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,…

Everyone knows we’re living longer. Too few are planning for what it really costs to fundthose extra years. Since 1980, global life expectancy has risen by nearly a decade,according to the World Health Organization—and it’s still climbing. Yet a recent Fidelitystudy reveals that most people are dangerously underestimating both how long they’lllive and how much they’ll need. This growing disconnect isn’t just a risk for clients—it’sa call to action for wealth managers ready to lead. The widening gap between life expectancy and financial preparedness creates apowerful opportunity for wealth managers to grow their business and help clients build a future…

Most people spend decades getting to know themselves in the context of work, parenting, and day-to-day responsibilities. But there’s one version of themselves they likely haven’t met yet—Retirement You. Yes, Retirement You is real. And while it might sound a bit silly at first, this version of yourself can be radically different from who you’ve been throughout your working years. The truth is, retirement isn’t just about leaving a job. It’s about stepping into a whole new identity. Retirement: A Whole New Chapter of You Many people think they know who they’ll be once they retire, but the reality often…

Earlier this year, a shocking incident unfolded during the renovation of the town hall in Maashorst, Netherlands, resulting in the accidental disposal of 46 artworks, including a $25,000–$30,000 Andy Warhol silkscreen. These artworks, stored carelessly amid municipal mergers and construction, were likely discarded as “waste,” according to an internal investigation. Among the lost pieces was Warhol’s portrait of Queen Beatrix, an irreplaceable cultural treasure. This incident is a stark warning for collectors and their advisors: without proper inventory, documentation, and handling procedures, even significant artworks can disappear without a trace. In the realm of art succession planning, the loss in…

In the evolving landscape of wealth management, family offices are increasingly looking to diversify their portfolios by making direct investments into alternative assets where before they were more likely to invest as a limited partner of a fund. For decades UHNW individuals have been making direct purchases of art and collectibles. Now family offices are increasingly viewing those purchases as an alternative investment to be included in the client’s portfolio and planning. Direct investment in private equity alternative assets require a level of due diligence and strategic planning. If art and collectibles are included in the portfolio of family office…