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DEAR TRUST OFFICER:
I’ve lost a large portion of my savings in a short time, because of the uncertainty about the new tariffs. Is there something I should be doing now?—WORRIED
DEAR WORRIED:
It’s important to not let your emotions play a major role in your investment decisions. In general, you want to have an asset allocation plan in place to help smooth portfolio volatility, so you are not tempted to rush your decisions.
But it sounds like this advice is coming too late, as you already have paper losses that concern you. No one can be certain how the new tariffs will affect the economy and the financial markets.
If you have a traditional IRA, this might be a good time to consider converting it to a Roth IRA. Ordinary income taxes will be due on the amount converted, but if the values are lower the taxes will be as well. Once the conversion is made, you will have potentially tax-free retirement income. What’s more, there are no Required Minimum Distributions from Roth IRAs at age 73, as there are from traditional IRAs and qualified employer retirement plans. You will be making some lemonade from the recent sour markets.
Looking ahead, you may want to consult a professional investment manager, such as us, about structuring your portfolio to meet a variety of market conditions as the future unfolds. The worst outcome would be selling at market lows and staying in cash as prices recover, missing out on potential gains.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
The Anti-Money Laundering Act of 2020 was enacted to protect the financial system from money laundering, terrorism financing, and other illicit activity. One component of this legislation was the Corporate Transparency Act (CTA), which required millions of entities and individuals to register with the Treasury Department and to disclose personal information, including a personal residence address, a copy of a passport, driver's license, or other identification document, and disclosure of the principal place of business of each company, ownership interests exceeding 25%, and who was in direct or indirect control of each entity. In other words, loads of new paperwork.
The CTA went into effect on January 1, 2024, but later that year several lawsuits around the country were filed challenging the new law on various grounds. Injunctions were issued, then narrowed, filing deadlines were extended, and a state of confusion ensued.
On March 2, 2025, the Treasury Department announced that the CTA would be enforced only as to foreign entities. Domestic companies are excused from compliance.
President Trump celebrated the change of policy with the following statement on social media: “Exciting news! The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens. This Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, Treasury is now finalizing an Emergency Regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more.”
Article ©2025 M.A. Co. All rights reserved. Used with permission.
This is a true story, from a court report. Donald “Doc” Traylor was a chiropractic doctor in Casper, Wyoming. He had one son and two grandchildren, but he was estranged from them. Doc last saw his grandchildren in 2007, and his final face-to-face meeting with his son, Chadwick, lasted for about an hour in 2007. The nature of subsequent contacts, if any, is not mentioned in the decision.
Doc retired in 2006. He divided his time between Casper and a home in Florida. He befriended his Florida neighbors, the Whites, and in 2019 he asked them for suggestions for his estate plan. They referred him to their lawyer, who had Doc execute a revocable trust. Chadwick and Shannon White were named as successor trustees, and the remainder beneficiaries were primarily Chadwick and his children.
In June the Whites drove Doc from Florida back to his Casper home. They enlisted a neighbor, the Greens, to help care for Doc’s dog and to visit him regularly. About this time, Doc became friends with a handyman, Mr. Dandurand. He drove Doc to Florida in October 2019, and flew to Florida to drive Doc back to Casper in June 2020.
Visiting Doc in August 2020, Mrs. Green discovered he had fallen and could not get up. A visit to the hospital revealed that Doc had prostate cancer. Upon his release Doc engaged Mel’s Helping Hands to provide 24/7 care as he recuperated, owned by Melody and Kevin Kraft. The service was satisfactory.
Doc decided his Florida estate plan was no longer satisfactory, and asked the Krafts for help in getting it revised. Among the changes in the Second Amended Trust, Kevin Kraft was named successor trustee for a $150,000 fee, Mr. Dandurand was left $200,000 and a 21.6% residual interest in the trust, and Mrs. Green was named trustee of a pet trust and also received a residual trust interest. The remainder interest for Chadwick and his children was reduced to 10.58% each.
One of the nurses at Mel’s Helping Hands became concerned that Doc was being exploited for his money. She resigned her position and filed a police report. A police investigation found no exploitation, that Doc was “very well taken care of, articulate, and aware of what he was doing and how his funds were being used.”
Doc died in August, 2021, leaving an estate worth $4 million. In January 2022 Chadwick filed a lawsuit against Kraft, the Greens, and Dandurand alleging undue influence, seeking to have the second trust set aside. After hearing the evidence, the lower court held that there had been no undue influence. What’s more, the second trust had included a very clear no-contest clause, which operated to remove Chadwick as a trust beneficiary because he had challenged the testamentary plan. Finally, the court ordered Chadwick to pay the defendant’s lawyer’s fees.
The lower court decision was affirmed on appeal.
It appears that although Chadwick lost his inheritance by challenging the trust, his children did not lose their trust interest.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
Any comprehensive review of an older person’s financial planning is likely to touch upon the value of a revocable living trust for investment management. The trust approach provides a great tool for delegating investment responsibility into experienced hands without giving up control of assets. Anyone with a substantial portfolio should consider a trust and the benefits of professional trusteeship, such as we provide. Other good candidates for a living trust include those who:
For a real-life example of family financial privacy, one need look no farther than the will and living trust of actor Gene Hackman, who died earlier this year. There was a flurry of speculation when the details of his will included no mention of his children, but the talk died down quickly when it was learned that there was much more to Hackman’s estate plan than first reported—he had living trusts in place as well.
Think you might be a candidate for a living trust? Please come in and talk it over with us to learn more.
Article ©2025 M.A. Co. All rights reserved. Used with permission.
INVESTMENT PRODUCTS/SERVICES ARE:
NOT A DEPOSIT - NOT FDIC INSURED - NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT GUARANTEED BY THE BANK - MAY LOSE VALUE
