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 […]

Download our monthly Perspectives Newsletter. Read More

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 […]

Download our monthly Perspectives Newsletter. Read More

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 […]

Download our monthly Perspectives Newsletter. Read More

I’m encouraged by a conversation topic that seems to be coming up more and more regarding philanthropy, trust-based philanthropy. It’s not a new topic, but one that has and will take time to become the norm. As with most changes, it is understood and adopted at varying rates and levels of engagement. For the sake […]

Increasingly popular methods to raise employee participation in defined contribution retirement plans are various “automatic” features. These include auto-enrollment, auto-escalation, and automatically diversified qualified default investment alternatives (QDIAs). Let’s explore the opportunities auto-enrollment, in particular, affords plan sponsors. There are three forms of auto-enrollment, or automatic contribution arrangements (ACAs). Basic Auto Enrollment (ACA) Participants are […]