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What's in store for you:

1. Photo From My Life
2. Financial Thought: Gifting Complexity
3. Life Thought: Location Based Happiness
4. Good Sh*t: Stephen Wilson - Stand By Me

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Photo From My Life:

Financial Thought:

Gifting Complexity: Estate planning is never easy. But with today’s legislative uncertainty, it’s harder than ever to make long-term decisions. A new tax proposal is working its way through the house and senate. If passed, it will have massive implications for high-net-worth families.

Let’s break it down.

First, the easy part. Annual gifting. For 2025, the annual gift tax exclusion is $19,000 per recipient. That means an individual can gift up to $19k to as many people as they want, with zero tax consequence. A married couple can combine their limits, meaning they could gift $38,000 to a child, and another $38,000 to that child’s spouse, each year. Gifting like this over time can quietly reduce a taxable estate in a powerful way.

Now for the complex part.The estate tax exemption. Before the Tax Cuts and Jobs Act (TCJA) in 2017, the federal exemption was just over $5 million. The TCJA more than doubled it and indexed it to inflation. For 2025, it’s expected to be close to $13.6 million per individual. However, that provision was set to sunset at the end of 2025, reverting the exemption back to ~$7 million. This reversion to the old limit created a bit of a frenzy in the estate planning world. With market returns over the last ten years, more families than ever were above this $7m limit and needed to take take action to lower their estate.

But here’s the twist. The new tax bill aims to permanently increase the exemption to $15 million per person and adjust it annually for inflation. This has created confusion, but also opportunity. If passed, this would give families greater flexibility in designing long-term wealth transfer strategies. Of course, if it doesn't move forward, there's not much time to execute a strategy before the end of the year.

These shifting laws make it more important than ever to be prepared for the various outcomes. If you have an estate greater than $7m, you should work with a wealth manager and estate lawyer to build a solid plan for both outcomes.

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Life Thought:

Location Based Happiness: I’m heading to Northern Michigan next week, and it’s brought an old theme back to the surface for me: location-based happiness.

I’ve written about this before, but I think it’s worth revisiting as summer kicks into gear. There are places in the world where I simply feel better. My thoughts are clearer, my creativity flows faster, and my general mood just lifts. Northern Michigan is one of those spots. Maybe it’s the water, the pace, having family around, or watching the sunset every night. Whatever it is, it works.

Over the years, I’ve realized that my environment directly impacts how I feel and perform. This realization has quietly shaped a lot of my career decisions. I’ve structured my professional life around flexibility, not just because I crave autonomy, but because I deeply value the ability to live where I want, when I want. Don't get me wrong, I want a home base. My family needs a place to plant roots and build community. But, I also want the freedom to rent an Airbnb in a different city each year or spend long stretches of summer by the lake with my family.

Of course, this kind of freedom comes with tradeoffs. It’s not about kicking back in a hammock and disappearing from work. It’s about maintaining momentum and making sure I can still build, grow, and push forward even while shifting the backdrop. I’ve found that when I’m in a place that makes me happy, I’m actually more productive. I think bigger. I move faster. I’m more inspired and engaged.

Being in happy places doesn’t make life perfect, but it gives me perspective. Every time I watch my son play on the beach or sit in the kayak this summer, I know it will be worth it.

Good Sh*t:

Stephen Wilson - Stand By Me: My good friend Kevin introduced me to Stephen Wilson this week. I've been binging his entire Son of Dad album. He's a unique blend of folk and country and his voice has the perfect balance of power and emotion. A great jam for your Friday. Enjoy!

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