As we step into 2025, the theme for estate planning is: Be Prepared. With significant regulatory, economic, and industry changes on the horizon, preparation is not just advisable—it is essential. This year brings a myriad of challenges and opportunities that demand proactive engagement from clients and their advisors. Below, we explore the key developments shaping the landscape and the steps you should consider navigating them effectively. Corporate Transparency Act: Reporting Compliance The Corporate Transparency Act (CTA) requires many entities to file detailed reports regarding their beneficial ownership. For those engaged in sophisticated estate planning, understanding this requirement is critical. The…

When Warren Buffett speaks, people listen—and for good reason. At 95, the iconic investor continues to share wisdom, not just about business, but about life and legacy. In a recent letter, Buffett offered advice that is both timely and universally applicable: review your will and discuss it openly with your family and those named in it. While Buffett’s own estate may be significantly more complex than most, his advice resonates for everyone. Taking the time to align your final wishes with your loved ones can avoid unnecessary confusion, conflict, and heartache. Here’s a closer look at the benefits of following…

As we reflect on the past year and set resolutions for 2025, it’s crucial to also review your portfolio, investments, and the strategies you implemented. While your plans and outcomes may differ, reflection can bring clarity. When it comes to all investing, but particularly in respect to alternative investments, there are several key areas to consider: – Analysis of Performance: Evaluate what worked as expect ed and why. Consider whether this strategy can be repeated in 2025 or if it’s time to move on. Based on what worked, assess if your allocation is too high compared to other holdings. For…

Permabull and billionaire money manager Ron Baron had a great 2024. From an investment standpoint the 81-year-old investment manager has long been known as Elon Musk’s oldest fanboy, thanks to his fund’s ginormous bets on Tesla and SpaceX, which have surged since early November. The firm’s top fund, the $7.3 billion (assets) Baron Partners Fund, which has 40% of its assets invested in Tesla, is up 37% year to date thanks largely to Tesla’s more than 75% share price gain so far this year. Another 17% of the portfolio is invested in SpaceX. Baron’s clients, many of whom are retirees…

Rather than the typical market outlook, fraught with all the dangers of being a soothsayer, this outlook will endeavor to take a journey like Lewis Carroll’s Alice to find some reality in markets that can sometimes seem unreal or irrational. Rather than looking into a crystal ball, examining what is currently priced in financial markets and whether it is reasonable can be more helpful. After beginning the year with low expectations, the U.S. economy has outperformed expectations in 2024, with growth expected to be near 3% when the final numbers are tallied. While the forecasts for 2025 economic growth have…

In an order filed December 26, 2024, the Fifth Circuit Court of Appeals has vacated their own stay of the District Court’s preliminary injunction of the enforcement of the January 1, 2025 deadline for reporting compliance under the Corporate Transparency Act in Texas Top Cop Shop v. Garland. Previously, FinCEN had extended the deadline from January 1, 2025. The Fifth Circuit justified this flip flop on the basis that: “The merits panel now has the appeal, which remains expedited, and a briefing schedule will issue forthwith. However, in order to preserve the constitutional status quo while the merits panel considers…

As we enter 2025, it’s the perfect time to set goals and establish a financial game plan for the year ahead. Whether it’s adjusting to a new salary, planning for big expenses, or refining life goals, now is the ideal moment to lay the groundwork for success. To help start the year strong, here’s a roadmap to organize your finances and set yourself up for a prosperous year. 1. Build a Small-Scale Budget Begin by understanding your household’s monthly expenses. Establish a budget—whether detailed or loose—that accounts for your monthly spending. This foundational step is crucial for maintaining healthy, sustainable…

In a significant development for reporting companies, the federal Court of Appeals issued a decision on December 23, 2024, which reinstates the requirement for filing beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). This follows a period of uncertainty due to a preliminary injunction. Acknowledging the need for additional compliance time, the Department of the Treasury has announced new deadlines for these submissions. Revised Reporting Deadlines For companies created or registered before January 1, 2024, the deadline to file initial beneficial ownership reports has been extended to January 13, 2025. Originally, these companies were required to report by…

An old Wall Street maxim states: “If Santa Claus should fail to call, bears may come to Broad and Wall.” As defined by the Stock Trader’s Almanac, the Santa Claus indicator consists of the current year’s last five trading days and the new year’s first two days. The Santa Claus Rally period runs from Tuesday, December 24, through Friday, January 3. Despite this well-turned phrase, our analysis shows that Santa seems to have a cloudy crystal ball. In the thirteen years with a negative S&P 500 return for the Santa Claus indicator, the market was down only five times in…

The S&P 500 is on track to deliver an impressive annual return of about 25% in 2024, following a stellar 26% return in 2023. After two back-to-back blockbuster years, investors are understandably asking: Will 2025 be the year the rally ends? Could the market come crashing down, or will the good times keep rolling? It’s a fair question. But if you’ve followed my prior predictions or read my book, you already know my answer: Trying to predict the stock market’s return with specificity in any given year is a fool’s errand. That said, I do have a useful (yet non-specific)…