We all run across quotes from a variety of sources during the course of our lives. Some of those quotes stick with us for any number of personal reasons. Close to twenty years ago a person who I think is a really talented behavioral scientist said “Big people share and little people keep secrets.” I […]

Recently, I had the opportunity to speak to two different groups of educational leaders about the implications of artificial intelligence on employment and global economies, principals and superintendents of K–12 systems as well as leadership in post-secondary community college systems. I was able to share with them some relevant information produced by the global consulting […]

As you can imagine, recent events such as the US drone attack that killed a top Iranian military commander, Qassem Soleimani, in Iraq has caused many questions from clients and readers of our newsletter. Nick Juhle and his research team have offered their perspectives and advice with respect to the economic and investment implications of […]

Federal Reserve Chairman Powell gave a recent speech titled “Building on the gains from the long expansion.” Within the speech, Powell focused on two important themes: maintaining a stable and reliable pace of two percent inflation and, somewhat surprisingly, spreading the benefits of employment more widely. Part of the Fed’s stated mandate has always been […]

As you can imagine, recent events such as the US drone attack that killed a top Iranian military commander, Qassem Soleimani, in Iraq has caused many questions from clients and readers of our newsletter. Nick Juhle and his research team have offered their perspectives and advice with respect to the economic and investment implications of […]

Real US economic activity data reveals a continued mixed picture with strength in consumer spending and recession-like weakness in manufacturing. Consumer confidence surveys, both U of M as well as the Conference Board, are weaker and reflect growing concerns and uncertainties in global and domestic sustainability. The concerns seem to be focused on geopolitical hot […]

The connection between “Wall Street” and “Main Street” is always up for debate, as is the seemingly different focus between those inside the beltway and those who reside, live and work outside of the beltway. Media is driven by advertising revenue, which is highly correlated to viewership and subscription, whether that media be electronic, digital, […]

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The year 2022 has kept us on our toes. Stock market volatility, inflation, and world turmoil have led the way. However, among all the noise, there have been some highlights that are worth exploring. One catching our attention: Series I Savings bonds. But are they worth the hype? Since February 2022, nearly $11 billion in […]

My husband tells me that to do any job right, you need the right tools. He practices what he preaches because we have a garage full of tools for any job you can imagine. (He and Tim “The Tool Man” Taylor have a lot in common.) The problem is, I can stand in our garage […]

Many employers who sponsor a 401(k) plan use a pre-approved plan document with adoption agreements. Every six years, plan document providers update their 401(k) documents with regulatory changes and file them with the Internal Revenue Service (IRS) for review and approval. Once the documents have been pre-approved by the IRS, employers must adopt this pre-approved […]

Federal interest rates are on the rise, which opens new planning options for many individuals to consider. These federal interest rates are used to value retained interests for federal gift tax purposes. Specifically, the so-called IRC 7520 rate is equal to the mid-term applicable federal rate (AFR) times 120%, rounded to the nearest two tenths […]

Many investors and market pundits describe themselves as contrarians. They argue the way to investment success is to zig when others zag. Warren Buffet encapsulates the idea well with his famous quote, “Be fearful when others are greedy and greedy when others are fearful.” It sounds simple, but how do you know when others are […]

Well, summer is just about over. There is a slight breeze in the air, the kids are back in school, football is back, and pumpkin flavored coffee is back in the stores. It was a beautiful busy summer with even more normalcy seemingly returning to our lives. We were certainly busy at Greenleaf Trust, so […]

Summer is a special time in our pleasant peninsula. Many Michiganders pack the kids into the station wagon and head off to explore areas outside of their home towns. This article will address what Michiganders might observe on their travels. Specifically, it will cover how Michigan’s economy is faring 10 years after the financial crisis. […]

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Michigan previously enacted the Qualified Dispositions in Trust Act of 2016 which allowed for the creation of Domestic Asset Protection Trusts (“DAPT”). A DAPT is an irrevocable trust that, if certain conditions are met, can shield assets from the claims of a person’s creditors. Individuals who are in professions or businesses with high liability exposure […]

For an investor, this famous proverb can be broken down into three parts: Slow – be a long-term investor, and Steady – be disciplined and stick with your investment plan through varying market cycles Wins the Race – achieve your financial goals and objectives. Simple math, right? 1+2=3. Unfortunately, it is not that simple when […]

This year has offered its fair share of challenges for financial markets and global economies. The R-word has been a constant in the minds of employers and employees alike; not recession but resignation. In what is being dubbed the ‘great resignation,’ employers have faced a historically tight labor market, rising wages, and the need to […]

Several years ago, my five-year-old was sitting at the table as I prepared his breakfast of cereal and fruit. I slid a bowl of Cheerios to him with a glass of milk and began peeling a banana. Just before I handed it to him, I took a large bite off the end. “Hey,” he remarked, […]

As Internet usage has increased over the past 20 years, there has been a shift in how we are relying on the comfort of online transactions and communications. It has become a normality to engage on the Internet with our email addresses, phone numbers, names, and other login credentials. At the same time, we have […]

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A directed trust is a feature that can be included in various types of trusts, and provides the ability to bifurcate trustee duties between administration, investment, and distributions. Grantor’s commonly use directed trusts to give more control to current and future beneficiaries. Especially in cases where the trust holds family owned investments so the family […]

The word “annuities” can generate a range of reactions from clients, their family members, and their advisors. Some reactions are positive while others are not so much. Everyone, however, can agree that they can be very complex. That said, sales of annuities were exceptionally strong during 2021 up 16% to $254.8 billion. Some of this […]

Retirement security has been a featured topic with legislation over the past several years and was recently on the agenda again.  Back in December of 2019, Americans saw a number of changes to their retirement savings plans when the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act, became law. One requirement […]

“Many forms of conduct permissible in a workaday world for those acting at arm’s-length, are forbidden to those bound by fiduciary ties. A trustee is held to something stricter than the morals of the marketplace. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior.” Meinhard v. Salmon, […]

It’s hard to believe but the little company we started in a historic home on the corner of South and Westnedge streets in Kalamazoo will be 24 years old this month. In May of 1998 we received our charter to become one of Michigan’s first trust only banks open to the public and in July […]

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Over the past few years, our world and many workplaces have shifted dramatically as we endured a global pandemic. While employers focused on workforce reductions and remote work, setting priorities for their 401(k)/403(b) plans was often low on the priority list. However, as life begins to normalize, we are beginning to see a renewed interest […]

The year 2022 has been challenging across financial markets, to say the least. While it is best to stay disciplined during times of uncertainty to achieve long-term goals, that does not mean we avoid making changes. Tax-loss harvesting is a strategy that we consistently use for clients regardless of economic conditions. Given the challenging market […]

As we work with clients to fulfill their goals and objectives, one of the most common strategies that we discuss is gifting. Making gifts to achieve goals and objectives, which are often generational in nature, requires a great amount of analysis and detailed execution to attain the desired outcome. Gifting strategies vary widely depending on […]

The development of our talent is critical to our growth. As we continue to find and hire new teammates we need to make sure they are properly supported. We do this by making sure every teammate in our organization has a coach. The coach’s primary responsibility is to support and develop those they lead along […]

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Have you ever wondered why diversification in your portfolio matters? Before we answer the question, have you ever heard of Michel de Nostradamus? Nostradamus was born December 14, 1503 in Saint-Remy, France during the Renaissance. He was a physician and an astrologer, and was regarded for his insight and ability to foretell what the future […]

The COVID pandemic, and now the war in Ukraine, continue to significantly impact the world and pull on the heart strings of many, leaving them searching for ways to help. In times like these, the number of organizations bidding for your donations generally increases. As urgent needs present, the decision to donate may be an […]

In 2021, more than 65 million Americans received Social Security benefits totaling, in aggregate, more than one trillion dollars. In April of each year, the trustees of the Social Security trust fund are supposed to report on the current and projected status of this highly relied upon program. Last year, the report was not published […]

Health Savings Accounts (HSAs) are a great way to cover medical and long-term care costs in the owner’s retirement years when those expenses increase exponentially with the owner’s age. The only real tax drawback to accumulating wealth in an HSA is when the account is inherited after the account owner’s death by a non-spouse beneficiary. […]

As one of our four “Cs” – Clients, Colleagues, Communities, and Culture – the communities that we live and work in are very important to us. We value giving back to them and making them stronger and more vibrant. As such, we empower our team to support their communities and causes within those communities in […]

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We are frequently asked how to set an appropriate level of cash reserves in a client’s financial holdings and the answer is, it depends. It varies by individual and entity, the level of predictable expenses or distributions and whether there are other sources of funds besides the investment portfolio. But there are steps to follow […]

As a result of a provision of the SECURE (Setting Every Community Up for Retirement Enhancement) Act, passed in 2019, retirement plan providers are required to begin providing lifetime income illustrations on retirement plan statements by September 18, 2022. Many plan providers send quarterly statements; therefore, if you have not yet noticed a change to […]

Cost Basis Step-Up, a Quick History and Why it is Still in the News You may recall there was a lot of discussion around tax reform in 2021, with quite a bit of attention given to the threat to repeal the step-up in cost basis upon the death of the asset’s owner. While that change […]

In 2015, we implemented our 10-year strategic plan to be Top of Mind Market Brand Dominant in the state of Michigan. Each year we assess our progress and initiate tactics to take one step closer to our goal in 2025. This year, as part of our marketing plan, we partnered with public relations firm Lambert […]

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At this time of year retirement plan providers are busy completing the annual Actual Deferral Percentage (ADP) tests for qualified retirement plans which contain a salary deferral or Roth 401(k) component. This test in particular can be very impactful to certain plan participants. This is a non-discrimination test for 401(k) plans mandated by the Internal […]

Planning for retirement is not only important from a financial perspective, but from a psychological perspective as well. Being prepared financially for retirement is critical, but the emotional impact is one that is often overlooked. Moving from a busy career into uncharted territory creates excitement as well as anxiety. The path to retirement reminds me […]