Perspectives on wealth management and the economy.

This first year has revealed the transformative potential of the Beneficiary Well-Being Trust model. By encouraging structured, purpose-driven education and support, these trusts represent a fundamental shift in how wealth is passed down—not only transferring assets but also preparing the next generation to use them wisely.

As we have added new board members over the years, we have remained steadfastly committed to finding respected leaders with proven track records of success and skill sets that will compliment those of our existing board members and strengthen our corporate governance platform. This is why I am especially excited about welcoming Bill Manns to our board of directors this month.

Market performance year-to-date reflects this complex reality. After a volatile first half, domestic equities have shown renewed strength, with U.S. large caps now up approximately 9% for the year. International markets, which led performance earlier in the year, remain strong, with developed international and emerging market stocks each up about 18%. The bond market has seen more muted results as hopes for imminent rate cuts faded. Overall, a diversified portfolio has continued to generate positive returns, rewarding investors who have remained committed to their strategic allocation.

In many ways, you can see how the whole idea of a sailing ship is like a wealth plan. The analogy is not perfect, but it does allow us to look deeply at one aspect of planning from a slightly different angle: What do we do when storms arise?

Retirement plans have undergone significant changes over the last 20 years as the opportunity to make tax-advantaged contributions has improved and the need to save for one’s own retirement has become more essential. For executives involved in shaping employee benefits, the conversation around retirement plan design is evolving.

The use of letters of wishes will continue to aid trustees so long as long-term trusts are used to avoid federal transfer taxes over several generations, and discretionary trusts continue to be effective to protect trust assets from the trust beneficiary’s creditors or in a divorce. Whether a Michigan court will consider or rely on letters of wishes remains unanswered, but these letters will continue to aid a trustee to better understand the trust creator’s purpose and intent with the trust where the trustee must implement subjective trust distribution provisions.

We deeply value the trust our clients put in us and understand the work we do for them is important. Our core values drive us to put their needs before ours. We get to know our clients on a unique level and build meaningful relationships with them. Our goal is to serve their families from generation to generation.

Mid-Year market update.

Looking for ways to gift education and medical expenses for children or grandchildren. A HEET generally works best for very wealthy individuals who have fully used their GSTT exemption.

The foundation for choosing the correct asset allocation starts with a simple question: when the time comes, how much money will you need to draw out of your portfolio on an annual basis?

Wealth 3.0 seeks to focus on the role of the beneficiary’s personal and skill development as the central goal of the estate planning trust, by using wealth as a vehicle to learn, or to intentionally create conditions where the trust beneficiary can thrive with the wealth held in the trust. Succinctly stated, Wealth 3.0 supports, rather than inhibits, the beneficiary’s engagement, education, and growth, with the goal of creating conditions where the beneficiary can thrive with wealth.

A 401(k) plan is one of the most popular retirement savings tools and can be a powerful way to attract talent. However, to maintain the plan’s tax-advantage status and ensure it benefits employees fairly, the IRS requires annual compliance testing.

So, how can you protect yourself? Here are just a few tips.

Set up strong unique passwords.
Enable account alerts (bank login attempts, new device logins, etc.).
Never enter personal details or PINs from links or messages you didn’t initiate yourself.
Be suspicious of urgent messages pretending to be from an entity you conduct business with, especially when asked to enter a code or provide personal information.
Social engineers rely on urgency. Pause before you react. Verify the request and sender before replying. Adopt a mindset of informed skepticism.
Avoid oversharing on social media.

Just five months into 2025, the global economic landscape has shifted from the cautious optimism observed at the start of the year. A flurry of tariff implementations throughout April and May has disrupted international trade. While some trade deals are emerging, the broader landscape remains uncertain, forcing businesses and governments worldwide to navigate unfamiliar waters. The markets will keep a close eye on the pace and scope of trade deals in the coming months – particularly on the 18 countries with which the U.S. has significant economic ties.

As interest in cryptocurrency continues to grow, so too does the number of scams targeting investors—including retirees and high-net-worth individuals exploring digital assets. If you or someone you love is curious about this emerging space, it’s critical to stay informed and cautious.

Guidelines for Avoiding the Uncapping of Michigan Property Taxes When Transferring the Family Cottage

Without question, if there are ‘financial planning commandments,’ one of them would be “Don’t miss out on free money,” pointing to the fact that employees should make sure they capitalize on any employer match from their retirement plan. Widely considered to be the largest benefit of workplace retirement plans, employer contributions specifically matching contributions provide an incentive for those saving toward retirement to prioritize their plans over IRAs and the like.

Recency bias can lead to poor decision making in markets and investments by ignoring long-term trends and sound analysis. Extreme speculation can lead to unsustainable prices, irrational behavior, and poor long-term outcomes.

Artificial intelligence (AI) is transforming nearly every industry, and wealth management is no exception. Once limited to rudimentary automation tools, AI has evolved into a sophisticated asset that now drives efficiency, personalization, and deeper insights across the investment landscape.

Market volatility has surged following the announcement and rapid modifications of sweeping U.S. tariff policies that were rolled out in early April. Tariffs are complex, intersecting economics, politics, and global supply chains in ways that challenge intuition. This article seeks to outline the policy shifts, market reactions, economic forecasts, and the path forward. We will begin where it all started: Liberation Day.

In sum, there are many more bodily disposition options than just cremation or burial. The point is, do you want to leave this decision to your Funeral Representative? That person, if a family member or heir, may not want to spend much money out of the probate estate for a fancy funeral and expensive burial casket which simply depletes their inheritance. Or, that person might carry a grudge postmortem and use their power to dispose of the cadaver to ‘get even’ or with a perverse or sick sense of humor.
It is your body, and it should be your choice how your cadaver should be disposed of on your death.

As one ages, it is important to think about and plan for the future including a situation where you may not be able to remain fully independent. This is not a fun “what if” scenario, in terms of planning, but it is one deserving your attention. If you have children, you may think you are […]

At the end of the day, money is just a tool, nothing more, nothing less. Studies show that most people will spend about 80% of their lifetime earnings over the course of their lives, reminding us that money is meant to move, not to be clutched tightly. It’s neutral by nature, not good, not bad. Its role is to serve you, not to define you. The moment money starts shaping your identity or sense of self-worth, it’s easy to lose sight of what truly matters. The real purpose of money is freedom – the freedom to live by your values, to chase your passions and to make choices without fear holding you back. When you see money for what it really is, you realize the goal isn’t just to have more, it’s to allow you to focus on the people, experiences and dreams that matter most.

The U.S. retirement system is a complex blend of Social Security benefits, private employer-sponsored benefit plans like 401(k)s and 403(b)s, and individual investment accounts like Individual Retirement Accounts (IRA)s. This complexity often leads to scrutiny and criticism, which begs the question: Is the criticism based on fact or fiction? The media and academia often present […]

We recognized the benefits of growing our own talent a long time ago and developed our Associate Program to address our growing need for talent that fits our culture. Our plan from day one has been to find really talented people and integrate them into a culture that engages and inspires them. We can teach and develop the skills needed for each role. It’s much more difficult to teach talent and cultural fit.

Market volatility made a sudden resurgence in the first quarter of 2025, unnerving many investors. While market participants have enjoyed relatively subdued volatility over the last two years, the experience of 2023 and 2024 was more the exception than the rule. In this article, we will explore the drivers of recent volatility and put the present condition within its proper historical context.

Delaware has long been recognized as a leading jurisdiction in which to establish a trust. Delaware regularly creates laws that are intended to conduct a trust creator’s intentions while promoting flexibility in the administration of a trust that might continue for hundreds of years. Moreover, Delaware’s Chancery Courts are highly respected in their knowledge and understanding of how trusts are administered and will hold trustees accountable when they serve trust beneficiaries. It should come as no surprise then that in 2024 Delaware again took the lead to create the first Beneficiary Well-Being Trust Act. [12 Del.Chancery Section 3345(b).]

cognizing these complexities and implementing thoughtful mitigating strategies, parents can craft a legacy that truly supports their children, not just in numbers, but in fairness and intent.

Tariffs—taxes imposed on imported goods—have emerged as powerful economic chess pieces in the current global landscape. Once merely tools for protecting domestic industries and generating government revenue, tariffs now stand at the center of global economic strategy, reshaping everything from your monthly grocery bill to international power dynamics. As geopolitical tensions heat up between major players like the U.S. and China, and policies shift toward neighbors like Mexico and Canada, understanding these tax mechanisms has become essential not just for corporate executives and market analysts, but for anyone planning their financial future in an unpredictable world.

As Gen X ages into their late 40s and 50s, they face significant headwinds in retirement planning, such as rising healthcare costs, and lingering student loan debt. Despite these hurdles, there are significant benefits that corporate retirement plans have offered Gen X to increase their retirement readiness.

As a talent-based organization, we understand the importance of being a dependable resource, accountable for our commitments and reliable when needs arise. We collaborate most effectively when we understand that everyone is committed to achieving collective goals.

Historically, markets have shown resilience during periods of both high and low tariff regimes. While it is unclear what the future tariff rates may be, Greenleaf Trust continues to advise clients on the merits of maintaining a long-term investment perspective and avoiding reactive portfolio adjustments based on short-term market fluctuations or headline risk. Our dedicated team remains vigilant in monitoring these developments. On behalf of the entire team, thank you for allowing us to serve on your behalf.

A 1031 exchange can be a powerful tool for high-net-worth families and business owners looking to grow or diversify their real estate portfolios while deferring taxes. However, the process involves detailed regulations, strict deadlines, and specific property requirements. By working with qualified professionals, investors can take full advantage of the benefits of a 1031 exchange while minimizing potential risks and complications.

Investing is a powerful tool for building wealth and securing your financial future, but it is not without its challenges. Even seasoned investors can fall into common traps that can hinder their progress. Whether you are just starting your investment journey or looking to refine your strategy, understanding and avoiding these pitfalls is crucial. By being aware of these mistakes and taking proactive steps to avoid or mitigate them, you can stay on track toward achieving your financial goals.

SECURE Act 2.0: Plan sponsors need to know about new plan start-ups, employees, RMDs, mandatory ROTH catch up contributions, and enhanced catch up provisions.

A wise and important mentor of mine once told me that, “A reputation is a gift you give yourself every day. No one can take it from you, and no one can give it to you. It is the body of your work each and every day that creates your reputation.”

As part of this next chapter, we are now able to act on a request we have received for years from clients who either live or spend their winters in warmer climates. They want us closer to where they are. So, we are also excited to announce that this spring we will be opening our newest office in Naples, Florida. We have already begun the search for the right talent that fits our culture and believe we have found a location that will be centrally located and convenient for our clients in the area.

Following two historic years, with the S&P 500 achieving consecutive annual gains of more than 25% for the first time since 1997-1998, equity markets continued their upward trajectory returning 2.8% for the month. In the US, investors weighed a strong labor market, which is generally a positive indicator, with the implication that labor market strength may make Federal Reserve rate cuts less likely. This tension was compounded by volatility driven by evolving developments in the AI space and left equity markets in flux in January.

With the receipt of Greenleaf Trust’s national charter and our continued Delaware limited purpose trust company charter, we now have additional tools for bringing our clients the best planning opportunities. Many states have adopted “uniform acts” which create greater consistency between state laws. However, each state retains unique differences in both substance and whether the laws in that state have been tested by the courts. In helping our clients, we are always looking to make the best decision balancing both the substance of the law and the protections of the law.

No matter where you are in your Social Security timeline, if you are concerned about how this will affect your current and or future lifestyle, ask your financial advisor to run an analysis and model your retirement with a reduction in Social Security benefits and or reduced after-tax income. What you might find is that, while it is not ideal to face reduced benefits, you are still able to live comfortably. If not, start planning now to address that shortfall and bring balance back to your three-legged stool.

The IRS Tax Filing PIN, also known as an Identity Protection PIN (IP PIN), is a six-digit code provided by the IRS to help taxpayers verify their identity. This code adds an extra layer of security to your tax return, ensuring that only you or your authorized representative can file under your Social Security Number (SSN).

Secure Act 2.0 made numerous changes in the retirement industry. One of those changes brought us the Qualified Student Loan Program (QSLP) that became effective for plan years starting on or after January 1, 2024. This optional provision allows employers to provide a matching contribution to eligible plan participants that are making qualified student loan payments. Many participants may be unable to defer into the plan due to repayment of student loan debt.

A key step to making a successful transition to retirement is to work with excellent advisors including an estate planning attorney, a strong CPA, and a wealth manager such as Greenleaf Trust. These firms can help with important tasks such as preparing estate planning documents, candidly discussing needs and goals, and preparing a sustainability analysis to evaluate potential spending levels. Access to such advice can provide tremendous peace of mind as a person moves forward with retirement. Life is a journey and seeking wisdom from others can help you tremendously. Remember to run your own race as you move forward!