and opportunities that inhibit long term success. Let’s look at four crucial ones.

1.) Confusing values with preferences.

There is a key distinction. Do you know the difference? Values are important because they shape our belief systems. They are the underlying things in life we see as true. Preferences, on the other hand, are the way we express those values. People can have matching values and different preferences, and vice-versa. Look at the basic principles of Democracy and Communism. Both seek to improve the lives of individuals in a society (a value), but take varying routes to try and achieve this (as in, different preferences). This concept tends to be a prevalent issue among generations of a family. For example, a senior owner can often misunderstand his or her children’s behavior – whether this is in the form of disinterest in their family business, or simply a disagreement on how to run things. Families have been torn apart trying to achieve the same goal in different ways. Carefully evaluate how this arises in your life, and recognize that you may have more common ground with another than you realize.

2.) The importance of a team of advisors.

For many companies, advisors can be a great tool to ensure the business is being well-managed on all fronts. Along with owners, I’ve met with family business advisors. One was particularly knowledgeable regarding tax and legal procedures. She said that her goal was always to leave the family better off than where they started – with finances in place and relationships maintained. However, she quickly realized that this required her to have a strong understanding of the law (which she did), and of the unique and complex dynamics in place within every family business. For example, the expectations of every member, the relationships between each, and their skills and weaknesses. This advisor admitted much of her work could have been done more efficiently and effectively if she had more skills in reading people. Another advisor I met was exactly the opposite – trained in psychology, but lacked a legal background. He was much better suited to tackle the social dynamics. This is why a diverse team of advisors is crucial. One person cannot be a “professional everything.”

3.) When your children just aren’t interested.

Of every owner, member, or advisor I’ve ever met, not one has neglected to mention their interest in using the business to improve their children’s lives. I get it. We all want to do what’s best for our family. Unfortunately, this devotion can be an enormous source of conflict. Intentionally or not, the senior generation can create an impression (or reality) that one’s decision not to participate in the family business makes them less of a person to their parent. Consider whether you have created that environment within your own family. A couple of important questions to ask yourself:

What do you want for your child?
Would it be okay if they found as much joy in their chosen work as you have in yours?
Does your child have an avenue for expressing thoughts, feelings, and perspectives about the business? If so, how? If not, why?

It’s okay to not love the answers right now. These are meant to serve as a starting point, an opportunity to develop a richer and more transparent relationship with your children.

4.) Maintaining the family (business).

How do you feel about your future as a family business owner? Is your routine sustainable? Is it sustainable for your family? You may have heard the saying, “Take care of the mind, and the body will follow.” It’s becoming much more common in the world of athletics – coaches, trainers, and players are recognizing the impacts of mental preparation and wellbeing. I think of you like an athlete. The business is your team – you’re devoted and passionate about it. However, like every athlete realizes, life isn’t just about the game. Therefore, I say, “Take care of the family, and the business will follow.” While performance today is important, you also can’t risk a career-ending injury. Ensure you are balancing work and personal time. While determination, persistence, and unfaltering dedication to the business can be good, recognize when you’re taking things a little too far. And become good at having difficult conversations, with your children, with your spouse, and with yourself. I can’t promise that a happy family will equate to a successful business. But I can promise that a dysfunctional one will not.

If you’d like to discuss harmonizing your family with your business, we’re here to talk.