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The LynnLeigh JournalLife. Investing. And Everything in BetweenOK, this is a true story. And, of course, I have changed the names ofmy clients and their children, but the message is so important, I needto share. Imagine a young couple, Emily and Jason, who were living a happylife with their two young boys, 6-year-old Noah and 12-year-oldEthan. They enjoyed family outings, family trips and movie nights,cherishing every moment they spent together. Life was unfoldingbeautifully until a sudden tragedy struck—Emily unexpectedlypassed away.The loss was devastating for Jason and the boys. However, amid thegrief and chaos, there was a small but significant relief: Emily andBEYOND THE WILL:COMPREHENSIVE STRATEGIES FORPEACE OF MINDBy Kelly L. Olczak, CFP® NewsletterHighlightsJ U N E 2 0 2 4V O L U M E 6Summer Festivals: Must-Attend Events - FingerLakes and the RochesterAreaMastering Long-TermInvestment SuccessThe Importance of EstatePlanningCommon Estate PlanningDocuments and TheirFunctionsEncouragement to TakeAction on Estate Planning Beyond the WillThe Importance of Patienceand Long-Term StrategiesAvoiding Distractions andStaying FocusedThe Need for RegularPortfolio Rebalancing

J U N E 2 0 2 4 V O L U M E 6 Jason had recently updated their estate planning documents. Despite their young age, theyunderstood the importance of being prepared for the unforeseen. This foresight ensured thattheir financial and legal affairs were in order.As their financial advisor, I had the privilege of guiding Emily and Jason through their financialplanning, including the critical estate planning process, which was expertly handled by a trustand estate attorney. It was one of the most painful yet gratifying experiences of my career—painful because I witnessed firsthand the heart-wrenching impact of Emily's sudden passingon her family, and gratifying because their careful planning provided a measure of stabilityduring an incredibly difficult time.Because they had a detailed will, a trust, and powers ofattorney, the transition, though emotionally painful, wassmoother than it could have been. Jason knew exactlyhow to access the family's assets, manage their finances,and ensure the boys were taken care of, both emotionallyand financially. Their estate plan also appointed aguardian for Noah and Ethan, providing them with astable and loving home environment.Sadly, many young families are not as prepared. According to recent surveys, only a smallpercentage of young adults have estate planning documents in place. Emily and Jason's storyserves as a powerful reminder of the importance of estate planning, regardless of age orwealth.Why Estate Planning Matters at Any AgeWe've all heard stories of families torn apart when a loved one dies without a will, leading tobitter court battles and lasting emotional scars. Fortunately, for Emily and Jason, their carefulestate planning ensured stability and security for their young boys during a challenging time.2

J U N E 2 0 2 4 V O L U M E 6Or, as highlighted just a few days ago in the Wall Street Journal, “The Brady Bunch BreaksDown: Estate Fights Tear Stepfamilies Apart—In Standard Estate Plans, a Surviving SpouseOften Has No Legal Obligation to Stepchildren,” failure to adequately plan can lead todevastating consequences for blended families.“The default rules are out of touch with today’s family structures,” according to DanayaWright, a University of Florida law professor.In T.V. land, Carol would not forsake Mike’s three boys if her beloved husband passed first.Even their housekeeper Alice, who became part of the family, would have been taken care of.But T.V. and real life don’t always line up. In today’s world, Greg, Peter, and Bobby could be lefthigh and dry without a concrete written plan. The implications are real and immediate.3Without a will or trust, the state chooses howyour estate is divided and who will take care ofyour minor children.Only one-third of Americans have a will or aplan to distribute their assets after they die,according to a new survey from Senior LivingReferral Service Caring.com.According to a survey by USLegalWills.com, almost 9% had an out-of-date will, while astaggering 63% had no plan in place. Put another way, over two-thirds of Americans have a bighole in their financial plan. It's crucial not to be part of this statistic!But, you may ask, the wealthy make up a small percentage of those with significant assets,right? The wealthy hire the best and brightest to manage their affairs, right?Well, not always. One in five Americans with investible assets of $1 million or more don’t have awill, according to a recent Charles Schwab survey.

J U N E 2 0 2 4 V O L U M E 6Well, not always. One in five Americans with investible assets of $1 million or more don’t have awill, according to a recent Charles Schwab survey.Legendary talk show host Larry King used a short, handwritten note, with typos, to update hiswill.“This is my Last Will & Testament. It should replace all previous writings,” said the letter. “Inthe event of my death, any day after the above date, I want 100% of my funds to be dividedequally among my children Andy, Chaia, Lary Jr Chance & Cannon.”4But let’s be clear. Estate planning isn’t only forthe wealthy.Dying intestate—without a will—will haveconsequences no matter where you live. Howyour affairs are settled depends on the state inwhich you reside.But it is especially painful if there areunmarried partners, stepchildren, and even aparent’s own child who may lose aninheritance.If you have recently crafted an estate plan with an estate attorney or have updated your will, ahearty congratulations goes out to you. A holistic financial plan includes a plan of succession.If not, let’s get started.Estate planning requires us to do something today that hasn’t happened yet.Without a plan, your loved ones will be forced to guess your intentions against the backdrop ofan already difficult situation. Even if potential heirs are on good terms, money has a way ofcreating divisions.Stop Procrastinating

J U N E 2 0 2 4 V O L U M E 65Common estate planning documents include wills, trusts, powers of attorney, and livingwills.Everyone can benefit from having a will, no matter how small their estate.Online estate planning services offer basic packages for less than $200 (more in a moment).Estate planning attorneys can cost several hundred dollars per hour.Estate plans must be updated after significant life events.What is a will? It is a legal document stating how you want your executor (the person legallyobligated to administer your estate) to distribute your assets after you die.Your estate will go through probate, the legal process for reviewing the assets of a deceasedperson and determining who inherits what, whether you have a will or not.If you have a will, it ensures the executor will honor your wishes.Key TakeawaysWhat is a living will? It is written, legal instructions stating your preferences for medical care ifyou are unable to make decisions.What is a trust? A trust is a legal contract that allows another person (the trustee) to hold propertyfor you (the grantor).This is typically so the beneficiaries (individuals or institutions who stand to inherit something)can use the property at some point in the future.A will lists your assets, bank and brokerage accounts,property, and more. Without a detailed document, potentialheirs may be forced to search for assets spread across statesand even countries.Do you have designated beneficiaries for various accounts,such as IRAs? The beneficiary designation trumps the will.

J U N E 2 0 2 4 V O L U M E 66What is a living trust? You create a living trust to hold assets before and after your death.What is a testamentary trust? It is a trust created by the will and only becomes effective after thegrantor’s death.Power of AttorneyA durable power of attorney enables your agentto act on your behalf if you become ill or areunable to make decisions.For example, a durable financial power ofattorney allows your agent to manage yourfinancial affairs if you become incapacitated orare unable to make decisions on your own.A durable medical power of attorney allows you to appoint someone to make decisions about life-prolonging care, treatment, services and procedures.DIY HazardsTalking to a representative at Home Depot about your next painting project is commendable.Do-it-yourself (DIY) estate planning is cheap. It’s hard to argue against cheap unless you makeunwanted mistakes that invalidate your wishes.Estate planning is complex, and it helps to have professional advice. Saving a few dollars todaycan cost your heirs pain and anguish that could have easily been avoided.One of my favorite sayings in cases like this? “All of a sudden, the cheap gets expensive.”

J U N E 2 0 2 4 V O L U M E 67Lessons from a Real-Life Story and Expert AdviceSarah and David were a diligent and resourceful couple in their early forties, raising their twochildren, 8-year-old Emma and 10-year-old Jake. Determined to ensure their family's financialsecurity, they decided to handle their trust and estate paperwork themselves. They believed thatwith enough research, they could save money and achieve the same results as hiring aprofessional.When Sarah and David became my new clients, we began their initial financial planning sessionby reviewing their overall financial situation. Proudly, they shared their DIY estate planningefforts, showing me the will, trust, and powers of attorney they had created using onlinetemplates.As their fiduciary, I immediately advised them to have thesedocuments reviewed by a trust and estate attorney. Iexplained the potential pitfalls of a DIY approach andemphasized the importance of ensuring their documentswere legally sound. Many people think that engaging a trustand estate attorney is very expensive, but in fact, thisgenerally isn't the case. Reluctantly, they agreed to take myadvice.The attorney's review revealed several major mistakes. The will they had drafted was not properlywitnessed, making it invalid in their state. The trust they created lacked critical provisions, whichwould have rendered it ineffective for transferring assets smoothly. Additionally, the powers ofattorney were not comprehensive, potentially leaving Sarah or David unable to manage certain aspectsof each other's financial affairs in case of incapacitation.The attorney explained the serious problems they would have faced had they kept their DIY paperwork.Without a valid will, their estate would have had to go through a lengthy and costly probate process.State laws would have determined the division of assets, potentially causing confusion and disputesamong family members. The inadequate trust could have resulted in assets not being transferred asintended, creating further legal complications.

J U N E 2 0 2 4 V O L U M E 68The attorney explained the serious problems they would have faced had they kept their DIYpaperwork. Without a valid will, their estate would have had to go through a lengthy and costlyprobate process. State laws would have determined the division of assets, potentially causingconfusion and disputes among family members. The inadequate trust could have resulted in assetsnot being transferred as intended, creating further legal complications.Grateful for the intervention, Sarah and David engaged the attorney to create a proper estate plan.This professional guidance ensured their documents were correctly drafted, witnessed, and legallybinding, providing true peace of mind for their family.Sarah and David's experience underscores theimportance of professional guidance in estateplanning. While DIY approaches may seem cost-effective, they can lead to significant mistakes thatoutweigh the initial savings. Proper estate planningwith the help of an experienced attorney ensures thatdocuments are correctly drafted, witnessed, andlegally binding, protecting families from unforeseencomplications.Prepare Your HeirsYou don’t have to divulge the details, but informing beneficiaries opens the financial lines ofcommunication, reducing the odds of a contested will. In addition, it promotes family unity at atime that can be exceedingly difficult.Surprises breed resentment, and resentment may lead to unwanted consequences.We recognize that estate planning is a personal process. In some cases, you may feel overwhelmed,especially if you have a large family, a blended family, or a family that has gone through separationsand divorce.

J U N E 2 0 2 4 V O L U M E 69Our objective is to initiate a dialogue, assist you in developing a plan, or motivate you to revise anexisting one if the need has arisen.We are always available to address any questions you may have.Failure to act puts your legacy at risk.Mastering Long-Term Investment Success2023 may have been difficult year for some investors, and we recognize that detours on the road toyour financial goals are not uncommon.Legendary investor Warren Buffett opined, “Every decade or so, dark clouds will fill the economicskies, and they will briefly rain gold. When downpours of that sort occur, it's imperative that werush outdoors carrying washtubs, not teaspoons.”Our goal is not to time markets, and Buffett would agree. He counsels that “it’s far better to buy awonderful company at a fair price than a fair company at a wonderful price.”But he recognizes that stocks aren’t immune to significant pullbacks. He would caution that a bearmarket isn’t the time to bail on stocks.In his 2013 letter to shareholders, he noted, “The goal of the non-professional should not be to pickwinners—neither he nor his ‘helpers’ can do that—but should rather be to own a cross-section ofbusinesses that in aggregate are bound to do well.”2023 may have tried your patience, but patient investors were rewarded in the following year. Theskies cleared, and those who were invested in that “cross-section of businesses” were handsomelyrewarded.

J U N E 2 0 2 4 V O L U M E 610In 2024, a well-diversified portfolio has continued to perform well. But we are also aware thatpullbacks can never be discounted.Adhering to a long-term strategy takes discipline. And much like the turtle in the fable of thetortoise and the hare, those who have taken the steady and disciplined road have reaped theirrewards.Yet, we understand that the noise from the 24-hour news cycle can throw up roadblocks, even forthe most patient investor.This is one of my favorite slides from JP Morgan’s Guide to the Market. This chart shows the annualreturns of various investments from 2009 to 2023. The different colors represent different types ofinvestments, and their performance changes every year.

J U N E 2 0 2 4 V O L U M E 611So, the reason I love this slide so much is because it helps my clients visualize the importance ofdiversification. No single investment type consistently outperforms every year. Markets areemotional and can fluctuate wildly, but a diversified portfolio, represented by "Asset Allocation,"provides more stable returns over time. Staying focused on long-term goals is crucial for managingrisk and achieving steady returns, rather than relying on any single investment.Politics and Market Worries: Navigating Investment Anxiety Across Party LinesOk, I get it. Many people, regardless of their political alignment, often worry about the stockmarket's performance and the impact of who ends up in office. This anxiety is understandable, as political decisions can influence economic policies,regulations, and market sentiment. However, historical data, like the growth of $100 in the S&P500 shown in the slide, demonstrates that while short-term fluctuations occur, the market tendsto grow over the long term irrespective of the party in power. This reinforces the importance ofmaintaining a long-term perspective and avoiding emotional investment decisions based onpolitical outcomes.Below you will find an illustration that showsthe growth of $100 invested in the S&P 500 from1929 to 2023, highlighting the performanceduring both Republican and Democraticadministrations. The red and blue barsrepresent periods of Republican andDemocratic leadership, respectively.Key Takeaways for Individual InvestorsLong-Term Growth: Despite changes in political leadership, the S&P 500 has shownsignificant long-term growth. The investment grows from $100 in 1929 to well over $10,000in 2023, regardless of which party is in power.

J U N E 2 0 2 4 V O L U M E 612Market Resilience: The market has consistently bounced back and continued to growthrough various political cycles. This demonstrates the resilience of the stock market and itsability to recover from downturns over time.Focus on Long-Term Goals: Political events, including presidential elections, can createshort-term market volatility. However, the long-term trend shows steady growth,suggesting that staying invested and focused on long-term financial goals is crucial.Avoid Emotional Decisions: Election years can cause anxiety about market performance,but this slide shows that reacting emotionally to political changes can be detrimental.Maintaining a diversified portfolio and sticking to your investment plan is often the beststrategy.

J U N E 2 0 2 4 V O L U M E 613Just for Fun: Summer Festivals: Must-Attend Events in the Finger LakesRegion and RochesterIf you live in our area, you know we are so lucky to live in the Rochester and The Finger LakesRegion here in New York. As many of you may know, our region is renowned for its vibrantsummer festivals, celebrating everything from local food and wine to arts and music. Here aresome must-attend events that capture the spirit and charm of this beautiful area:Rochester International Jazz FestivalDate: June 21-29, 2024Website: Rochester International Jazz FestivalDescription: One of the nation’s most popularand respected jazz festivals, featuringperformances by international jazz artists, localmusicians, and emerging talent across variousvenues in downtown Rochester.Finger Lakes Wine Festival (Watkins Glen)Date: July 12-14, 2024Website: Finger Lakes Wine FestivalDescription: Experience the best of the region’s winerieswith tastings, seminars, and cooking classes. The festivalalso features live music, artisan vendors, and a variety offood trucks offering delicious local cuisine.

J U N E 2 0 2 4 V O L U M E 614Canandaigua Art & Music Festival (Canandaigua)Date: July 19-21, 2024Website: Canandaigua Art & Music FestivalDescription: This three-day festival showcases the workof local artists, craftspeople, and musicians. Enjoy liveperformances, art exhibits, and interactive activities forkids, all set against the picturesque backdrop ofCanandaigua Lake.Corn Hill Arts Festival (Rochester)Date: July 13-14, 2024Website: Corn Hill Arts FestivalDescription: This renowned arts festival showcasesover 300 artists, live music on multiple stages, and avariety of food and drink options. It’s a celebrationof arts, crafts, and community in the historic CornHill neighborhood.Park Avenue Summer Stroll (Rochester)Date: August 3-4, 2024Website: Park Avenue Summer Stroll Description: A vibrant festival featuring hundreds of artists,food vendors, live music, and family-friendly activities alongthe picturesque Park Avenue. It’s a favorite summer event forlocals and visitors alike.

J U N E 2 0 2 4 V O L U M E 615LynnLeigh & Company - A Registered Investment AdvisorThis information is provided by LynnLeigh & Co. for general information and educational purposes based upon publicly available information from sources believed to be reliable – LynnLeigh& Co. advisors cannot assure the accuracy or completeness of these materials. The information presented here is not specific to any individual’s personal circumstances. To the extent that thismaterial concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayershould seek independent advice from a tax professional based on his or her individual circumstances. The information in these materials may change at any time and without notice. Pastperformance is not a guarantee of future returns. We hope you enjoyed this edition of our newsletter, packed with essential financial advice andexciting local events. As we navigate through this vibrant summer season, remember theimportance of maintaining a balanced and diversified investment strategy. Staying focused onyour long-term goals, regardless of market fluctuations and political changes, will help secureyour financial future.At the same time, don't forget to take a break and enjoy the wonderful festivities the Finger Lakesand Rochester areas have to offer. Whether you're exploring local farmers' markets, attending amusic festival, or simply enjoying the beautiful scenery, these experiences enrich our lives andcreate lasting memories.As always, we're here to support you in achieving your financial goals and making the most of theopportunities around you. If you have any questions or need personalized advice, please don'thesitate to reach out.Wishing you a prosperous and joyful summer!