Leaving Your Legacy Archives

More Than an Inheritance: The Legacy You Leave Behind

Note Team on May 19, 2026

There’s a shift happening in the way families think about wealth.

For previous generations, estate planning often meant one thing: deciding what happens to your money after you’re gone. Conversations about wealth were private. Children didn’t know much about the finances, and many families simply planned to “figure it out later.”

But today, more families are asking a different question:

What kind of impact do we want our wealth to have while we’re still here to experience it?

At Note Advisors, we’ve seen some of the most meaningful financial planning conversations happen not around numbers or investment returns, but around family, values, generosity, and legacy.

Because in many cases, the most important part of a financial plan has very little to do with spreadsheets.

Legacy Is About More Than Money

True legacy is much bigger than the transfer of assets.

It’s the values you pass down.
The conversations you have.
The opportunities you create for your children and grandchildren.
The memories your family carries forward long after the money itself is gone.

One of the most common things we hear from clients is:

“I want to see my kids and grandkids enjoy this while I’m alive.”

That mindset changes the conversation entirely.

Instead of simply asking, “How much can we leave behind?” families begin asking:

How can we help our children now?
What experiences matter most to us?
What values do we want future generations to carry forward?
How do we use wealth intentionally?

Those are legacy conversations.

The Power of Open Family Conversations

For many families, money was once a topic that stayed behind closed doors.

Parents often believed their adult children shouldn’t know anything about the family finances until after they passed away. While the intention may have been good, the result was often confusion, stress, and uncertainty for the next generation.

Today, we’re seeing more families embrace openness.

Not in a way that creates entitlement, but in a way that creates understanding.

When families communicate intentionally about wealth, they create clarity around:

family values
charitable priorities
financial responsibility
long-term intentions
stewardship across generations

And perhaps most importantly, those conversations can strengthen relationships.

A Different Way to Think About Charitable Giving

One of the most meaningful examples we’ve seen in the families we work with involves charitable giving.

Many families establish charitable accounts or donor-advised funds because of the tax benefits. And while those benefits can certainly be valuable, the real opportunity often goes much deeper.

We encourage families to use charitable giving as a teaching tool.

One client began involving his children and grandchildren in deciding which charities the family would support each year. At Thanksgiving, each member of the family had the opportunity to share a cause that mattered to them.

What started as a financial strategy became something much more meaningful:
a family tradition rooted in shared values and generosity.

The tax deduction became secondary.

The real impact was the conversation itself.

Giving While Living

Another trend we continue to see is parents and grandparents choosing to support younger generations earlier in life rather than waiting decades to pass wealth down.

That might mean:

helping with a first home purchase
contributing toward education
funding family experiences
supporting entrepreneurship
gifting strategically as part of a larger estate plan

And interestingly, many adult children initially respond the same way:

“We don’t want the money. We want mom and dad to enjoy it.”

But for many parents, these gifts are part of the enjoyment.

It’s a way to witness the impact of their life’s work firsthand.

To see their children build stable lives.
To watch grandchildren create memories.
To experience the joy of helping others while they’re still here to share in it.

The Math Answer vs. The Right Answer

Financial planning often involves technical decisions:
taxes, investment strategies, withdrawal rates, and estate structures.

Those things matter.

But there are moments when the “best” mathematical answer may not fully capture what matters most to a family.

Sometimes a client chooses to spend money on a meaningful trip tied to a loved one’s memory.
Sometimes parents decide to help children earlier than a spreadsheet would recommend.
Sometimes generosity, family connection, or purpose outweigh pure optimization.

As we often say:

There’s the math answer, and then there’s the right answer. Sometimes those are the same. Many times they’re not.

Holistic financial planning should factor in both.

Wealth as a Tool for Purpose

At its best, wealth is not simply about accumulation.

It’s about alignment.

Alignment between your money and your values.
Between your resources and your relationships.
Between your financial plan and the life you want your family to experience together.

The families who navigate legacy most successfully are rarely the ones focused only on preserving wealth.

They’re the ones focused on using it intentionally.

Because the greatest legacy often isn’t the money itself.

It’s the impact that money has on the people you love.

If you’d like to have a conversation about your own legacy, schedule a call with one of our Certified Financial Planners (CFP®) to see if we are the right fit.

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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.

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.

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.

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.

AUM vs. LUM

Tom Waring on December 14, 2020

“What’s your AUM, Tom?”

During financial industry conferences and meetings, this seemingly innocent question surfaces almost without fail.

AUM = “assets under management.”

To me, that question is a veiled and vulgar way of trying to find out the total assets being managed by our firm. When using the term “assets,” the person inquiring doesn’t mean the humans and their lives that we’re helping to navigate. Rather, it’s all about the dollars and cents under our direction. The question they’re really asking is, “How much of other people’s money do you control?” To many in our industry, this is the badge of honor that they believe measures success.

I believe that “assets under management” is a crappy way to categorize clients.

I also believe that if all you have is financial capital, then you don’t really have all that much.

While it’s an important data point for valuing a business, it unfortunately doesn’t indicate the true value of a financial professional or their client base. At Note, we have a different standard of that value for both.

We like to think in terms of “lives under management.”

When considering the “assets” we manage, our focus turns to people we advise. The human beings we help to successfully navigate their personal and financial challenges. Challenges such as:

Investing their limited resources of time and money in starting a business.
Taking on the financial capital risks of borrowing money to begin and/or grow a business.
Sweating-out the personal guarantees needed to secure loans in early-stage businesses, or businesses under stress.
Lost sleep and compromised health due to the pressures of financial and business risks.
Business distractions that prevent clients from being “present” with their family, spouse or significant other, and the resultant dissatisfaction over a loved one being mentally somewhere else.

Often when we begin advising clients, they find themselves in uncharted waters as we help them navigate their “lives under management.” Yet because of our years of experience, we know the management plan we are creating for them will deliver results. We’ve seen it. We can smell it. We know it, often before those we are working with actually experience it.

We also know that helping people transition their sweat and tears into something of value, and extracting that value over time in the form of financial capital, can give them valued independence. People can live in ways that allow them increased control over their time. They can enjoy extended vacations. They create the ability to transition their business to family or employees, or sell their businesses and move on to their next venture with a smile on their face.

Most importantly, they become fully aware that they are not simply “assets under management.” They are human beings who we value and whose lives we are helping to build and enjoy.

Are You Really “All Set”?

Tom Waring on November 30, 2020

“We’re all set”

This simple three-word phrase is one I’ve heard throughout my career, in instances that often stick in my mind. One of those relates to a couple I worked with for more than 20 years. Early on, I provided the husband with financial advice about an insurance policy, which he then purchased. Sadly, he subsequently contracted an illness that caused him to become disabled for the remainder of his life.

As I do with all clients, I attempted to get back together with the couple for an annual review of that policy, and the details of how it worked. More often than not the appointments were scheduled and cancelled as “unnecessary,” with the wife always concluding, “We’re all set.”

This year the gentleman passed away. His widow contacted me to ask if I could provide her information on his life insurance beneficiaries. When I shared the information, she was shocked. She indicated that she and her husband had modified their wills to ensure select individuals they had originally noted as beneficiaries on the policy would not receive any proceeds.

I advised her that since such a policy is a separate contract with the insurance company, changing their wills did not change the beneficiary designations. I explained that unless an insurance contract is modified, the policy is paid out according to the original terms.

At that point, the widow became upset, saying her husband would be rolling over in his grave if he knew the amount of money that would be going to certain beneficiaries. She said she understood that she and her husband had cancelled a number of appointments with me and clearly they were not as “set” as they both thought.

I advised her that I was sorry but, as difficult as it was to watch it unfold, the proceeds were being paid out exactly as they had been written. In the end, it was an expensive and painful lesson for this woman about the consequences of not being “all set.”

Medical professionals require an active relationship with their patients in order to establish and maintain a baseline of their health. Without that baseline there is no reference for how much a patient has changed, how their current health varies from “normal”, or how to ensure their ongoing wellness.

The same is true for financial professionals.

Without a baseline understanding of a client’s personal and financial situation and a game plan for the future, advising is often nothing more than business transactions that sometimes include opportunistic purposes to sell products to a client without clear objectives.

Today, professionals in every field are recognizing the risks of advising “we’re all set” clients; those who don’t proactively participate in the planning process. They are also facing increased liability costs of attempting to advise reactive individuals in today’s litigious society. Many are notifying such clients of non-compliance and pruning them from their client/patient lists. Not a great place to find yourself when you need professional help and realize you are not “all set,” not insurable, not prepared for retirement, not liquid and not protected by any kind of safety net or parachute.

The next time you’re inclined to dismiss a professional who is trying to serve you and maintain an active relationship, think twice. Agree to meet with them and keep that appointment. Maintain your baseline. Let your professional lead you through their established processes and provide you with proven solutions. Make sure that ultimately, when you say those three little words, you really are, “all set.”

Great Advisors Ask Great Questions

Tom Waring on November 5, 2020

In the decades I’ve spent advising individuals on their businesses and their wealth, I’ve observed that people are often concerned about having the “right answers.” It makes sense. We all want to be correct, feel affirmed, and know we’re on the path of success. However, I’ve learned that to arrive at the “right answers,” you need to ask the right questions. At Note, we believe great advisors ask great questions. The kinds of questions others might not.

Questions you never get to fully contemplate in the day-to-day demands of running your business.

Questions which, by the time you recognize they should have been asked and addressed, rob you of valued financial capital and time.

“What made you decide to start this line of work?”

“Are you still doing it for the same reasons?”

“What has to happen over the next three years for you to feel professionally fulfilled and successful?”

“When was the last time you took off a couple of weeks, or even a month, from your work?”

“If you don’t have the support in place to take a month off or more, what do you think would happen to your business if you become unable to work for an extended period of time due to illness, injury, or premature death?”

These kinds of essential business questions don’t stop there. For many business owners, there are succession concerns that can implicate partners, family, and employees.

“How do you plan on getting out of this business alive?”

“Are your children working for you? If so, do they expect to own the business someday?”

“Can you identify key employees in your company?”

“Do they know they are your key employees?”

Some business owners have shareholder involvements.

“Have you reviewed your shareholder agreement to make sure those integral to your business aren’t robbed of ownership positions, like your children?”

“How might this impact partners and co-shareholders you might have?”

“Does your shareholders agreement address liquidity needs that may occur during their lives—college education funding, unanticipated expensive medical care, helping a child with a home down payment or a grandchild with their education?”

“Can these needs create the unintended consequences of diminished business focus, or loss of a key shareholder?”

There’s also the challenge of managing relationships with varied business advisors.

“Do you have a collaborative team of advisors—an accountant, a tax expert, a lawyer, an operations pro?
“How do you coordinate communication among them all?

“Do you have one core advisor facilitating such communication? Or do you find yourself spending your business time interpreting the work of each one of your advisors for everyone else?”

“How’s that working for you?”

If any of these questions hit a nerve, I want you to know that I see you and the challenges you’re facing. That’s why I’m passionate about asking great questions that grab your attention and give you pause. Questions that inspire the right answers for your family, your business, your wealth, and your legacy.

If you’d like to start a conversation filled with great questions, I can be reached at Tom@NoteAdvisor.com.

Mid-Year Tax Reviews Can Save You $$$

Shawn Glogowski on August 31, 2020

Every tax season, U.S. businesses owners and individual taxpayers undergo an amazing ritual. At the beginning of the year, we start collecting forms from various entities: banks, creditors, investment companies, our employers, etc.

After we have gotten all of our paperwork, we then figure out whether we’re going to waste a weekend slogging through all this paperwork, or if we’re going to outsource it to someone like a strip mall tax preparer or a CPA. Whatever we decide, our singular focus is to figure out one thing: “How big is my refund going to be?”

If the answer is negative, meaning we owe the IRS money, that ruins the whole weekend. Whatever the result, all we know is that once we have finished—which is usually around March 15th for businesses and April 14 for most individuals— we don’t think about taxes for another year.

Is that the right approach? Perhaps not.Here are 5 reasons why you might want to review your tax situation mid-year.

Tax Review Reason #1: Adjusting employer withholdings.

In early 2018, the IRS prescribed new withholdingtables for employers, based upon the changes in the Tax Cuts and Jobs Act of 2017. While most people will pay a lower tax bill, there are those who might pay more. However, the withholding tables are largely adjusted to withhold less in taxes which can result in a nasty double whammy for some taxpayers of paying more in taxes, but having less withholdings in their paycheck.

You can avoid this situation by simply taking 10 minutes to check for yourself on the IRS’ withholding website. Here, you can walk through some pretty simple questions about your personal situation, income, and possible deductions. After answering these questions, the IRS will give you some suggestions on whether you need to adjust your employer withholdings.

Tax Review Reason #2: Seeing the tax impact of specific life events.

Sometimes, it seems that our taxes just stay the same, regardless of what we do. That is not necessarily true. Here are a few examples of specific life events that should encourage you to do a mid-year tax review.

If you have a child going to college, you may qualify you for a tax credit and deductions for tuition expenses. Check out the IRS Website for details.
If you have purchased a home for the first time and are starting to itemize deductions because of the mortgage interest and real estate taxes you are now paying.
If you have installed energy-efficient appliances that provide you eligibility for tax credits. Click here for more information.
If you are recently retired and need to figure out how your withholdings work now that your employer is no longer taking that money out of your paycheck.

Tax Review Reason #3: Sound tax advice.

If you ask a tax professional questions about your financial situation at this time of year, you are consulting them when they are not singularly focused and stressed over getting through tax season.

You can have an enlightened conversation about this year’s tax return with the knowledge base of last year’s returns and the calm of an off-season consultation.

Tax Review Reason #4: Learn more about your options and properly plan.

Planning to sell some stock? Depending on your situation, there’s probably more than one right way to do this. There are also there are many tax-inefficient ways. Talking with a financial professional before you make these decisions might help you save money on taxes.
Looking to increase your charitable contributions this year? Perhaps you can get more bang for your buck if you bunch itemized deductions every other year.
Just retired, but not ready to take money out of your IRA? Perhaps it is worth doing Roth conversions while you’re in a low tax bracket, so you won’t get a nasty surprise when you have to start taking required minimum distributions and find out you’re in a much higher tax bracket. Proper tax planning might help you figure out the best decisions for your situation.

There are so many different aspects of your life with some sort of tax impact. And it’s important to make sure you’re doing this while you still have time to make changes. For example:

If you need to adjust your withholdings, it’s best to do it mid-year, so you have more paychecks for those changes to take effect. **
If you’re looking to contribute to an IRA**, it’s probably best to spread out those contributions over the course of the year. When you do tax planning mid-year, you can always come back at year-end to see what else needs to be done, but the reverse isn’t necessarily true.

The point should be to enjoy your BEST life while remaining as tax efficient as possible. And that’s best done with proper tax planning.

What’s next? Talk to your financial advisor. That’s us!! Note Advisors is a one-stop-shop for all of your tax review and planning needs.

In fact, GCW Principal, Shawn Glogowski, is an Enrolled IRS Agent, which means he is licensed to practice before the IRS and, if needed, can legally advocate with them on your behalf.

Why not get your mid-year tax review going now, before it’s too late.

SCHEDULE YOUR APPOINTMENT NOW

Parts of this blog were excerpted from an online article by WestChase Financial Planning.

Making the Most of Your Charitable Donations

Shawn Glogowski on August 12, 2020

As we make our way through the pandemic, not for profits and community organizations are facing increasing challenges not only in serving those in need, but in keeping their doors open. These circumstances have led to a significant increase in the number of groups asking for donations.

How do you decide which causes to support? Additionally, if you’re concerned about getting a tax deduction for your contribution, the higher standard deduction, established by the Tax Cuts and Jobs Act of 2017, can make it a little more difficult.

These days you have to be strategic about those to whom you donate and the amount you give. Whether your donations are large or small, here are some ways to give meaningfully, stay true to your budget and to yourself—and possibly get a tax break as well

Personal strategies for giving

Just because you cannot give to every worthy cause, there’s no reason you have to feel ungenerous. With a little strategic planning, you can choose both the best place and the best way to share your good fortune.

Start with what’s important to you—Do you have a particular passion such as the arts, the environment, education, or fighting poverty? Is there an organization that has made a difference in your life? Giving to a cause that has a personal meaning can be both effective and rewarding.
Look to your own community—Making a financial contribution that will not only benefit a cause you believe in but also have a local impact can give your donation extra meaning. Consider a local food bank, a scholarship fund for a neighborhood school or a struggling homeless shelter in your city.
Narrow down your list—Chances are you can’t give to every charity on your list, so next think about where your donations will make the most difference and choose the top three. Consider doing a little extra research by comparing charities at an independent online rating service such as charitynavigator.org or charitywatch.org before you make your final choices.
Apportion your money accordingly—Decide on an overall dollar amount you can afford, and then decide how to distribute it. You don’t have to give the same amount to each charity nor do you have to give all the money at once. Many organizations welcome small regular contributions over time.

Getting a tax benefit for your contributions

Charitable contributions are still tax-deductible; howe ver, you have to itemize to get the benefit. With the higher standard deduction ($12,400 for a single filer, $24,800 for married filing jointly for 2020)—plus the reduction or elimination of many other itemized deductions—it can be a bit more of a challenge to get total deductions above that limit. Consequently, a lot of people will choose the standard deduction rather than claim the charitable deduction.

One possible solution is to give a larger amount every two or three years to help push you over the standard deduction rather than a smaller amount every year. This potentially would increase your deductions in the year you make your charitable contributions.

Also, to encourage giving and make it easier during the pandemic, the CARES Act provides a new “above the line” charitable contribution deduction of up to $300 if you claim the standard deduction in 2020.

For people who itemize deductions, it expands the limits on cash charitable contributions from 60 percent up to 100 percent of 2020 adjusted gross income.

Tax-smart ways to give

If tax advantages are an important part of your charitable-giving strategy, here are a couple of other ways to go about it.

A donor-advised fund (DAF) is one of the easiest, tax-advantaged means of giving to charity. It’s potentially more of an initial financial commitment but the ongoing benefits to you and the charities of your choice make it worth considering. It generally takes a minimum of $5,000 to open a donor-advised fund account; however, you may qualify to get an immediate tax deduction for the entire amount, if you itemize.
If you donate appreciated assets, you could not only get a tax deduction, but also potentially avoid having to pay capital gains taxes. You then use the funds to make grants to any public charity and any money not immediately distributed can be invested, potentially increasing the amount available to give. To me, if you have the means, it’s a great way to make an upfront contribution that you can then strategically manage over time. Plus, you can do most of it online—and have easy access to your giving history.
A qualified charitable distribution (QCD) from an IRA is another option for retirees who are over the age of 70.5 to give up to $100,000 a year to certain qualified charities. With a QCD, the donation is made directly from an IRA to the charitable organization, which means you don’t have to include that distribution in your taxable income.

Even though you don’t get a tax deduction from a QCD, it can be a tax efficient way to give—since the alternative of taking that distribution in to your income first and then making a donation could result in a higher tax on your Social Security benefits and Medicare premiums. In addition, a QCD can be used towards your required minimum distribution.

Whether you give a lot or a little, contribute money or time, by sharing what you have today you’re making a difference and investing in a better tomorrow for everyone.

This blog post was excerpted from an online article by Carrie Schwab-Pomerantz, CFP®, Board Chair and President, Charles Schwab Foundation; Senior Vice President, Schwab Community Services, Charles Schwab & Co., Inc.; Board Chair, Schwab Charitable