legacy planning

Family Matters

We’ve had plenty of conversations recently with people in their working years. It’s reminded us of a basic fact: family dynamics and money can create a lot of angst for people of any age. The issues of aging may be about universal to the human experience, but the particulars have to be navigated family by family.

We’ve seen these topics from many angles. They are pertinent for aging couples, vital for singles. Couple dynamics usually involve one taking care of the other; when there is no “other” in the household, that support system must be found elsewhere.

When the dynamics in a family start changing, it can feel concerning for those in the younger generation, too. The questions we’ve fielded are as varied as the families:

  • May an adult child or someone else do business on behalf of a parent who is not able to?
  • Are there sufficient resources to take care of the health needs of the parent?
  • Is there a plan to be sure assets are titled properly and headed where they should be in the event of death? How do we avoid spending unnecessary time, energy, taxes, or legal work when the time comes?
  • What are the roles of Medicare and Medicaid?
  • Should we be aware of any scams or elder abuse that could be a threat to a parent?
  • Who makes health decisions on behalf of a parent who is not able to?
  • Where is the information survivors would need to settle a parent’s affairs?

The ideal scenario is that a family goes into any major event with clarity, already: that the senior generation’s plans and intentions are already made known, that they’ve communicated their wishes regarding health care principles and the ultimate disposition of their estate. And sometimes we arrive at a big moment and need to work with what we have.

If you are concerned about a parent, an initial call can help us understand your questions, point you to resources, explain how things might work, or make plans for a meeting with the parent.

If you are a parent and would like to make sure your plans and intentions are carried out, let’s talk.

In all cases, better communication usually reduces stress. Assets are the result of years or lifetimes of work and effort. We believe that planning to make sure they do as we intend is one way to respect that work and effort.

Call or email to get a conversation started: any moment can be the right moment to start.

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Play the audio version of this post below:

Worried about the Folks? Some Notes about Intergenerational Planning – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.

Your Money Never Retires 

For many people we know, money represents work. It’s the sweat and the time and everything else that goes into one’s livelihood.

It may have started decades ago, perhaps with a job for a local farmer, walking beans or baling hay. (Does that reference date us?) It’s all the jobs that followed, too. No matter where those paychecks came from, the work behind them can become a source of pride—one that can also fund our retirement years.

We’re fortunate to know many people who end their careers with resources beyond their needs. It’s a nice problem to have: what happens when the excess outlives us? What’s the next “life” for what you’ve earned and accumulated?

We’ve been hearing from some of you about these big financial legacy questions, and there are many possible answers. In no particular order, here are a few ideas that you have been sharing with us.

Spend it on shared memories. For many, the pace of retirement includes more travel and experiences that weren’t possible during the working years. And while you’re at it, you might think about including those closest to you. Some might take their children or grandchildren with them on the big adventures. If you don’t want to leave behind wealth well beyond your beneficiaries’ needs, spend well now, with them: create the memories while you have the opportunity to do so. Bonus? They have another shared memory to enjoy, long after the experience is over.

Consider making gifts where they would make a difference now. There’s no rule saying you have to wait until you’re gone to get the excess to your beneficiaries. An inheritance can be life-changing, but who’s to say that a well-timed gift couldn’t make a big impact? It could be that splashing around a little cash now might make more difference in the long run. Maybe a loved is working toward a down payment on their first house, or some seed funding for their business expansion, or some other worthwhile project that you’d like to support. Why not now?

Direct it to the causes you care about. You can turn some of your charitable intentions into plans now, too. Your legacy planning may already involve leaving behind some assets to charity, and there are other strategies that might fit your goals. For example, a Donor Advised Fund (DAF) can be set up to benefit organizations of your choice after you’re gone, but it can also be left to a successor: a person you trust to direct charitable distributions of your gifts. They could carry on the work you start now.

Making these kinds of choices truly is a great problem to have. Generational wealth is a powerful tool and privilege. It also highlights the tensions we feel around money: what is the utility of money in our lives—and beyond? We don’t have to know all the answers, but there might be a chance to unlock some exciting opportunities for the generations ahead, if only we get a little more intentional or organized now.

Clients, may your wealth bring you only the best of dilemmas. We’ll be here to try to help you along your way.

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Play the audio version of this post below:

Your Money Never Retires – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.

What If Your Legacy Started Today?

Clients, the wealth you bring to the shop is meant for the long haul.

We often say that the grocery money doesn’t live in here. The car breaks down or the washing machine gives out? You don’t call us for that. Long-term money lives in long-term investments, aimed at long-term goals—the next stage of life, retirement, perhaps the needs of descendants, and so on.

But once all those different goals are on track, we’ve still got some choices to make. (It’s a nice problem to have, surely.)

As habits or hobbies or whole stages of life come and go, we might take a fresh look at our discretionary spending.

What if you started thinking about your legacy and impact as a regular part of your budget, now?

  • What are you not doing that you wish you were doing? Maybe you’d love to become a major contributor to a cause you’ve been volunteering for.
  • What do you wish your community had that it doesn’t have now? Maybe you could lead the driving force behind a park improvement, a new service for a preschool or senior care facility.
  • Where might your money save time for someone you care about? Maybe someday it would be your turn to be the benefactor of the local library foundation or to help the school go digital with its historical records.

Starting a project like this is just like budgeting for any other financial goal. Just ask the big question today: what would you have to change in order to afford this new choice?

We don’t mean to make any of this prescriptive. After all, you are the one who must live your life—not us! But there might be a chance to unlock some exciting opportunities, if only we get a little more intentional or organized now. Who knows?

Clients, if you would like to talk about this or anything else, please email us or call.

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Play the audio version of this post below:

What If Your Legacy Started Today? – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.

Don’t Be DAFfy: Planning Your Impact 

“I have enough, and enough is as good as a feast.” — Granny, as told to us by one of you

For many folks, giving and community are important pillars of their financial plans and planning. After all, once we discover that we have enough to get by on, we’ve got some important decisions to make about our resources.

What will our excesses and gains mean for the community around us? Or the next generation? Or causes and organizations we care about?

In 2025, Leibman Financial Services added a new type of account, a tool that may be an option for those with charitable intentions and a desire for a little organization.

Here is what we are talking about: a Donor Advised Fund, or DAF. A DAF is an account that we can open and manage for you here in-house. Money or securities that you send to the DAF are considered tax-deductible charitable contributions, even if they came from existing accounts here. (Consult your tax advisor about what this means for you in particular.)

The funds can be invested for long-term growth or disbursed more quickly; you may donate as much or as little as you choose, on your schedule. You request distributions, or “grants,” from your DAF to be sent to the nonprofits of your choosing.

A DAF would become part of our regular conversations about your portfolio, your goals, and your financial plans and planning.

Why consider a DAF? A DAF could be used…

  • As an alternative to creating a family foundation or other organizational structure on your own
  • As a way to simplify philanthropic activities, having a single destination for gift dollars and a single vehicle for sending out donations
  • As a way to organize tax deductions and tax planning
  • As a way to direct high-flying holdings toward charitable intentions (by gifting appreciated assets to a DAF, you pay no tax on the gains, and the DAF pays no tax on the gains)

We work with iGift, a registered 501(c)(3), to administer these accounts. iGift requires a minimum of $25,000 to open a DAF, though only a $1,000 minimum balance needs to maintained thereafter. You may send out gifts as small as $100 to approved nonprofits year-round.

Fees and rationales can be found in our disclosure documents where we discuss more about the terms of our services.

If the DAF still has funds at your passing, your designated successor—an heir or heirs—may direct future donations until the fund is exhausted, or you can elect to provide instructions for how to distribute the remainder among nonprofits.

Our money has a chance not only to outlast us—but to continue making ripples in the world.

The Donor Advised Fund concept has been used by people here at Leibman Financial as part of their tax planning and to organize charitable intentions. Not all account types are appropriate for everyone, though there’s a lot to like here.

Could it be a good time to learn more?

Reach out, anytime.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

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Play the audio version of this post below:

Don’t Be DAFfy: Planning Your Impact – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.

The Comfort Zone: Overrated or Underrated?

There’s nothing wrong with wanting more… unless it clouds the beauty in what we already have. We can be grateful for what we’ve built and still be ambitious to make ourselves and the world around us better.

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In and Out of the Comfort Zone  

Once there was a man who was never satisfied, who always wanted more. He always needed to get to the next level. He had a goal of making a million dollars a year, then he wanted two million, and then a million a month, then two million a month. And that was not enough, either. He had wealth, he had fame, he had all the stuff money can buy, but he never had enough. 

Some preach that this striving is a virtue. “You can’t make progress unless you are willing to get out of your comfort zone.” Carried to the extreme, the mindset seems like a treadmill—or a trap, even. Always pushing, never satisfied? Sounds like it could be a sad way to spend one’s life. 

On the other hand, a friend told us a while back about her grandmother, who always said, “I have enough, and enough is as good as a feast.” One imagines that Granny was as content with life as a person could be. 

But taking that to the extreme, where would progress or innovation happen if everyone resigned themselves to living with things just as they were? Would anything change in a world where everything was perfectly comfortable and everyone had what they needed already? 

It is for each of us to sort out what we want out of life, how to get it, and the meaning of happiness. And that might mean figuring out what we need to do differently to get there, and then recognizing it once we have gotten what we need in terms of money and stuff. 

Then, once we’re comfortable in one area, we might turn our aspirations to more elevating topics—maybe helping family, developing new skills, or improving the community.  

For instance, can you imagine a community rec center in our little town? Or a scholarship endowment whose income would help any graduating seniors on their way to a trade or to higher education? More vibrant community organizations? These are some of the next-level things I’m dreaming about. 

We can be comfortable with what we have, and we can exercise our ambition to make the world better. We enjoy the satisfaction of our comfort zone in some ways and move ourselves out of it to dream big in other ways. 

Clients, if you would like to explore the ins and outs of your comfort zone, email us or call. 

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Play the audio version of this post below:

In and Out of the Comfort Zone – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://228main.com/.

Would You Rather… Have a Pot of Gold or Have an Orchard? 

When I was young, I pictured my retirement account as a pot of gold. It would be there at the end of the rainbow, when my career is done, to fund my retirement.

Talking with folks, it seems like the pot of gold is the type of thing lots of people think about when the subject is retirement. Whether it’s finding their “number,” amassing a big enough balance to feel “safe” enough to retire, or hitting a nice round goal like $500,000 or $1 million, the lump sum is the thing.

The challenge with thinking in lump sums is, we live our lives moment to moment, month to month. We have food to buy every week, bills to pay every month, and holidays or travel or projects to fund every year.

In other words, life happens with recurring income—not a lump sum.

A pot of gold sounds nice, but when you take gold out to do something or buy something, it’s gone: you can only spend it once. This may be why some people with substantial resources still don’t feel comfortable with the idea of hanging up their earning power. They’re stuck on discrete balances instead of ongoing flows.

Long ago I realized that what we need in retirement is an orchard, not a pot of gold. The orchard produces a fruit crop, and the crop is what meets our income needs for a year. And when it’s over, we still own the orchard! Next year, another crop. When the orchard is sustainable and can produce a fruit crop big enough to live on, we’ve become financially independent—and don’t need to sell our labor to pay our bills, anymore.

One of the best things about the orchard is that it does not matter how long you live. If the fruit crop each year is big enough, you won’t run out of resources. We tend the orchard and keep it healthy enough to supply the crop.

And when you are done with it, “you can’t take it with you” as they say, so the orchard gets passed down to people or causes you love. You don’t just leave an empty pot, where the gold used to be. Instead, the ground can be made ready—for whatever’s next.

Email us or call if you’d like to talk about turning your pot of gold into an orchard.

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Play the audio version of this post below:

Would You Rather… Have a Pot of Gold or Have an Orchard? – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228main.com/.

Looking Out for the Ones We Love
photo shows a variety of black and white and sepia-toned photos on a wooden table

We’ve had plenty of conversations recently with people in their working years. It’s reminded us of a basic fact: family dynamics and money can create a lot of angst for people of any age. The issues of aging may be about universal to the human experience, but the particulars have to be navigated family by family.

We’ve seen these topics from many angles. They are pertinent for aging couples, vital for singles. Couple dynamics usually involve one taking care of the other; when there is no “other” in the household, that support system must be found elsewhere. (Trust me on this: I’ve lived it!)

When the dynamics in a family start changing, it can feel concerning for those in the younger generation, too. The questions we’ve fielded are as varied as the families:

  • May an adult child or someone else do business on behalf of a parent who is not able to?
  • Are there sufficient resources to take care of the health needs of the parent?
  • Is there a plan to be sure assets are titled properly and headed where they should be in the event of death? How do we avoid spending unnecessary time, energy, taxes, or legal work when the time comes?
  • What are the roles of Medicare and Medicaid?
  • Should we be aware of any scams or elder abuse that could be a threat to a parent?
  • Who makes health decisions on behalf of a parent who is not able to?
  • Where is the information survivors would need to settle a parent’s affairs?

The ideal scenario is that a family goes into any major event with clarity, already: that the senior generation’s plans and intentions are already made known, that they’ve communicated their wishes regarding health care principles and the ultimate disposition of their estate. And sometimes we arrive at a big moment and need to work with what we have.

If you are concerned about a parent, an initial call can help us understand your questions, point you to resources, explain how things might work, or make plans for a meeting with the parent.

If you are a parent and would like to make sure your plans and intentions are carried out, let’s talk.

In all cases, better communication usually reduces stress. Assets are the result of years or lifetimes of work and effort. We believe that planning to make sure they do as we intend is one way to respect that work and effort.

Call or email to get a conversation started: any moment can be the right moment to start.

Want content like this in your inbox each week? Leave your email here.

Play the audio version of this post below:

This text is available at https://www.228Main.com/.

Worried about the Folks? Some Thoughts about Intergenerational Planning
photo shows a variety of black and white and sepia-toned photos on a wooden table

We’ve had plenty of conversations recently with people in their working years. It’s reminded us of a basic fact: family dynamics and money can create a lot of angst for people of any age. The issues of aging may be about universal to the human experience, but the particulars have to be navigated family by family.

We’ve seen these topics from many angles. They are pertinent for aging couples, vital for singles. Couple dynamics usually involve one taking care of the other; when there is no “other” in the household, that support system must be found elsewhere. (Trust me on this: I’ve lived it!)

When the dynamics in a family start changing, it can feel concerning for those in the younger generation, too. The questions we’ve fielded are as varied as the families:

  • May an adult child or someone else do business on behalf of a parent who is not able to?
  • Are there sufficient resources to take care of the health needs of the parent?
  • Is there a plan to be sure assets are titled properly and headed where they should be in the event of death? How do we avoid spending unnecessary time, energy, taxes, or legal work when the time comes?
  • What are the roles of Medicare and Medicaid?
  • Should we be aware of any scams or elder abuse that could be a threat to a parent?
  • Who makes health decisions on behalf of a parent who is not able to?
  • Where is the information survivors would need to settle a parent’s affairs?

The ideal scenario is that a family goes into any major event with clarity, already: that the senior generation’s plans and intentions are already made known, that they’ve communicated their wishes regarding health care principles and the ultimate disposition of their estate. And sometimes we arrive at a big moment and need to work with what we have.

If you are concerned about a parent, an initial call can help us understand your questions, point you to resources, explain how things might work, or make plans for a meeting with the parent.

If you are a parent and would like to make sure your plans and intentions are carried out, let’s talk.

In all cases, better communication usually reduces stress. Assets are the result of years or lifetimes of work and effort. We believe that planning to make sure they do as we intend is one way to respect that work and effort.

Call or email to get a conversation started: any moment can be the right moment to start.

Want content like this in your inbox each week? Leave your email here.

Play the audio version of this post below:

Worried about the Folks? Some Notes about Intergenerational Planning – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.

College Savings Ideas When There’s More Than One Kiddo
photo shows graduation caps in the air against a blue sky

Some things that seem complicated can be made simple. Other things, like college funding accounts for descendants, may get more complicated over time when more than one child is involved.

Consider how disparities may develop across account balances:

  • Imagine that, upon their birth, the first child receives a one-time deposit of $1,000; the second-born receives $100 monthly from birth to age 18; the third on the way is set to receive the same deal as either of the first two. However, this third child will necessarily have less purchasing power from the same amount in contributions. Why? In the years that have passed, inflation will have done its work.
  • One-time deposits may go in at a more advantageous time to invest for one child than another.
  • Equity among children will remain a shifting target as asset values and college costs change over time.

… And all this is before we even consider the differences in children’s needs.

One approach to simplify this reality is to think of college funding as a consolidated endeavor for the group, not as individual accounts. With a 529 plan owned by grandparents or a Roth IRA earmarked for education, this can be done. (We should note: owners of 529 college savings plans may change the beneficiaries among siblings or cousins with no adverse tax consequences.)

Consider this example. If there are seven grandchildren, you can allocate 1/7 of the total college fund balance to the oldest, then 1/6 of what remains to the second-oldest, and so on as each grandchild reaches college age.

In the case 529 college savings accounts are used, transfers may be needed to set up the oldest with the proper balance. If a Roth IRA is used, a withdrawal in the proper amount can be made by the grandparent to meet education expenses, then the “paid” child is removed from the beneficiary (or contingent beneficiary) provision.

Proceeds of a gift via Roth may of course be used for purposes other than education, a house down-payment for example.

Some clients who have 529 accounts for grandchildren make adjustments from time to time among grandchildren’s accounts to reflect each child’s individual needs and to maintain a better sense of equity. Others deposit equal amounts for each grandchild and do not worry about differences that emerge later.

One general rule in college funding: the more removed the funding is from the child, the less impact it may have on college aid formulas. A 529 account owned by the child is 100% available for college expenses, but a Roth IRA balance of a grandparent or parent has little or no impact.

Clients, we talk about options and alternatives; you make decisions. If you would like to talk about strategies for your children or grandchildren, email us or call.

Prior to investing in a 529 plan, investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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Play the audio version of this post below:

College Funding Ideas When There’s More Than One Kiddo – 228Main.com Presents: The Best of Leibman Financial Services

This text is available at https://www.228Main.com/.