In late 2024 just before the end of its session, Congress passed the Social Security Fairness Act. The President signed the Act into law in early January. The law repealed two provisions that were created in the 1983 Social Security reforms, the government pension offset and windfall elimination provision, and will retroactively increase Social Security benefits for a number of people who qualify for or receive pensions from state and local governments or some other employers. In 1983 when examining Social Security and considering ways to extend its solvency, analysts determined that under the rules in effect since the beginning…

Market crashes are inevitable. They’ve happened regularly throughout history and will continue to do so—perhaps in 2025, or maybe not until 2030. No one knows exactly when they’ll occur, how severe they’ll be, or how long they’ll last. But what is certain is that they’re part of the investing journey. So, how can investors prepare for the next one? Enter the Lifeboat Drill, a practical exercise designed to help individuals think through their responses to a downturn before emotions take over. What Is a Lifeboat Drill? Consider the preparation that happens before a cruise ship leaves port. Passengers are thrilled…

A Year in Review: Legal Challenges and Court Decisions The Corporate Transparency Act (CTA), legislation designed to combat illicit financial activities, has experienced significant legal challenges over the past year. The latest decision from the U.S. District Court for the Eastern District of Texas has reinstated the CTA’s reporting obligations, reversing a nationwide injunction. This article traces the key legal events impacting the CTA in the last year and underscores the critical next steps entities must take to remain compliant. Since its enactment, the CTA has faced scrutiny and legal pushback, particularly concerning its reporting requirements for beneficial ownership information.…

One of the most difficult steps in estate planning is developing a plan to preserve a collection or other special assets. Serious collectors often put a lot of time, money, and other resources into developing, displaying, and preserving their collections. They’re proud of their collections and derive pleasure from the process as well as from showing the collections to others. Over time they become concerned about succession planning for the collections. Who will care for and maintain them? Often, there’s no one among the younger members of their families who both shares their passion and is willing to devote the…

The wealth management industry is undergoing a radical transformation. Traditionalmodels, built around in-house investment strategies and proprietary technology, arebeing challenged by a demand for more accessible, scalable, and tech-driven solutions.Today’s clients—especially digital-native, younger investors—expect seamless, highlypersonalized experiences, while firms face mounting pressure to reduce costs, increaseefficiency, and expand their service offerings. This is where Wealth as a Service (WaaS) comes in. By leveraging WaaS, wealth management firms can integrate cutting-edge financial technology, streamline operations, and enhance client services—without having to build everything from scratch. By doing this, they become more agile, cost-effective, and competitive—and ready for the future. Why Now?…

Earnings season is nearing the finish line, with over three-quarters of the fourth-quarter earnings season complete. The pace of earnings releases eases to 45 S&P 500 companies scheduled to report. 76% of S&P 500 firms reported better-than-expected earnings for the quarter. Only one of the Magnificent 7, NVIDIA (NVDA), is left to release earnings on February 26. The Magnificent 7 consists of Microsoft (MSFT), Meta Platforms (META), Amazon.com (AMZN), Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOGL), and Tesla (TSLA). The S&P 500 rose 1.5% for the week, with the Magnificent 7 outperforming with a 2.1% gain. Markets were pleasantly surprised with…

Berkshire Hathaway’s (BRK/A, BRK/B) fourth-quarter 13F was filed after the market closed on Valentine’s Day, February 14. This regulatory filing gives us a quarterly opportunity to observe what Warren Buffett and his investment team of Todd Combs and Ted Weschler are doing within Berkshire’s publicly traded equity portfolio. Berkshire has a large stable of wholly-owned entities, but this report provides us with the details of the U.S. publicly traded stock portion of their investments. Berkshire’s fourth-quarter earnings report, containing Warren Buffett’s annual letter and information about the extensive portfolio of wholly-owned operating companies, is expected on Saturday, February 22. Berkshire…

Below book value stocks are not thought of by Wall Street analysts as having much to do (if anything) with growth, this era’s most sought after quality. A company that trades for a share price less than current assets minus current liabilities is just not as much fun as a company that mentions “artificial intelligence” at least a dozen times in a quarterly report. Nevertheless, value stocks continue to be pursued by those few money managers who took notes while studying the Benjamin Graham classics The Intelligent Investor and Security Analysis. Other key metrics are definitely worth considering besides just…

Bad: stubborn prices increases. Surprisingly good these days: Your ability to outrun them. By William Baldwin, Senior Contributor Ugly truth about inflation: Once it gets started, it’s hard to stop. But there’s an auspicious element of what’s going on in the financial markets: Investors are much better equipped than they used to be to combat the erosion of their savings. The 3% gain reported February 12 in consumer prices over the past 12 months came in a bit higher than expected and contrasts with the Federal Reserve’s 2% inflation target. On February 13 the Producer Price Index, a measure of…

As America stands on the cusp of the largest wealth transfer in history, with an estimated $84 trillion expected to change hands over the next two decades, both inheritors and wealth creators are increasingly turning to trusts as their preferred vehicle for wealth preservation and transfer, both during their lifetime and after their death. This shift represents more than just a technical change in how assets are passed down – it marks a fundamental transformation in how Americans think about inheritance and investment management. The New Face of Inheritance The traditional image of inheritance – a simple transfer of assets…