President Donald Trump got his “big beautiful bill”—at least in the draft version—and it certainly lives up to the moniker. The tax portion of the bill will cost $3.7 trillion over the next decade, according to the Joint Committee on Taxation (JCT). The draft bill (and subsequent markups) would make permanent a number of the expiring tax cuts contained in Trump’s signature 2017 tax legislation— the Tax Cuts and Jobs Act (TCJA). It would also sweeten some of those cuts. The beneficiaries of the most recent proposal are largely individuals. But that’s because in the TCJA, many of the tax…

High net-worth investors (HNWI) are actively maximizing diversification in their portfolios beyond traditional stocks and bonds. Alternative investments are a significant area of focus. This includes inquiries about private equity, venture capital, private credit, real estate, hedge funds, commodities, and tangible assets like art and collectibles. Investors are concerned with the risks and rewards of these investments and their liquidity. Adding alternative investments to a portfolio can help with today’s market volatility and necessitates a strategic approach to portfolio diversification. Alternatives, a varied category of assets beyond traditional equities and bonds, can significantly enhance portfolio resilience and growth. Alternatives often…

As Congress advances into the 2025 legislative session, tax reform has emerged as a central focus for both the House and Senate. The Republican-led initiatives aim to extend and expand upon the 2017 Tax Cuts and Jobs Act, while also introducing new measures that could significantly reshape the U.S. tax landscape. This article provides an overview of the latest tax proposals, highlighting key provisions and their potential implications. (Kiplinger) House Republicans’ Tax Proposal: Extending And Expanding The TCJA On May 9, 2025, House Republicans unveiled a comprehensive tax package designed to make permanent many provisions of the TCJA, which are…

Apple is not keeping up with the new enthusiasm showing up in other tech stocks on the most recent Trump tariffs news. This is odd considering that the iPhone maker is the largest single position among all equities in the Berkshire Hathaway portfolio. That’s usually a mark of distinction. The Apple iPhone 16e was launched in February 2025 and replaced a number of older iPhones. It’s peculiar that the stock has dropped in price since then. The ever-changing tariff situation with China – and the company’s reported expanding reliance on India to make the product – have created uncertainty. To…

If you told me that I had to invest $50 billion every year until we got down to $50 billion in cash, that would be the dumbest thing in the world. Things get extraordinarily attractive very occasionally. – Warren Buffett Berkshire Hathaway’s (BRK/A, BRK/B) first-quarter earnings release was eclipsed by the annual meeting and the announcement that Warren Buffett would be stepping down as CEO at the end of the year. Warren Buffett leads Berkshire as CEO and Chairman with Greg Abel, Vice Chairman of Non-insurance, and Ajit Jain, Vice Chairman of Insurance. Berkshire Hathaway reported earnings of almost $4.6…

When New York Times columnist Binyamin Appelbaum questioned the fairness of charitable deductions—using the $75,000 Met Gala ticket as an example of tax-subsidized elite indulgence—he tapped into a cultural controversy. However, his argument reveals a critical misunderstanding, especially relevant for financial advisors, estate planners, and philanthropists. Appelbaum argues that charitable deductions disproportionately benefit wealthy donors and elite institutions such as museums and universities rather than grassroots charities. He suggests replacing these deductions with flat tax credits or matching grants to equalize government support. While emotionally appealing, this critique contains a logical fallacy: it confuses who benefits from the deduction with…

When we think about estate planning, it’s natural to picture passing our legacy on to children or grandchildren. But what if you don’t have any heirs? Maybe you never had kids, or perhaps you’re estranged from family—or you just want your estate to go somewhere meaningful. Whatever the reason, retiring without an heir doesn’t mean your legacy ends with you. In fact, it opens up a world of options. Here’s what you need to know about estate planning without direct heirs—and how to make sure your wishes are honored. 1. Start With a Will (Even If You Think You Don’t…

In March 2025, the U.S. Tax Court delivered a pivotal ruling in Estate of Galli v. Commissioner (T.C. No. 7003-20 and 7005-20), establishing that a $2.3 million transfer from a mother to her son was a legitimate loan—not a gift—because it adhered to the criteria set forth in Internal Revenue Code § 7872. Although this decision might encourage making large intrafamily loans at the Applicable Federal Rate (AFR), it underscores a more critical lesson: the significance of formalities, documentation, and intent in structuring loans. If you are considering extending a loan to a child, grandchild, or trust, Galli serves as…

If it makes a difference to you that your stocks are down 15%, you need to find a new investment philosophy. – Warren Buffett Berkshire Hathaway’s annual “Woodstock for Capitalists” was held on Saturday, May 3. It was beyond a packed house on Saturday, with additional attendees spurred on by the 60th anniversary of Berkshire Hathaway as we know it. Warren Buffett, CEO and Chairman, and Greg Abel, Vice Chairman of Non-insurance, answered questions from shareholders for over five hours. Ajit Jain, Vice Chairman of Insurance, joined in answering questions for the first part of the meeting. Quarterly Earnings Buffett…

After the busiest week of earnings releases, almost three-quarters of companies have released results. 76% of S&P 500 firms reported better-than-expected earnings for the quarter. This earnings season slows this week, with 93 S&P 500 companies scheduled to report. In addition to earnings, the Federal Reserve (Fed) meets on Wednesday. Earnings At A Glance According to FactSet data, the healthcare, consumer discretionary, communication services, and technology sectors contributed most positively to last week’s earnings growth improvement. Combining actual results with consensus estimates for companies yet to report, the S&P 500’s blended earnings growth rate for the quarter is 12.8% year-over-year,…