Give Back With Intention: Legacy Planning Beyond Children, Wills & Charitable Giving

Money Talks

Give Back With Intention: Legacy Planning Beyond Children, Wills & Charitable Giving

This Week’s Guest

Karen S Patel, RICP® CLTC®

Financial Consultant at North Star Resource Group

karen.patel@northstarfinancial.com

Many people think legacy planning is only about deciding who gets your money after you’re gone.

In reality, it’s much bigger than that.

A thoughtful charitable giving plan allows you to support the people, organizations, and causes you care about while creating a lasting impact that reflects your values. Whether you’re passionate about education, animal welfare, medical research, your local community, or helping future generations, intentional planning helps ensure your generosity happens the way you envision it.

At Purse Strings, we believe financial planning isn’t just about building wealth—it’s about using it intentionally. This Money Talks conversation explored how women can align their finances with what matters most and build a legacy that extends far beyond dollars.

Legacy Isn’t Just About Family

When people hear “estate planning,” they often picture wills, trusts, and passing assets to children.

But today’s families look different.

Many women are single, child-free, remarried, widowed, part of blended families, or deeply connected to nieces, nephews, friends, mentors, charities, or faith communities.

Legacy planning gives you the opportunity to intentionally decide where your assets go instead of relying on state laws to make those decisions for you.

For some people, that means supporting family members.

For others, it means creating scholarships, funding research, supporting local nonprofits, or making sure a favorite organization can continue serving others for years to come.

Your legacy should reflect your life—not someone else’s expectations.

What Is a Charitable Giving Plan?

A charitable giving plan is a strategy that outlines how you want to support causes that matter to you during your lifetime or after your death.

Rather than making spontaneous donations, a giving plan incorporates philanthropy into your overall financial picture.

It can help you:

Support causes that reflect your personal values
Organize gifts over time
Coordinate giving with your estate plan
Potentially create tax efficiencies depending on your situation
Reduce confusion for loved ones
Ensure your wishes are legally documented

Every person’s situation is different, which is why charitable giving strategies should be discussed with qualified legal, tax, and financial professionals.

Giving During Your Lifetime vs. Leaving a Legacy

Many people assume charitable giving only happens through a will.

In reality, there are several ways to give.

Some individuals prefer making gifts while they’re living so they can see the impact firsthand. Others choose to leave gifts through their estate so their legacy continues after they’re gone.

Some choose a combination of both.

The right approach depends on your goals, financial circumstances, family situation, and the causes that matter most to you.

Estate Planning Helps Make Your Wishes Legally Enforceable

One of the biggest misconceptions about charitable giving is that simply telling your family what you want is enough.

Unfortunately, verbal conversations alone may not ensure those wishes are carried out.

That’s where estate planning becomes so important.

Documents such as wills, trusts, powers of attorney, and properly completed beneficiary designations help create legally recognized instructions for managing assets and carrying out your wishes.

Without updated legal documents, your estate may ultimately be distributed according to state law rather than your intentions.

Understanding Some Common Giving Tools

There isn’t one “best” way to leave a legacy.

Several different tools may be used depending on your circumstances.

A will allows you to direct where assets should go after your death.

A revocable living trust may help manage assets during your lifetime while also simplifying how they’re transferred after death.

Some families choose irrevocable trusts for specific planning objectives, although these involve permanently transferring certain assets and should be discussed with qualified professionals.

Another increasingly popular option is a donor-advised fund (DAF).

A donor-advised fund allows individuals or families to contribute assets to a charitable account, receive potential tax benefits when eligible, and recommend grants to qualified nonprofit organizations over time.

For many people, it creates flexibility while allowing charitable giving to become part of an overall financial strategy.

Your Giving Plan Should Reflect Your Values

Financial planning isn’t just about numbers.

It’s about purpose.

Ask yourself:

What causes have shaped my life?
What impact do I want to leave behind?
What organizations have helped me or my family?
What conversations do I need to have with loved ones?

These questions often become the foundation of a meaningful giving strategy.

Whether your priority is helping your community, supporting education, protecting animals, funding medical research, or strengthening your faith community, intentional planning helps ensure your financial resources continue supporting what matters most.

Don’t Forget to Review Your Plan

Life changes.

Marriage, divorce, retirement, grandchildren, moving to another state, starting a business, selling a business, or changes in financial circumstances can all affect your legacy plan.

Reviewing your estate plan, beneficiaries, and charitable intentions every few years—or after a major life event—helps keep everything aligned with your current wishes.

Frequently Asked Questions

What is a charitable giving plan?

A charitable giving plan is a strategy that helps organize donations to nonprofit organizations during your lifetime or through your estate while aligning your giving with your financial goals and personal values.

What is legacy giving?

Legacy giving refers to charitable gifts that are arranged during your lifetime but distributed after your death through your estate plan.

Do I need a trust to leave money to charity?

Not necessarily. Some charitable gifts can be made through a will or beneficiary designation. Others may involve trusts or donor-advised funds depending on your goals.

What is a donor-advised fund?

A donor-advised fund (DAF) is a charitable giving account that allows donors to contribute assets, potentially receive immediate tax benefits if eligible, and recommend grants to qualified charities over time.

Can I leave money to charity if I don’t have children?

Absolutely. Many people without children choose to include charitable organizations, extended family, close friends, or community causes as part of their legacy plan.

Should I update my estate plan after major life changes?

Yes. Marriage, divorce, retirement, significant financial changes, relocation, or the birth of children or grandchildren are all good reasons to review your estate planning documents.

The Bottom Line

Creating a meaningful legacy isn’t about how much money you have.

It’s about making intentional decisions with the resources you’ve built over a lifetime.

Whether your goal is supporting family, strengthening your community, funding a cause you care about, or helping future generations, a well-thought-out giving strategy can help ensure your wishes are honored.

At Purse Strings, we believe every woman deserves the confidence to make informed financial decisions—including how she chooses to give back. By combining thoughtful planning with trusted legal and financial guidance, you can create a legacy that reflects not just your wealth, but your values.

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Adoption and Surrogacy Financial Planning: The Real Costs of Growing Your Family

Money Talks

Adoption and Surrogacy Financial Planning: The Real Costs of Growing Your Family

This Week’s Guest

Terrell Joyner

Partner/Financial Advisor, Virtual CFO at Charter Oak Financial

tjoyner@financialguide.com

Building a family through adoption or surrogacy is one of the most emotional, meaningful, and life-changing journeys a person can experience.

It is also one of the most financially complex.

At Purse Strings, we believe women and families deserve honest conversations about money during every major life transition—including the path to parenthood. Because while people often prepare emotionally for adoption or surrogacy, many are shocked by the financial realities, hidden costs, and long-term planning involved once the process actually begins.

And the truth is: the financial planning does not stop once the baby arrives.

The Real Cost of Adoption and Surrogacy

One of the biggest misconceptions around adoption and surrogacy is that there is one predictable price tag.

There is not.

Costs can vary dramatically depending on the type of adoption, legal and medical needs, agency involvement, travel, timelines, and insurance coverage. Some family-building journeys may cost several thousand dollars, while others can climb well into the tens of thousands.

For many families, the emotional side of the process can make it difficult to slow down and fully evaluate the long-term financial impact. But understanding the numbers early creates more flexibility and fewer surprises later.

Understanding the Different Adoption Paths

Not all adoption journeys look the same financially or emotionally.

Foster-to-adopt is often the most affordable route financially and may include state support or reimbursements. But lower financial cost does not necessarily mean lower emotional cost. Families considering foster care often need to prepare for uncertainty, changing timelines, and emotionally difficult transitions throughout the process.

Independent adoption can provide more flexibility and personal control, but it also requires families to coordinate more of the legal, logistical, and communication responsibilities themselves. While this route may reduce some agency fees, it often requires significantly more hands-on management.

Agency-supported adoption tends to offer more structure and support throughout the process, which many families find valuable during an emotionally intense experience. However, those services often come with higher costs, including matching fees, legal expenses, counseling services, and travel-related costs.

Surrogacy Comes With Layers of Financial Complexity

Surrogacy is not simply one payment or one contract.

It can involve agency coordination, fertility treatments, legal agreements, insurance questions, compensation-related expenses, and medical procedures spread across a long timeline.

Unexpected delays or medical changes can also impact costs significantly, which is one reason financial preparation matters so much. Many intended parents begin the process with one budget in mind and quickly realize the actual financial picture may evolve over time.

The Hidden Costs Families Forget to Plan For

One of the strongest themes from this conversation was that many people focus so heavily on getting the child home that they forget to plan for life after.

But the financial transition into parenthood is significant.

After adoption or surrogacy, families often face increased childcare costs, insurance changes, reduced income during leave, debt repayment decisions, college planning, and updates to retirement goals. For many women and families, these are not temporary expenses. They become part of the long-term financial picture.

And childcare alone can quickly reshape a household budget.

This is why financial planning for family-building should extend beyond the process itself and include the years that follow.

Grants and Tax Credits Can Help—But Planning Still Matters

Many families are surprised to learn there may be financial resources available to help offset some adoption expenses.

That can include employer benefits, adoption assistance programs, grants, and federal adoption tax credits.

But there are important nuances.

Grant opportunities often come with income requirements, application timelines, and adoption-specific qualifications. And while grants can provide meaningful support, they are never guaranteed.

The federal adoption tax credit may also help offset qualifying expenses, but eligibility rules and timing matter significantly.

Understanding the difference between a tax deduction and a tax credit is important here. A deduction lowers taxable income, while a credit directly reduces taxes owed. That distinction can have a major impact when families are recovering from large adoption or surrogacy expenses.

Because of these complexities, many families benefit from working with a financial or tax professional familiar with family-building financial planning.

Why Estate Planning Suddenly Feels More Real

Once children enter the picture, conversations around protection and legacy planning often become much more urgent.

Families may need to revisit:

Guardianship decisions
Beneficiary designations
Life insurance coverage
Wills and trusts
Emergency planning

For families navigating adoption, surrogacy, blended families, or same-sex parenting, having clear legal documentation can become especially important.

These conversations are emotional, but avoiding them can create even more stress later.

Frequently Asked Questions

How much does adoption typically cost?

Costs vary significantly depending on the type of adoption, legal needs, travel, and whether an agency is involved.

Is surrogacy more expensive than adoption?

In many situations, surrogacy can involve higher overall costs due to medical procedures, legal agreements, insurance, and agency coordination.

Are there grants available for adoption?

Some families may qualify for adoption grants or employer assistance programs, though eligibility and funding availability vary.

How does the adoption tax credit work?

The federal adoption tax credit may help offset qualifying expenses, but rules around eligibility, timing, and refundability can vary.

What financial planning should happen after adoption or surrogacy?

Families often review childcare costs, insurance, retirement planning, emergency savings, guardianship, wills, and trusts after growing their family.

The Bottom Line

Adoption and surrogacy are not just emotional journeys.
They are financial journeys, too.

And while the costs can feel overwhelming, thoughtful planning creates more stability, clarity, and confidence for the future you are building.

At Purse Strings, we believe women and families deserve transparent financial conversations around every stage of life—including the path to parenthood.

Because growing your family should come with support, not confusion.

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College Financial Planning After Divorce for Parents: How to Pay for Your Child’s Education Without Sacrificing Your Future

Money Talks

College Financial Planning After Divorce for Parents: How to Pay for Your Child’s Education Without Sacrificing Your Future

This Week’s Guest

Vicki Vollweiler, MBA, CDC

College Funding Expert at College Financial Prep

solutions@collegefinancialprep.com

This Week’s Guest

Erica Bennett

Founder of the Crazy Ex-Wives Club

Divorce reshapes your financial life in ways you may not expect. And for parents, one of the biggest questions becomes:

How do I pay for my child’s college after divorce without putting my own financial future at risk?

At Purse Strings, we work with women navigating major life transitions every day. Planning for your child’s college after divorce is not just about filling out FAFSA forms. It is about protecting your retirement, understanding financial aid rules for divorced parents, avoiding unnecessary student loan debt, and making informed decisions that support both you and your child.

If you are a divorced or separated parent wondering how to fund your child’s higher education responsibly, this guide is for you.

College Planning After Divorce Is Different for Parents

College financial planning for divorced parents comes with unique complications:

Two households with different incomes
Custody arrangements that affect FAFSA reporting
Unclear agreements about who pays for college
Emotional strain layered on top of financial decisions

The reality is that many parents avoid the conversation because it feels overwhelming. But avoidance does not protect you. Clarity does.

Understand FAFSA Rules for Divorced Parents

One of the most confusing parts of paying for your child’s college after divorce is financial aid.

Under current FAFSA rules, the parent who provides the majority of financial support typically completes the FAFSA. That is not always the same as the custodial parent in legal terms. This distinction can significantly impact financial aid eligibility.

Parents should understand:

Which parent’s income will be reported
How remarriage affects financial aid calculations
Whether a school requires additional forms like the CSS Profile
How assets are treated in divorced households

This is where working with a college financial planning professional can help you avoid costly mistakes.

Protect Your Retirement Before Paying for College

This is one of the hardest truths for parents to hear:

You can borrow for college.
You cannot borrow for retirement.

After divorce, retirement accounts are often divided, and long-term financial security may already feel fragile. It is critical that parents avoid draining retirement savings or taking on unsustainable debt to fund a child’s education.

College financial planning after divorce must include:

Protecting retirement accounts
Avoiding excessive Parent PLUS loans
Understanding the long-term impact of debt
Evaluating return on investment for expensive private schools

Your child has options. Your retirement does not.

Choosing Schools Strategically After Divorce

For divorced parents, college selection is not just about prestige. It is about financial sustainability.

Consider:

In-state public universities versus high-cost private schools
Schools that offer strong merit aid
Financial aid policies that work better for divorced families
Realistic affordability over four years, not just year one

A “dream school” should not become a financial nightmare for either parent.

Have the College Money Conversation Early

One of the biggest mistakes divorced parents make is waiting too long to talk about money.

Conversations that should happen early:

What can each parent realistically contribute?
Is college addressed in the divorce agreement?
What is the total budget per year?
How much student responsibility is appropriate?

Clear expectations reduce resentment and last-minute panic.

Build the Right Financial Support Team

Navigating college financial planning after divorce is not something you have to do alone.

The right support team may include:

A financial advisor
A Certified Divorce Financial Analyst
A college financial planning specialist
A CPA for tax strategy
A family law attorney if agreements need clarification

At Purse Strings, we connect women with vetted financial professionals who understand complex transitions like divorce and college funding.

You can explore our Financial Professional Directory to find specialists who work with divorced parents and college planning.

Community Matters During Financial Transitions

Divorce is not just a financial event. It is emotional. It is destabilizing. It changes how you view money, risk, and security.

That is why support communities can be transformative. Organizations like Crazy Ex-Wives Club provide a space where women navigating divorce can process the emotional side while also gaining practical tools for financial stability.

You deserve both strategy and support.

College Planning After Divorce Is About Stability, Not Sacrifice

Paying for your child’s college should not require sacrificing your own long-term security.

College financial planning for divorced parents works best when it prioritizes:

Stability
Transparency
Strategic decision-making
Long-term protection
Emotional clarity

When you approach college funding from a place of preparation rather than panic, the entire process becomes more manageable.

If you are looking for more guidance on major financial transitions, explore our Money Talks replay library for expert-led conversations designed specifically for women.

Frequently Asked Questions: College Financial Planning After Divorce

Who fills out FAFSA after divorce?

Typically, the parent who provides the majority of financial support completes the FAFSA. Legal custody does not always determine which parent reports income. Understanding this distinction is critical for financial aid planning.

Should I use retirement savings to pay for my child’s college?

In most cases, no. Protecting retirement is essential, especially after divorce. Parents should evaluate alternative funding strategies before tapping retirement accounts.

What if my divorce agreement does not mention college costs?

If college funding is not clearly defined in your divorce agreement, it may require discussion or legal clarification. Early conversations reduce conflict later.

Are private colleges worth the cost after divorce?

It depends on financial aid packages, merit scholarships, and long-term affordability. A higher sticker price does not always mean higher out-of-pocket cost, but careful evaluation is necessary.

Can both parents contribute differently?

Yes. Contributions can be structured based on income levels, agreements, and financial capacity. The key is clarity and written expectations.

Your Next Step

If you are a divorced parent planning for your child’s college and want guidance that protects your financial future, start by exploring the vetted professionals in our Financial Professional Directory.

You do not have to figure this out alone.
Financial clarity creates confidence.
And confident decisions create stability for both you and your child.

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The Real Cost: How Motherhood Impacts Your Money

Money Talks

The Real Cost: How Motherhood Impacts Your Money

This Weeks Guest

Erin Redmond

Partner/Financial Advisor

eredmond@fordfg.com

Motherhood changes everything—including your finances.

Whether you’re planning for a baby, taking a career pause, or managing the daily juggle of caregiving and cash flow, the financial impact of motherhood is real—and often underestimated. At Purse Strings, we’re here to talk about it openly, share real solutions, and help women build financial lives that support the whole of who they are.

In a recent Money Talks session, we sat down with Erin Redmond, a Purse Strings Approved Professional and financial advisor based in Fresno, California. Erin knows firsthand the challenges moms face—she’s lived it. From stepping back from the workforce to making strategic long-term money moves, she’s here to help other women navigate the cost of motherhood with confidence and clarity.

Motherhood Isn’t Free: Let’s Talk About the Hidden Costs

We’re not just talking about diapers and daycare.

When a woman steps out of the workforce—even temporarily—she doesn’t just lose a paycheck. She loses retirement contributions, compounding interest, career momentum, and future Social Security benefits. Erin broke it down with powerful examples that show how even a few years at home can create lasting financial ripple effects.

But here’s the good news: with awareness, planning, and the right support, you can absolutely protect your financial future while caring for your family.

Planning Ahead, Together

One of Erin’s biggest takeaways? Communication is everything.

Whether you’re single, partnered, or somewhere in between, having regular, honest money conversations is key—especially when roles shift during parenthood. Erin encourages women to treat financial planning as a team sport, especially when transitioning to one income, adjusting spending, or preparing for time away from work.

That means:

Tracking spending together
Auditing unnecessary expenses (goodbye, sneaky subscriptions!)
Setting shared goals and building in check-ins

Financial Protection Isn’t Optional—It’s Empowering

If you’re a stay-at-home mom, you need protection just as much as your income-earning partner. Erin shared essential steps every woman should consider:

A will or trust to secure guardianship and asset distribution
Term life insurance that covers more than just income—it protects your family’s ability to function
Disability insurance to plan for the unexpected

These aren’t just “nice-to-haves”—they’re peace-of-mind essentials that can make all the difference when life throws a curveball.

Your Identity Doesn’t Stop at Motherhood

Erin also reminded us of the power of staying engaged. Volunteering, upskilling, and community involvement aren’t just good for the soul—they keep your resume fresh, your mind sharp, and your sense of self intact. Motherhood may shift your path, but it doesn’t pause your potential.

You Don’t Have to Figure It Out Alone

At Purse Strings, we’re here to make sure no woman is navigating her financial life in the dark. Our network of vetted financial professionals, like Erin, understand the realities of women’s lives—and they’re here to support you with smart, judgment-free advice.

So whether you’re rebuilding your finances after maternity leave, planning for the cost of childcare, or trying to save for retirement while raising littles, know this:

You’re not behind. You’re not alone. And you’re already doing more than you think.

Join us for our weekly Money Talks session, where we break down real-life money topics. To explore our Purse Strings Approved Professionals, check out our directory to find an expert!

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Your First Paycheck: Helping Teens Understand Where the Money Goes

Money Talks

Your First Paycheck: Helping Teens Understand Where the Money Goes

This Weeks Guest

Melissa Cox

Certified Financial Planner

Melissa@FFWealth.co

There’s nothing quite like that first paycheck… until you realize it’s a lot smaller than expected. Taxes, deductions, and withholdings can turn that exciting moment into one big question mark.

In this episode of Money Talks, we brought in Purse Strings Approved Professional and Certified Financial Planner Melissa Cox to break it all down—so you (and the teens or young adults in your life) can understand where your money is really going and how to make the most of it.

Why Your Paycheck Doesn’t Match Your Hourly Rate

Melissa started by walking us through the basics:
Gross pay = what you earned
Net pay = what you actually take home

The difference? Taxes, Social Security, Medicare, and any deductions like health insurance or retirement contributions. It’s not just about earning money—it’s about knowing what’s happening to it once you do.

Taxes Aren’t Fun—But They Matter

Nobody loves taxes, but Melissa helped us see the bigger picture: they fund important things like schools, public services, and yes—your future Social Security benefits. Each paycheck earns you credits toward retirement income down the road (you need 40 credits total to qualify).

We also talked about W-4 forms—those mysterious tax documents you fill out when you start a new job. Melissa explained how choosing the right number of exemptions can help you avoid a big tax bill (or an unnecessarily huge refund).

Making the Most of Your Tax Refund

Getting a refund? Don’t blow it all at Target. Melissa recommends the 50/30/20 rule:

50% → savings
30% → something fun
20% → giving back or helping family

It’s a simple but powerful way to build good habits early—and still enjoy the money you’ve earned.

Life Changes? Update Your Paperwork.

New job? Promotion? Side hustle? That’s your cue to revisit your tax withholdings. Melissa reminded us that being proactive with your W-4 form helps you avoid surprise tax bills and keeps your financial plan on track. Don’t wait until tax season to make changes—do it when life changes.

Start the Conversation at Home

One of the biggest takeaways from this session? Talk about money with your family.

Whether it’s helping your teen fill out their first W-4 or sitting down with your partner to review withholdings, money conversations build confidence, clarity, and connection.

Join us for our weekly Money Talks session, where we break down real-life money topics. To explore our Purse Strings Approved Professionals, check out our directory to find an expert!