Retirement Planning - Grandfather Playing with Granddaughter in Cozy Home Environment

If you are legacy-minded like many of our clients, you might be looking for some help to create your very own legacy plan. Spending time with your kids during the holidays might remind you of the financial values, virtues, and legacy you want to pass down to your children and grandchildren or the impact you want to leave on the world.

Here are some questions to consider asking:

  • Are you currently giving a portion of your income to non-profits?
  • Are you using a Donor Advised Fund?
  • Do you have a plan for giving to nonprofits or organizations close to your heart in your will so that you can continue giving even after death?
  • Do you want to teach your grandchildren about generosity?
  • Do you want to teach your children and grandchildren about creating good financial habits? There is a fantastic book written by Dale Alexander who serves on our Investment Committee titled “The Talk about Money,” which is a perfect gift or discussion for high school and college-age children or grandchildren.
  • Have you heard of creating a legacy will or character will? This is where you create something to share with your family, including values, favorite quotes, life lessons, recipes, and traditions. Here is a link to our blog that explains this concept more in-depth.
Retirement Planning - Grandparents Reading a Book with Granddaughter Outdoors, Enjoying Time Together at Sunset

The first step is to create a giving plan that includes how much and how you plan to give your money away and who and what organizations you plan to give to. If you have non-qualified investments with appreciated stock, then it might make more financial sense to give appreciated stock instead of cash. (A non-qualifying investment is an investment that does not qualify for any level of tax-deferred or tax-exempt status.)

If philanthropic planning is something you would like help with, consider hiring a financial advisor and retirement planner to help walk you through this process. They can help you by setting up smart ways of giving such as a Donor Advised Fund (which could have tax benefits for you) or a Trust, or talk to you about hosting a Family Summit Meeting.

If you have a growing portfolio of $300,000 or more, reach out and schedule an intro call with Tara. This is the first step in our process to meeting with one of our CFP® professionals.

The guidance and ideas shared above are based on our current understanding, and should NOT be considered as tax or legal advice. You will need to consult with your tax advisor and attorney to get detailed information pertaining to your specific situation.

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By Published On: November 28th, 2023

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About the Author: Tara Bruce

Tara Bruce
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