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 […]

Valuation discounts, often utilized in connection with the transfer of ownership interests in family-owned or closely-held businesses, are a valuable estate planning tool. These discounts have gotten a good deal of press lately. Last September, the Build Back Better Act (BBBA) (H.R. 5376) was introduced in the House of Representatives. In its original form, the […]

We have all read the headlines about the tight labor market and have seen the help wanted signs around all of our communities (I counted 17 on my 20-minute commute into the office this morning). Without going into the myriad of reasons why we have a tight labor market, suffice to say that it is, […]

As of 2022, the federal lifetime gift and estate tax exemption is now $12,060,000 per person. If you are married, that means $24,120,000 can pass from you and your spouse to non-charitable beneficiaries without being subject to a 40% tax. The elevated lifetime exemption amount, combined with the recently increased annual exclusion amount of $16,000 […]

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In 2021, the nation’s long-term care insurers paid out $12.3 billion in claims to 336,000 policyholders in which some claims totaled over $1 million. This represents a significant increase over prior years according to the Association of Long-Term Care Insurance (AALTCI). The 2021 payout was approximately $700 million more than what was paid out in […]

Workaround clears the road for select Michigan business owners. During the final weeks of 2021, Michigan joined a growing number of states in adopting State And Local Tax (SALT) parity reforms. Governor Whitmer signed a bill into law December 20 that creates an election for owners of pass-through entities with Michigan-sourced income to pay state […]

Bequests that are subject to a condition or contingency are often referred to as “dead hand” control. They are often used to incent beneficiaries or to change unacceptable behaviors. A bequest to a beneficiary that is subject to a condition that the beneficiary must abide by the condition or forfeit the bequest is often used […]

Active equity managers face many investment paradoxes. Markets are inherently volatile and can be irrational. Long-term consensus expectations are often misestimated, all of which should create inefficiencies in security prices. And yet, most active managers fail to outperform their respective benchmarks. As Senior Equity Portfolio Manager, I’m specifically responsible for the Intrinsic Value Strategy, an […]

Remember starting your first job as an adult in the “real world?” You were excited, nervous, and wanted to make a big impression on day one. The problem was you were not exactly sure who everyone was nor what you were supposed to be doing. Our growth and commitment to client service has required the […]

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