Wealthyist

In this episode of Wealthyist, hosts Tom Berkholtz (CFP®, EA, ECA) and Eric Strom (CFP®, EA) break down the critical difference between tax preparation and tax planning — and why the distinction matters more than ever for high-net-worth individuals in 2026.Tax preparation is the annual filing process: gathering documents, accurately completing your return, and avoiding penalties. Tax planning, by contrast, is proactive, year-round, and lifetime-focused — zooming out to minimize taxes over decades, especially since taxes are often the largest single expense in retirement for affluent clients.Key Trends Discussed:Integration is the new standard: Top firms are combining tax preparation, year-round tax planning, investment management, and comprehensive financial planning under one roof for seamless, better outcomes.Team of specialists matters: Complex needs (equity compensation, real estate, international tax, AMT, K-1s, IRS representation) require experts like Enrolled Agents (who have unlimited representation rights before the IRS) and niche credentials.Technology revolution: Client portals, advanced modeling, and AI are transforming tax prep (making basic returns more commoditized), but sophisticated planning still demands human expertise.Major pain points for the wealthy: Fragmented accounts, multiple custodians, missed opportunities from new legislation (like the One Big Beautiful Bill Act), SALT deduction phaseouts, Alternative Minimum Tax (AMT) creeping back, and the risk of future tax increases due to national debt.Actionable advice: Consolidate assets for visibility and better planning, get projected “mock” tax returns (especially after law changes), use extensions strategically, and ensure your advisor actively reviews your actual tax returns and handles IRS notices.The episode emphasizes that in today’s complex environment, settling for a once-a-year preparer separate from your advisor often leaves significant money on the table. The hosts encourage listeners to seek firms offering true 360-degree tax and wealth integration.

Are Beneficiary Designations Undermining Your Estate Plan?Beneficiary designations are contractual instructions you give to financial institutions about who receives assets in accounts like:IRAs, Roth IRAs, 401(k)sChecking and savings accounts (often called Payable on Death - POD or Transfer on Death - TOD)These are legally binding contracts between you and the financial institution. They generally override whatever is written in your will or trust.Why They Matter So MuchEven a perfectly drafted estate plan can fail if beneficiary designations don’t match it. The episode highlights numerous real-world “horror stories” where:Assets went to ex-spouses, disowned children, or unintended relatives because designations were never updated.A child predeceased the parent, causing their share to go through the deceased child’s estate instead of directly to grandchildren or the surviving child.Someone opened a new account after creating their estate plan and never added beneficiaries, triggering unnecessary probate.What Happens If You Don’t Name Beneficiaries?It depends on the financial institution’s default rules (some default to spouse → children; others send everything to probate). This can force assets through court-supervised probate even if the rest of the estate plan avoids it, creating extra costs, delays, and complexity.Key Risks assets must actually be titled to it or properly designated.When to Name a Trust as BeneficiaryEspecially relevant for pre-tax retirement accounts (traditional IRAs, 401(k)s):Direct to individuals is usually simpler (better tax treatment and easier administration) if the beneficiary is responsible and has no major risks.Name the trust when you need:Asset protection (divorce, lawsuits, creditors)Spendthrift protectionProfessional management for beneficiaries who can’t handle money wellThis decision is highly personal and should be coordinated with an attorney.Disclaiming (Refusing) an InheritanceYou can disclaim a benefi

In this episode, host Austin Grandinetti sits down with Ashley Kuehnel of Midwestern Bride and Koryn Bennett  of Ivy Lane Photo Company . The conversation dives into the evolving world of luxury and premium weddings, particularly in the Midwest.Key highlights include:What "luxury" really means: It varies wildly by couple—some prioritize an intimate experience with 10 guests and heavy investment in florals or photography, while others focus on hosting a large crowd. True luxury often boils down to how the day feels: seamless, stress-free, personal, and emotionally supportive. It's less about a fixed dollar amount and more about priorities, vendor treatment, attention to detail (like fetching Birkenstocks for a bride's sore feet), and peace of mind.The role of key vendors: Ashley explains her consultative, relationship-driven approach at Midwestern Bride. With nearly 15 years in the industry (drawing from hospitality, floral, dress shops, and catering), she acts as a "quarterback," curating vendors, aligning budgets and timelines, and handling the behind-the-scenes logistics so couples can actually enjoy their day. Koryn shares how her photography emphasizes collaboration, extended shoots, backup security for images (including long-term hard drive storage), and treating couples as individuals rather than assembly-line clients. Both stress the value of experienced vendors who understand the full ecosystem—preventing disasters like no-shows or lost photos that cheaper or less reliable options can cause.Budgets and realities: Full-planning clients with Ashley often land at six figures or more (one standout reached over $500K for a multi-day, highly intentional event on private property with custom tents, flooring, multiple floral teams, and army-truck loads of flowers). "Average" weddings (without full planning) trend toward $60K–$70K in their markets, far above outdated Google averages due to rising venue costs, inflation, and demand for experiential elements. Backyard or DIY options can ironically cost more than venues because of hidden logistics (electricity, staffing, etc.).Generational shifts and trends: Gen Z couples lean toward smaller, more intentional weddings, questioning traditions (e.g., skipping long ceremony-to-reception gaps), and valuing vendor friendliness and honesty about family dynamics. They're prioritizing presence over pomp. Parents' involvement varies—some provide gifts with full autonomy, others buffer budgets thoughtfully. Experiential details shine: sentimental surprises (like restoring a late father's car for photos), personalized guestbooks (e.g., a surfboard with embedded flowers), interactive elements (Polaroid walls with real-time seating integration), and guest-focused flow (quick bar service, props to e

In this engaging Wealthyist episode, host Kent Haleen and co-host David Panitzke (both proud new owners of the same-year manual-transmission Corvettes) welcome Jay Shiek, aka Jay the Car Guy — a passionate collector, appraiser, broker, and key figure reviving the Milwaukee Concours d’Elegance.Jay shares his origin story: a lifelong car enthusiast who turned his passion into a business helping clients buy, sell, and appraise vintage and collector cars. His favorite part? The priceless look on someone’s face when they finally get behind the wheel of a car tied to childhood memories or long-held dreams — whether it’s a nostalgic Sunday driver, a race-pedigree machine, or a serious investment piece.Key Highlights older ones reconnect people with their past (e.g., “My uncle had one”).Jay’s personal passion: Unrestored, original “survivor” cars like his beloved Packard (bought new in Wisconsin, passed through careful owners, now a family wedding chariot). He’s a caretaker, not a modifier — no power steering/brakes, original everything.Common mistakes for wealthy newcomers:Impulse/heartstring buys or auction bidding wars (set a hard budget).Skipping professional appraisals (leads to overpaying, under-insuring, or missing provenance value).Sentimental restorations that don’t make financial sense.Market insights: Values fluctuate dramatically (muscle cars, limited-production models like Charger Daytonas or GNX). Japanese 90s icons (Supra, RX-7) are heating up. Rarity, provenance, and condition drive big premiums — but buy what you love and will actually enjoy.Car collections: Get them appraised, properly insured, stored (especially Wisconsin winters with battery tenders), and driven. Enjoy them, show them, share them. Don’t let them sit and degrade out of fear or sentiment.Driving vintage cars: Requires extra care — they’re not modern in braking/handling, and other drivers don’t always respect them.Milwaukee Concours d’Elegance: J is leading the revival (post-COVID) with plans for next year at the zoo in partnership with Autism United. It aims to be “Middle America’s Pebble Beach” — competitive, invitation-only, judged classes celebrating original/unrestored excellence. They need deep-pocket sponsors and ~450 volunteers. Get involved via carguymke.com or “Jay the Car Guy” on social media.Final advice for successful retirees entering the hobby: Buy what tugs at your heartstrings, not what others think is cool. Work with experts to avoid pitfalls, and drive/enjoy your collection.The episode blends lifestyle pa

In this episode of The Wealthyist, Kent Halleen sits down with John Choate — former Navy SEAL officer, successful entrepreneur, and founder of Apogee Travel, a transparent hotel booking platform that supports veteran causes and charities like St. Jude.John shares hard-earned leadership lessons from the SEAL teams that translate directly to building high-performing businesses and living a wealthy, purposeful life. Key topics include:Anticipating the “adversary’s vote” and stress-testing plans (the military “murder board” approach)The power of decentralized command and building a culture that allows smart failureWhy the right people always matter more than perfect processesThe challenge high-achievers face when transitioning out of high-intensity careers — and how the drive never really turns offCurrent trends in physical security for ultra-high-net-worth individuals (the shift to low-visibility, concierge-style protection)Blending battlefield discipline with entrepreneurial wisdom, John delivers practical, no-nonsense insights on leadership, legacy, risk, and staying grounded while chasing meaningful success.A must-listen for executives, founders, and anyone building wealth with impact.

In this engaging episode of Wealthyist, host Anthony Mlachnik (Senior Wealth Advisor at Annex Private Client) sits down with Joan Nesbitt, Vice Chancellor for University Advancement at the University of Wisconsin-Milwaukee (UWM). With over 30 years in higher education fundraising—including more than a decade in a similar role at Missouri S&T—Nesbitt shares insights from the front lines of partnering with ultra-high-net-worth individuals, families, and philanthropists to create lasting impact through education.The conversation opens with Nesbitt's journey from Oklahoma roots (complete with a relaxed attitude toward Midwest tornado warnings and tennis during sirens) through Missouri to her current role in Wisconsin. She reflects on her accidental entry into fundraising in the 1980s and the shift from smaller nonprofits to better-resourced higher ed environments.Key topics include:Evolving donor strategies: Most annual gifts still come simply as checks or credit cards from income, but high-capacity donors leverage sophisticated vehicles like stock donations, charitable remainder trusts, donor-advised funds, and planned/legacy giving tied to life events (e.g., business sales, liquidity events, or RMDs).Shifting alumni engagement: The old assumption of natural alumni loyalty has faded, especially among younger graduates burdened by student debt. Millennials and Gen Z prioritize broad societal impact, justice, and fairness over "helping someone just like me." Nesbitt discusses how UWM is adapting with personalized digital strategies and even piloting AI-driven platforms for scalable, avatar-based donor engagement (surprisingly appealing to those over 50).The power of storytelling and experiences: Annual galas, alumni awards, and heartfelt reflections highlight how connections—with professors, mentors, dorm friends, or campus moments—create enduring emotional ties. Donors often express genuine humility and surprise when recognized.Major gifts and ultra-wealthy mindsets: Nesbitt recounts standout stories, including a record-breaking $300 million gift (in ETFs) from a billionaire engineer who wanted transformative impact beyond "just a building." She emphasizes holistic donors who blend cash, time, volunteering, corporate resources, and networks. Even during UWM's 414 Day giving campaign, a major donor made seven targeted gifts across challenges, showing deep alignment with personal values.Sports, NIL, and the "front porch" of the university: Athletics draws attention and enrollment for many schools, but Nesbitt notes it varies by institution (less central at her prior engineering-focused school). She stresses operating with integrity amid the "Wild West" of NIL, ke

In this remote episode of Wealthyist, recorded live from Jet OUT’s new hangar in Waukesha, Wisconsin, host Anthony Mlachnik (Senior Wealth Advisor at Annex Private Client) sits down with Evan Rossiter, Sales Director at Jet OUT — a Milwaukee-based private aviation company.Evan clearly explains Jet OUT’s co-ownership model: it’s not traditional fractional ownership (like NetJets), not a jet card, and not aircraft management. Instead, it’s structured like tenant-in-common real estate — multiple co-owners share one Cessna Citation CJ4 Gen2 jet, but Jet OUT owns and operates the entire fleet. Co-owners simply call and fly. JETOUT handles all maintenance, piloting, flight planning, and heavy lifting.Key highlights include:Strategic expansion — Bases in Milwaukee, Southwest families reaching second homes in Florida or Arizona; even light-hearted stories like flying pets solo.Entry points — Ideal for 4–5+ round trips per year; a shorter “dip-your-toe” one-year program is also available.Community possible larger aircraft coming.Anthony ties the conversation back to wealth management: how high-net-worth clients are “time poor,” and how strategic choices like smart private aviation can protect family time, reduce stress, and align with values — exactly the kind of lifestyle optimization Wealthyist explores.

In this episode of Wealthyist, host Anthony Mlachnik interviews Jim Villa, CEO of NAIOP Wisconsin (the Commercial Real Estate Development Association). With 35 years in public policy, politics, and economic development—including roles under Governor Tommy Thompson and Scott Walker—Villa offers a grounded, insider perspective on commercial real estate as a vehicle for wealth creation and community impact.Key Highlights:Jim’s Background suburban markets are rebounding. Conversions and rehabs are more common than new builds.Multifamily & Housing: High-end luxury apartments in Milwaukee are filling slowly due to conservative absorption rates. Major shortage of workforce housing (for teachers, firefighters, service workers) amid high construction costs. Wisconsin saw some of the nation’s steepest rent/housing price spikes but remains more affordable overall than coastal markets.Investment Appeal of Wisconsin/Midwest: Viewed as a stable, “durable,” and good-value tertiary market. Less volatile than Sunbelt hotspots like Texas. Strong local investor participation, cautious development practices, and tangible community impact make it attractive for long-term holds. Post-COVID, some coastal capital has shown interest due to affordability and consistency.Strategies for Wealthy Investors:Diversification alongside other assets.Tax tools like 1031 exchanges, Opportunity Zones, and bonus depreciation (strengthened in recent legislation).ESG/impact focus: Local developers often deliver community benefits (childcare, retail, neighborhood revitalization) beyond pure financial returns.Partner with trusted local professionals and align with overall tax/estate plans.Future Outlook: AI-driven demand for data centers and energy generation will be critical. Wisconsin’s reliable power is a competitive advantage. Emphasis on creating “places” not just “spaces,” le

In this episode of Wealthyist, host Anthony Mlachnik(senior wealth advisor at Annex Private Client) interviews Dr. Tim Murray, an anesthesiologist and founder/CEO of Solstice Health. Murray launched the company in 2012 after witnessing pricing practices in traditional hospital systems, noting that medical bills remain the #1 cause of bankruptcy.Core Business Model:Solstice Health combines Direct Primary Care (DPC) with direct surgical care under one umbrella — a rare (and possibly unique) setup in the U.S. Patients pay a flat $59/month for unlimited primary care access (24/7, no copays, longer visits), plus labs, imaging, and medications at true wholesale cost. They also operate an ambulatory surgery center, delivering procedures like hip replacements for ~$19,500 all-in — compared to $60,000–$100,000 at traditional hospitals.Key Themes DPC democratizes that model at a fraction of the cost while delivering "executive physical" level attention to everyday patients and employees.Closing Takeaways:The conversation highlights a holistic view of wealth — financial health alone isn’t enough without physical and mental well-being. Dr. Murray and Anthony both s

The episode of Wealthyist (the podcast exploring the lifestyles, choices, and strategies of the wealthy, produced by Annex Wealth Management) features host Tom Parks, Director of Retirement Plan Services, interviewing his colleague Deanne Phillips, Managing Director of Client and Community Engagement. The focus is on "passion assets"—personal items acquired out of genuine love and passion rather than primarily as investments, which often lack formal beneficiary designations unlike financial accounts.Key Points from the Discussion:Definition: Passion assets include art, classic cars, wine collections, musical instruments, rare books, watches, sports memorabilia, jewelry, and even pets (highlighted as America's favorite, with Americans spending over $140 billion annually on them). These can represent significant value (hundreds of thousands of dollars) in high-net-worth households but are frequently overlooked in estate planning.Why They're Overlooked: Unlike retirement or brokerage accounts with built-in beneficiary forms and professional management, passion assets are often stored informally (basements, attics, wine cellars). Heirs may not know their worth, leading to hasty disposal ("haul it all away") or emotional oversights.Real-World Examples: Deanne shares a personal story of inheriting a hoarded family home filled with hidden treasures like over 100 pieces of Cristal d'Arques and Orrefors crystal, vintage fabrics concealing a pristine 1940s Deanna Durbin doll, old slides, and more. Surprises can include vintage electronics (e.g., original Apple computers or iPods), comic books, first-edition books, mid-century furniture, early Rolex watches, or even flip phones amid modern trends.Planning Importance — Three main reasons for valuation and documentation:Insurance: Standard homeowners policies often fall short; specialized riders or coverage are needed, especially for older/antique items.Estate Planning: Prevents family disputes over unequal values (e.g., one child getting a high-value painting) and ensures fair division.Taxes: Collectibles face higher capital gains rates upon sale; appraisals help with accurate reporting.Preservation Tips: Protect items from damage (e.g., temperature-controlled wine storage, UV/humidity control for art, regular servicing for watches/cars, archival methods for paper ephemera like Civil War letters). Before donating or discarding anything 30–40+ years old, consult appraisers or experts—markets are cyclical and surprising.Pets as Passion Assets: A major focus, given generational pet ownership trends (e.g., 76% of millennials). If a pet outlives the owner (e.g., parr

Host Anthony Mlachnik, Senior Wealth Advisor at Annex Private Client, interviews Rich Gray, founder of Rebrand NY—a sports and business development firm that connects brands with athletes for authentic marketing partnerships, while helping athletes (current, NIL-eligible, and retired) maximize their personal brands, off-field ventures, and long-term opportunities.Key Discussion Points:Rich's Background: Born on Chicago's South Side, basketball opened doors (first flight for a game, college at Chicago State). Post-playing, early internships with Chicago Sky exposed him to NBA stars/recruits. A pivotal chat with Hank Thomas (Octagon/Kesmai) inspired his shift to sports business. He earned a law degree (Washburn University, with time at KU), interned at Priority Sports, then joined Brooklyn Nets front office via connections. This led to his current role bridging sports, law, and brand strategy.When Athletes Become Brands: Historically, marquee college players; now, elite high school freshmen/sophomores must think this way due to NIL. Protection (legal/IP) and marketing start early.What Brands Seek in Athletes:Authenticity above all—no forced narratives. Brands want athletes whose values/lifestyle already align (e.g., health-focused athlete for nutrition brand). High performance + genuine fit creates believable stories and consumer trust. Data (social following, virality) helps, but behavior/nuance matters long-term.Cash vs. Equity in Deals: Assess brand stage—startups/white-space opportunities favor equity for massive upside (e.g., Kobe Bryant's BodyArmor investment turned a challenger into a competitor vs. Gatorade). Balance immediate cash needs with potential growth; value your time/input.Athlete Brand Value: Mix of tangible metrics (social followers, content performance) and behavioral alignment. Follow "the wealthy" (high-achievers) for strategies.Sustainable vs. Transactional Partnerships: Long-term storytelling (full lifecycle: college → pro → retirement) builds retention/value (e.g., trading card companies investing in NIL for ongoing narratives). Transactional = short-term flashes.Wellness/Mental Health Trends: Shift from taboo to open; brands now support holistic athlete health (mental, physical). Unions/retired players associations partner on lifecycle support. Some brands think long-term (today/tomorrow/future); others chase trends without red-flag awareness.Parallels to Wealth Management/Business Owners: Intentionality, values alignment, long-term planning mirror athlete branding. Athletes learn from business owners (strategic info use); vice versa. NIL democratizes opportunities—even mid-major/reserve players can build wealth thoughtfully.AI/Social Medi

In this week's episode of Wealthyist, hosted by Anthony Mlachnik, Senior Wealth Advisor for Annex Private Client, Anthony and Rose Gray from Fox World Travel explore how the definition of luxury travel has evolved dramatically. No longer about the most extravagant, showy accommodations or vehicles to "make a statement," today's affluent travelers prioritize exceptional service, bespoke and unique itineraries, quality over quantity, and low-key, private experiences. They often keep trips understated—rooted in Midwest values of humility, family, and privacy—focusing on emotional impact (e.g., meaningful volunteer work or profound memories) rather than bragging rights.Rose shares her favorite continent is Africa (for its profound experiences), and she gently challenges the "visit all seven continents" goal by highlighting realities like Antarctica's challenges (e.g., penguin smells, zodiac landings without easy access).They address modern trends:AI in travel: Fox World Travel embraces it (with their own bot "Kobe the Cheese" for initial ideas/emails), but Rose stresses human expertise is essential—citing AI's hilarious errors (e.g., recommending a food bank as a top restaurant).Social media's double-edged sword: It amplifies misinformation (e.g., recent Puerto Vallarta shelter-in-place coverage portrayed as being "trapped," scaring people away from Mexico broadly), but Fox uses it to evoke emotion. Phones enable stunning photos (replacing bulky cameras), yet pose risks like location tagging aiding poachers in Africa or security vulnerabilities—advising delayed posting or turning off location services.Group vs. personalized travel: Rose explains how structured group trips (corporate incentives, family/multi-gen, or high-end adventures) provide "freedom within structure"—pre-planned logistics allow flexibility (e.g., skipping for ancestral visits). They balance large events with personalization by vetting partners deeply, understanding group dynamics, and incorporating individual needs.Core theme: The new pinnacle of luxury is ultimate, anticipatory service—beating clients to their needs, creating memorable "life moments" (parallels drawn to wealth management, where investment performance is table stakes, but holistic life support shines).Rose recounts a recent Puerto Vallarta trip disrupted by events, turning into a positive bonding experience with kindness and sharing among guests (mostly Canadians post-hockey game). They touch on private aviation (prices dropping, viable alternative to premium commercial), membership-style annual travel services (high-touch, family-like knowledge of clients), and preparations for remote/extreme trips (vetted partners, on-ground security intel, group compatibility).Destination highlights include:Corporate retreats: Costa Rica for a

In this episode of Wealthyist, host Deanne Phillips, CFP® and Managing Director of Client and Community Engagement at Annex Wealth Management, interviews Dr. Suzanne Gehl (a board-certified family physician, former WAFP president, and owner of a solo Direct Primary Care practice in Hartford, Wisconsin.Dr. Gehl explains Direct Primary Care (DPC) as a membership-based model that provides unlimited access to a personal physician without insurance billing for primary care. Key features include:Ultra-accessible care: Same/next-day appointments (30–120+ minutes long), 24/7 direct phone/text/email response (often within hours), telemedicine, home visits, and no waiting rooms or phone trees.Cost savings: Covers unlimited visits, point-of-care testing (e.g., rapid strep, urine tests), drastically discounted labs (90–95% off), and low-cost generic meds (e.g., 3-month supplies under $3). No copays, deductibles, or markups.Patient experience: Direct doctor interaction from the start, comprehensive histories/exams, in-office procedures (e.g., joint injections, EKGs), and proactive management—catching issues like undiagnosed hypertension, thyroid problems, or even cancer early.Business/employer angle: Companies can cover memberships to slash group health costs (examples: 16–42% savings in first year, preventing job offshoring by reducing expenses). Employees gain easy access, leading to better preventive care and fewer ER/urgent care visits.Differences from alternatives: More affordable than concierge medicine ($2,700–$40,000+/year, often bills insurance); no middlemen, fancy lobbies, or large staffs—keeps overhead low.Medicare integration: Practices opt out of Medicare (no billing/reimbursement), but patients can use it for hospitalizations/specialists. DPC complements (doesn't replace) high-deductible or catastrophic insurance for major needs.Advanced tools: Dr. Gehl highlights innovations like multi-cancer early detection blood tests (e.g., Galleri), genetic longevity profiling (e.g., via GB Insights or New Amsterdam Genomics for personalized prevention, supplement/medication guidance), and virtual specialist consults—enabled by small patient panels (500–700 max) for deeper research and faster implementation.The discussion emphasizes DPC's growth since ~2010 (now ~9% of U.S. primary care docs), its efficiency for busy/high-net-worth individuals , and its wellness focus—promoting healthier lives, reduced overall healthcare spend, and better quality/quantity of life.Deanne ties it to strategic choices for the wealthy: using DPC as a smart, proactive complement to insurance for time savings, cost control, and superior outcomes. Listeners can find DPC providers via <a href="https://mapper.dp

This week's episode of Wealthyist (the podcast exploring the lifestyles, choices, and strategies of the wealthy, produced by Annex Private Client/Annex Wealth Management) is hosted by Anthony Mlachnik, a senior wealth advisor. The guest is Brian Weis, a serial entrepreneur deeply passionate about golf. He runs multiple golf-related businesses, including GolfTrips.com (focused on golf travel), Golf Guide (product reviews), and Golf Community Living (highlighting golf-centric real estate and retirement living). He's also a board member of the Golf Course Owners of Wisconsin, and a dedicated golfer with a handicap that fluctuates between 3 and 12 (depending on whether he's betting or bragging).The conversation centers on the evolution of golf as a lifestyle and experience, particularly among affluent individuals, and how it ties into wealth, business, health, and social connections.Key Topics and Trends Discussed:Golf's Post-COVID Boom: Pre-COVID, golf was declining, but the pandemic highlighted it as a safe outdoor activity. Younger generations (30s–40s) with rising discretionary income have driven massive growth in golf travel and experiences, shifting from basic tee times to premium, immersive outings.Shift to High-End Experiences: Traditional "buddy trips" (cheap hotels, beer, cram in rounds) have evolved into luxury setups—resorts with on-site real estate, spacious homes/villas with grills, fire pits, and stocked bars. Golf now pairs with wellness (spas, unplugged time), culture (e.g., castle tours in Europe), food/wine, bourbon/cigar tastings, or events like the Super Bowl or Masters.Types of Golf Travelers:Bucket-listers chasing iconic courses (e.g., Pebble Beach, St. Andrews).Experiential groups seeking added activities.Couples blending golf with non-golf elements (spas, local sights); some spouses golf, others relax poolside/spa while the golfer sneaks in early rounds.Business and Networking Angle: Golf reveals character (handling adversity, positivity). It's a powerful tool for building relationships—better than short meetings. Many executives/entrepreneurs use it for prospecting or client entertainment. Professional athletes (e.g., Michael Jordan, Steph Curry, Aaron Rodgers) often excel at golf and cross-pollinate mindsets with business leaders.Trends in Memberships and Access:"Country club membership hoarders" collecting multiple private/national memberships for prestige, business, or vacation access.Corporate/national memberships at elite spots (e.g., Sand Valley's Lido).Shift from heavy discounting (pre-COVID) to willingness to pay for premium experiences.Luxury Travel Logistics: Helicopters/private jets for remote courses (especi

In this episode of Wealthyist, host Anthony Mlachnik, a senior wealth advisor at Annex Wealth Management, sits down with Amanda Payne, President and CEO of the Waukesha County Business Alliance (the local Chamber of Commerce). The conversation explores why Waukesha County ranks among Wisconsin's wealthiest and the top 200 in the U.S., highlighting its appeal as a hub for business success, family life, and community vibrancy.Key highlights include:Attractions for the Wealthy: Amanda attributes the county's draw to a thriving business ecosystem, excellent schools, high quality of life, and family-friendly environment. As a fifth-generation Waukesha resident, she shares personal anecdotes, like her family's deep roots (e.g., her grandfather leading Waukesha Engine) and historical ties to local institutions like Carroll University.Economic Growth and Investments: The county saw a 35% surge in single-family housing permits in 2025, outpacing most areas except Dane County. Major corporate expansions were spotlighted, including GE Healthcare's $100M Waukesha campus upgrade, ABB's $100M New Berlin facility, Milwaukee Tool's $40M+ investments in Menomonee Falls and Brookfield, and Generac's new sites adding jobs. These reflect a booming economy, with biohealth emerging as a key cluster (boosted by Wisconsin's federal Biohealth Tech Hub designation and outpacing national job growth).Challenges and Trends: Discussions cover housing supply constraints (rising prices outstripping incomes), talent shortages for growing firms, and the appeal of short commutes compared to big cities like Chicago. Amanda notes the influx of high-net-worth individuals to areas like Lake Country, driven by proximity to Milwaukee's amenities (e.g., sports, arts). Future priorities include expanding I-94 to ease bottlenecks, reduce crashes, and support regional development, while maintaining small-town charm in places like Delafield.Small Businesses and Community Ecosystem: Over 90% of Waukesha businesses are small, forming the "heart and soul" of the county. Growth in larger firms fuels suppliers, restaurants, and shops, creating an interconnected ecosystem. Amanda emphasizes preserving this amid expansions from giants like Costco and Amazon.Workforce and Youth Engagement: Post-COVID shifts have aided talent attraction via remote work, low cost of living, and lifestyle perks (e.g., easy access to "up north" getaways). The Alliance runs programs exposing over 3,000 middle and high school students annually to local careers through tours, expos, and CEO interactions to foster retention and entrepreneurship.Community Leadership and Giving: Wealthy leaders excel by blending business success with philanthropy, board service, and employee support (e.g., helping with loans or cars). Programs like Leadership Waukesha

In this engaging episode of Wealthyist, hosted by Anthony Mlachnik (Senior Wealth Advisor at Annex Private Client), he interviews Karissa Gretebeck, Manager of Volunteer Engagement at United Way in Greater Milwaukee and Waukesha County. With nearly 15 years at United Way, Karisa shares her journey from a small nonprofit to embracing the organization's global reach, brand strength, and collaborative impact in creating positive community change.The conversation centers on evolving philanthropy among wealthy individuals, families, and corporations. Key highlights include:A growing desire for hands-on involvement beyond financial donations—volunteering, personal engagement, and exposing children to giving back to build a family culture of philanthropy.United Way's shift toward targeted "key initiatives" (e.g., eliminating family homelessness, stable employment, technology access, and health/well-being), allowing donors to see direct, systemic impact rather than contributing to a general fund.Corporate partnerships remain a cornerstone, with tailored workplace campaigns, volunteer events, and creative activations (e.g., packing meals or backpacks during company conferences or celebrations). Examples include manufacturers donating overstock products and a shoe company leadership team personally fitting donated shoes at a homeless resource fair.The intangible benefits of giving: mood boosts, mental health gains, social connection, and modeling values for employees and children.Creative giving ideas, such as donating appreciated stock or using donor-advised funds for tax advantages, and rolling commissions into community foundations (as Anthony notes with Annex's approach).Opportunities for deeper involvement via leadership donor networks (e.g., Women United, Technology United, Leadership Society) for high-level givers ($1,200+ annually), offering social events, advocacy, and focused issue dives.Practical starting points: Reflect on personal passions, browse United Way's website for volunteer/advocacy options, and connect with resources or consultants for guidance.Karisa emphasizes that small commitments (even an hour a month) create ripple effects, and United Way excels at listening to align opportunities with personal/company values. Anthony ties it to broader wealth strategies, like tax-smart giving and leading by example.The episode closes with touching stories of impact—like a young girl joyfully choosing her own daisy-patterned backpack—illustrating how collective small actions transform lives and inspire ongoing generosity. It's an inspiring look at modern, multifaceted philanthropy that goes far beyond writing a check.

This episode focuses on the realities of selling a business, especially in the lower middle market (businesses under ~$200M in revenue). Here's a breakdown of the main points Steve covers:Role of an Investment Banker (Sell-Side): They guide owners through preparation and the structured sale process to maximize outcomes. The biggest "competitor" is often the owner trying to sell DIY—possible, but owners usually miss value-creating opportunities due to lack of specialized expertise.Preparation (Ideally 3–5 Years in Advance): Start early to boost value. Common issues include over-reliance on the owner (e.g., as top salesperson), weak teams/systems, or messy financials focused on tax minimization rather than showing true earnings power (EBITDA).EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is the key metric buyers use as a proxy for cash flow.Adjust for owner perks/non-recurring items to reveal "true" earnings.Build transferable sales teams, pipelines, regional presence, clean books, accurate product costing, etc.Example: A client left money on the table by not expanding regionally; the buyer did it post-sale and doubled the company.Valuation Basics: Often an EBITDA multiple (e.g., 5–10x depending on industry, size, growth; lower end ~5x for smaller deals, higher for stronger ones).Enterprise value = EBITDA × multiple.Equity value (what owner gets pre-tax) = Enterprise value − debt + excess cash.If the business depends heavily on the owner, multiples drop because it's less attractive/transferable.Sale Process and Timeline:Preparation phase: Deep dive, recommendations (often referring to specialists like exit planners, financial consultants).Active sale: 6–12 months typical (12 more realistic); faster (e.g., 60+ days) possible with a ready buyer and clean financials, but broad auctions take longer.Outreach to many buyers (strategic/competitors vs. financial like private equity) via databases/relationships—often 100–700 prospects screened down.Private equity has massive "dry powder" (~$3T mentioned), but some owners hesitate; strategics can be easier/faster due to industry familiarity.Team and Advisors: Quarterback the deal; recommend specialized M&A attorneys (not generalists), tax experts, etc., as day-to-day pros often lack deal experience and can slow/kill transactions.Post-Sale Realities:Buyers often require "rollover" equity (e.g., 20–30% with PE buyers) for alignment/"second bite at the apple."Transition periods: Sometimes walk away clean, but often 3+ years expected if the business isn't fully independent.Plan early—build to sell (e.g., reference to books like Built to Sell)

In this episode of Wealthyist, host Tom Berkholtz interviews Khaleel Ali, Senior Education Savings Consultant at TIAA-CREF (the plan manager for Edvest, Wisconsin's 529 college savings plan). Khaleel shares his 16+ years in financial services and his six-year tenure with the Edvest program, which has been managed by TIAA-CREF since 2012 and boasts over $6 billion in assets (with recent figures showing $5.63 billion across 238,000+ accounts as of late 2024).The discussion covers the basics of 529 plans: tax-advantaged accounts similar to retirement vehicles but dedicated to education expenses, with low entry (starting at $25) and triple tax benefits—tax-deferred growth, tax-free qualified withdrawals, and Wisconsin's generous state income tax deduction (up to $5,280 per beneficiary for 2026, with carryforward for excess contributions).Key highlights include the plan's evolution through federal legislation (e.g., SECURE Acts), expanding uses beyond traditional college to K-12 tuition (up to $20,000/year in Wisconsin), apprenticeships, trade schools, student loan repayment (up to $10,000 lifetime), post-secondary credentials, and a major game-changer: rolling over up to $35,000 lifetime to the beneficiary's Roth IRA (after the account is 15 years old).For affluent families, Khaleel emphasizes strategies like maximizing contributions beyond the state deduction (up to the annual gift tax exclusion of $19,000 per person or $38,000 for couples), front-loading five years' worth ($95,000) for time-value-of-money advantages, and dynasty-style planning by changing beneficiaries across generations. The maximum account balance for 2026 is $613,240 per beneficiary across Wisconsin plans.Other topics include avoiding overfunding fears (thanks to rollover options), non-qualified withdrawal consequences (10% federal penalty + taxes on earnings), why even wealthy families benefit from the tax deferral over regular savings accounts, Edvest's strong reputation (consistent Morningstar awards, low fees, 25+ years of operation), flexible investment options (age-based, static, or custom), and easy access via the website (edvest.com) or customer service.Tom shares a personal story of how his grandfather's Edvest account sparked his interest in finance, underscoring the plan's long-term impact. Khaleel encourages advisors and families to reach out for free consultations, highlighting Edvest's flexibility for anyone nationwide (though state tax perks are Wisconsin-specific).The episode positions Edvest as a powerful, evolving tool in wealthy families' financial strategies—beyond just college savings, it's a versatile, tax-smart vehicle for generational education funding.

Guest: Jake Biernbaum, renowned horse trainer and founder of Pear Tree Ranch in Ocala, Florida. Known for his large YouTube following and expertise in natural horsemanship.Key Points from the Episode:Origin and Growth of Pear Tree RanchFounded in 2011 when Jake went independent after working with Parelli Natural Horsemanship. Started with almost nothing — living on ramen and PB offers in-person training, lessons, clinics, camps, and online video content (YouTube their 8-year-old son Johnny helps occasionally but isn’t pushed into the horse world.Training PhilosophyFocuses on developing both horses and humans, emphasizing that horses are “honest” while humans often complicate things. Starts with the horse first to establish clear, reliable behavior, then teaches the owner to match that level. Goal: Make clients independent (“I want you to not need me anymore”) while offering ongoing education for those who want it. Motto: “Less crying and less dying” — safer, happier horses and riders.Jake’s BackgroundNot a lifelong horse person — got into horses in his 20s after wilderness survival training (Tom Brown Jr.’s school), various odd jobs (bouncer, carpenter, daycare, etc.), and discovering Parelli Natural Horsemanship. Spent years working for Parelli (from ranch hand to touring arena manager and instructor) before going fully independent in 2017.Business Strategy learned from past experiences with employees/interns leaving suddenly. Diversifies income through scalable online content (YouTube, Patreon) — “making money while sleeping” — rather than just trading hours for dollars. Offers various formats: private lessons, workshops, multi-day clinics/camps, and horse training programs.Clients some barely afford lessons, others spend hundreds of thousands on imported horses. Notes that true success with horses requires consistent work and discipline — money helps (better horses, more lessons), but doesn’t replace effort. Many wealthy clients are driven and hands-on because they built their own success the same way.Work-Life Balance & Future Plans</stron

In this episode of the Wealthiest podcast (hosted by Anthony Mlachnik, Senior Wealth Advisor at Annex Private Client), guest Chellee Siewert (President and Founder of Capture Sports & Entertainment) discusses how her firm helps professional athletes, entertainers, and organizations develop authentic philanthropic strategies.Key highlights include:End-of-Year Giving Trends — About 30% of annual charitable donations occur in December, with examples like athletes hosting shopping events for kids, fulfilling both wants and needs (e.g., debate team ties for a high schooler).Building an Authentic "Why" — Capture guides clients to identify personal stories and passions, define 2-3 impact pillars, align philanthropy with their brand, and create realistic plans that fit busy lifestyles (from weekly involvement to a few annual events).Legacy Beyond the Game — Emphasis on defining identity outside of sports, building post-career legacies, and ensuring giving feels genuine and enjoyable.Heartwarming Stories — Touching anecdotes, such as Aaron Jones' "Yards for Shoes" campaign (donating shoes based on rushing yards, revealing a child's need for properly fitted new shoes), J.J. Watt events honoring veterans, and meaningful make-a-wish connections.Human Side of Athletes — Discussion of Vin Baker's recovery from addiction, losing over $100 million, and rebuilding his life, underscoring that athletes face public highs and lows like anyone else.Practical Structures and Benefits — Overview of giving vehicles: Donor-Advised Funds (DAFs) for tax-deductible donations, fiscal sponsorships (preferred for most clients due to compliance support), and private 501(c)(3)s. Insights on offsetting "jock taxes" (state taxes on games played away), donating appreciated stock to avoid capital gains, and leveraging league/team matching programs or awards.Team Support — Importance of a trusted core team (advisors, agents, accountants) to maximize impact, endorsements, and opportunities.Chellee shares her own journey founding Capture 14 years ago to balance motherhood and entrepreneurship, starting with clients like J.J. Watt, and finding her "why" in amplifying athletes' ability to change lives. The conversation draws parallels between athletes/entertainers and busy executives in purposeful, tax-smart giving.

Host: Anthony Mlachnik (Senior Wealth Advisor, Annex Private Client)Guest: Anna Franklin – Founder acts as creative director/entrepreneur.Grew Stonehouse Collective to 15 employees (5 full-time designers), opened first retail store in Shorewood in March 2023, and hit record revenue in 2025.Key Themes it’s about personal values, legacy, memories, and emotional connection.Trends by DemographicYounger / Millennial / Liquidity-Event WealthFull smart-home integration (Lutron, Sonos, automated showers, security, lighting scenes controlled by phone).Wellness spas at home: cold plunges, saunas, steam, red-light therapy — all ideally in one integrated wellness room.Hitting all five senses the moment they walk in (scent, sound, light temperature, etc.).Boomers / 60s–70sSurprisingly also adding wellness/spa elements (many now want saunas wall panels and whole-house distributed audio are largely out.TVs hidden or pop-up, projectors still used, but giant TVs are cheap and ubiqui

Perfect episode for any entrepreneur who knows they’ll eventually sell but hasn’t yet faced the question: “What then?”In this week’s Wealthiest episode, host Anthony Mlachnik sits down with Andy Oliver, a 30-year finance veteran, two-time business founder/exiter, and partner at Oak Hill Business Partners, a boutique consulting firm that helps lower-middle and middle-market owners dramatically increase enterprise value and prepare for a successful exit.Key highlights and takeaways:Andy’s Unusual JourneySurvived 9/11 (was half a block from the South Tower), which prompted him and his wife to leave NYC and return to Milwaukee. First exit: Co-created the first municipal-bond primary-market pricing system in the 1990s (sold to a UK firm). Second exit: Founded Gear Wash, a firefighter-gear cleaning/disinfection company born from post-9/11 safety research (sold in 2020 right as COVID began).The Biggest Blind Spot for Business OwnersMost owners are great at building the business but terrible at building a personal post-exit plan (financial, lifestyle, purpose). More than 50% have never calculated how much capital they actually need to replace their salary with passive income or what they’ll do with their time after the sale.What Actually Drives Enterprise Value & Exit PriceThe business must be transferable: owner must decentralize themselves (strong COO/GM, documented SOPs, job descriptions, integrated data systems). Lack of these = heavy valuation discounts during due diligence. Clean, real-time data and KPIs are non-negotiable in today’s market.Execution & AccountabilityTraction/EOS praised as a simple, proven system to create cadence and accountability. Without disciplined execution, enterprise value stalls regardless of a great product.Exit Planning Framework Andy UsesCertified Exit Planning Advisor (CEPA) via the Exit Planning Institute. “Value Acceleration Methodology”: Start with a rough valuation → align personal + financial + business plans → de-risk and grow → decide whether to exit or keep growing.Personal Advice from AndyStart entrepreneurial ventures earlier if possible. Understand compounding: save and invest early, take calculated risks. Prioritize health (he works out 6 days a week) and social connections (he jokes about starting a “ROMEO Club” – Retired Old Men Eating Out – when he retires).

In this episode of Wealthyist, host Dr. Brian Jacobsen speaks with Tom Berkholtz, Financial Planning Manager about Equity Compensation – what it is, why companies use it, the main types, tax pitfalls, and planning tips.Tom and Brian discuss why companies offer equity compensation, including its primary goal: to attract, retain, and motivate top talent (especially in tech/AI race – Google, Apple, Nvidia, etc.).Equity compensation can act as “golden handcuffs” via vesting schedules (e.g., 25% per year over 4 years or a 3-year cliff). The strategy can work for both public and private companies, but private-company equity is riskier (needs a liquidity event like IPO or buyout to have real value.Tom details the main types of Equity Compensation: Restricted Stock Units (RSUs) – where an employer gives you actual shares (not an option to buy).  IN that strategy, the RSU vests over 3–4 years → treated as ordinary income on vest date (shows up on W-2).  Tax trap: Employers often withhold only 22% federal tax; high earners (37% bracket) can owe big at tax time + possible underpayment penalty.  The conventional advice is to “Sell immediately after vesting” (because you already paid tax at the vest price). Tom says not always best — if you believe in the company and it’s not too concentrated, holding some can make sense.They then discuss Non-Qualified Stock Options (NSOs/NQSOs), which are the right (not obligation) to buy shares at a fixed “strike price” (usually within 10 years).  When you exercise and sell, a NSO, the bargain element (market price − strike price) is taxed as ordinary income.  Employer gets a tax deduction, which is sometimes why employers prefer NSOs over ISOs.Incentive Stock Options (ISOs) are less common now.  There's a potential for long-term capital gains treatment if holding-period rules are met.  Big catch: The bargain element is an AMT (Alternative Minimum Tax) preference item → can trigger AMT and create a huge surprise tax bill.  2025 may be a sweet spot to exercise ISOs because current AMT exemptions are still high (TCJA rules); exemptions drop in 2026, so more people could get hit.Performance Share Units (PSUs) are another option. The payout (number of shares) depends on company performance over ~3 years (e.g., stock price, EBITDA targets).  Aligns employee and shareholder incentives perfectly (Elon Musk–style packages are an extreme example).Key Tax & Planning Takeaways RSUs and exercised NSOs = ordinary income (up to 37% federal + state).  Under-withholding on RSUs is extremely common → fix by increasing paycheck withholding or making quarterly estimated payments.  High earners: Consider donating appreciated vested shares (RSUs or exercised options) to charity or a Donor-Advised Fund instead of selling → avoid capital gains tax and get a deduction.  End-of-year must-do’s for equity-comp recipients:  Project upcoming vest/exercise events.  Strategi

Core Theme: How a middle-class Wisconsin upbringing, strong family values, and an athlete’s mindset of consistent small improvements shaped Steve Novak’s approach to money, lifestyle, and giving back — and kept him far away from the “broke ex-athlete” stereotype.Key Takeaways from the Conversation:Grounded Upbringing as the AnchorGrew up in Brown Deer, WI (middle/lower-middle class); dad was a teacher/coach, mom a nurse. Saw bigger houses and nicer cars as a kid → early motivation that real wealth required success without debt. Even after making NBA money, never felt the need for a mansion. Bought a normal house in Whitefish Bay (“looks like all the other houses”) and still lives a relatively modest lifestyle.Financial Philosophy = Athletic MindsetTranslated his shooting training mantra (“get 0.1% better every day”) into investing. Very conservative investor: prioritizes steady compounding over home-run bets or crypto. Learned the hard way with a few bad private deals/restaurants → “losing money felt worse than winning felt good.” Focus: never move backward; small, consistent forward progress compounds over a 50+ year post-basketball timeline.Lifestyle ChoicesPlayed on 9 teams, lived in Houston, LA, NY, Toronto, etc. → realized Milwaukee/SE Wisconsin is one of the most underrated places to live and raise a family. Chose walkable, community-oriented neighborhoods (Whitefish Bay) over sprawling estates. Family now owns two homes in Wisconsin (North Shore + Lake Country) instead of the typical athlete Florida/Arizona second home — “Wisconsin summers are the best in the world.”Giving Back kids cheer for both the Bucks and Knicks.Bottom Line (in Steve’s words):“Don’t try to hit home runs. Just keep

In this episode of Wealthyist, host Brian Lamborne (Senior Wealth Strategist at Wealth Management) welcomes Nick Kozik, Director and Shareholder at TKO Miller, a Milwaukee-based boutique investment banking firm specializing in sell-side transactions for family-owned businesses (typically $15M–$250M enterprise value). The discussion dives into the current M wait if trade-impacted. Personal timelines (e.g., health, retirement) often trump market conditions—consult experts for tailored assessments.Buyer Types ExplainedPrivate Equity (PE): Pools of capital for majority buyouts (leveraged, using debt); focused on growth, not just cost-cutting. They prioritize services over risky sectors, paying premiums for "safe" deals. Strategic Buyers: Operating companies seeking synergies (e.g., one chemical firm buying another); more cautious in uncertain times. Quasi-Strategics: PE-backed portfolio companies doing add-ons for operational alignment. ESOPs (Employee Stock Ownership Plans): Ideal for owners prioritizing employee ownership and business continuity; involves seller financing and tax perks, but yields lower upfront proceeds than PE/strategic sales.Planning for a Successful SaleTimeline: Start 1–5 years out for max value—focus on management succession (e.g., 18–24 month transition team) and data readiness (accurate reporting to handle buyer requests). Define Goals: Clarify priorities like max proceeds, growth partnership, or legacy preservation to shape the process. Build Your Team: RoleWhy EssentialTimingInternal Management | Runs the business post-sa

In this empowering episode of Wealthyist—the podcast exploring the lifestyles, choices, and strategies of the affluent—host Deanne Phillips (a CFP and bodybuilding enthusiast) interviews Dr. Tes Jordens. Dr. Jordens, founder of 1988 Wellness (named for the year U.S. women gained independent access to small business loans), shares insights on midlife women's health, debunking myths around menopause, hormone replacement therapy (HRT), and obesity. The conversation ties into "wealthyist" trends, emphasizing proactive, private-pay investments in vitality as foundational to financial success and confidence.Key Discussion ThemesMenopause Realities and Patient Journeys  Menopause symptoms (fatigue, weight gain, sleep disruption, hot flashes) often start in the 30s-40s but peak in the 40s-50s, exacerbated by estrogen decline, which spikes cardiovascular risk ~10 years later than in men.  Typical patients: Frustrated women dismissed by primary care as "anxious" or "normal," seeking holistic answers. Host shares her thyroid struggles and early menopause at 46, leading to 45-pound gain and life crisis.  Shift from "disease care" to prevention: Women increasingly seek to "capture that 30s-40s feeling" before decline, rejecting it as a "rite of passage."HRT Myths, Benefits, and Options  Debunks 2002 Women's Health Initiative (WHI) fallout: Media sensationalism linked HRT to cancer/strokes, but flaws (e.g., average participant age 63, not perimenopausal) caused mass hysteria. Science now shows HRT (estradiol, progesterone, testosterone) is safe and protective when started within 10 years of menopause or before 60.  Benefits: Reduces dementia/osteoporosis risk (only proven preventive for bones), supports heart health, boosts energy for workouts/career. Can continue indefinitely unless major contraindications (e.g., active breast/endometrial cancer, recent stroke).  Delivery methods: Tailored to needs—pills (liver-processed for brain protection), patches/gels/sprays, pellets (host switched due to glute workouts displacing them), vaginal creams for UTIs/frequency in 70s-80s.  Advice: Persist beyond dismissive docs; seek certified specialists. No "magic pill," but HRT sparks virtuous cycles (e.g., energy for strength training).Obesity and "Menopause Belly" Strategies  Visceral fat (around organs) drives inflammation, insulin resistance, diabetes/heart risks—not just aesthetic.  Tools: GLP-1 meds (e.g., Ozempic) as aids, not cures; combine with protein/fiber-rich nutrition, movement. Focus on building strength for 70s-80s independence, not restriction/diet culture.  Trifecta approach: HRT + meds + habits (e.g., trainers, dietitians) for sustainable results. Host credits HRT for reigniting her bodybuilding passion at 60.<strong

Estate planning is uncomfortable (addresses incapacity and death) but essential; integrate it naturally into life/financial discussions for comprehensive planning.Key Checklist of Must-Have Documents directs asset distribution at death.Critical for parents: Only place to name guardians for minor children.Works with trusts; "pour-over" will funnels forgotten assets into trust.Revocable Trust:Manages assets during life avoids probate.Becomes irrevocable at death (can't change).Complements (not replaces) a will.Irrevocable Trusts (Lifetime):For gifting assets (to spouse/kids) to reduce estate taxes.Removes assets + future appreciation from estate.Estate Tax Context: 2026 exemption rises to ~$15M/person ($30M/couple). Plan flexibly for future law changes; project asset growth vs. inflation/spending.Other Documents (state-specific):Living will/advance directive (end-of-life wishes).Funeral arrangements.Beneficiary Designations:Override wills/trusts (e.g., IRAs, 401(k)s, life insurance).Common Mistake: Outdated designations (e.g., ex-spouse or parent instead of kids) cause assets to go wrong.Review or trigger by:Life events (marriage, divorce, birth, death).Law changes (e.g., recent tax bills).Pet Peeves/Common Errors:Mismatched beneficiaries vs. will/trust.Outdated successors (e.g., naming parents/siblings when kids are now adults; shift to children as agents/trustees).Communication, Storage no one-size-fits-all.Some share full details/drafts (à la Warren Buffett) for transparency.Others share structure only (flow of assets, roles, advisors) without dollar amounts.Ensure heirs know document locations, attorney, advisors.Successor Roles: Choose capable people; consider corporate trustee (fees apply, but justified for complex dynamics).Advisor Support: Professionals guide grieving families; nobody navigates alone.Probate: Not as Bad as FearedProcess:

In this episode of the "Wealthyist" podcast, hosted by Anthony Mlachnik, senior wealth manager for Annex Private Client, the focus is on private investments and their role in a diversified portfolio. Mlachnik is joined by Brian Jacobsen, Annex’s chief economic strategist, to discuss the nuances of private markets and their relevance for high-net-worth individuals.The episode begins by defining private markets in contrast to public markets. Private markets include investments like private equity, private credit, private real estate, and private infrastructure, which are not publicly traded and thus don’t appear on stock tickers. Jacobsen addresses misconceptions about private markets being inherently riskier or opaque, emphasizing that Annex focuses on aligning investments with clients’ goals through thorough due diligence and understanding the client’s financial objectives.The discussion highlights the importance of a macro-level investment policy statement, especially for clients experiencing liquidity events, such as business sales or sudden wealth accumulation. Private markets are presented as a tool for diversification, particularly for accredited investors or qualified purchasers who meet specific net worth or sophistication requirements. Jacobsen notes that while public markets offer around 4,000–4,500 companies, private markets provide access to a much larger pool of 40,000–45,000 companies, including innovative firms that may not need public funding due to technological advancements.The conversation explores why many companies choose to remain private, citing reduced regulatory burdens (e.g., post-Sarbanes-Oxley) and the ease of raising capital through private channels, facilitated by technologies like DocuSign. Private markets offer opportunities to invest in early-stage, disruptive companies—potentially the “next Google or Facebook”—before they go public. However, Jacobsen stresses the importance of due diligence, understanding the investment’s philosophy, process, partners, pricing, and structure, especially when investing through funds managed by general partners.Mlachnik and Jacobsen also discuss the behavioral challenges of private investments, such as the temptation to overcommit to opportunities presented by friends or networks. A disciplined framework helps investors say “no” when an investment doesn’t align with their strategy. They touch on the concept of the illiquidity premium, where private investments, being less liquid than public securities, often trade at lower valuations to compensate for the inability to sell quickly. This illiquidity can act as a “pre-commitment device,” preventing impulsive decisions during market volatility, akin to Odysseus tying himself to the mast to resist the sirens’ call.The episode briefly addresses private infrastructure, particularly relevant in Wisconsin due to the rise of data centers. Jacobsen explains that private infrastructure inv

The podcast "Wealthyist," hosted by Austin Grandinetti with guest Dr. Brian Jacobson from Annex Wealth Management, discusses a Forbes article highlighting shifts in the investment priorities of high net worth individuals. Key points include:Shift to Income Generation: 82% of affluent investors now prioritize generating income over growth, a change observed over the past two years. This shift follows strong market returns in 2023, prompting investors to focus on locking in gains and securing income, possibly through fixed income or realizing capital gains for tax efficiency.High Net Worth Mindset: The focus on income is more prevalent among high net worth and institutional investors, who act as trendsetters, compared to retail investors who tend to chase trends.Happiness Through Giving: High net worth individuals increasingly prioritize creating happiness for others, often through charitable giving or legacy planning. Strategies include bunching charitable donations, using donor-advised funds, private foundations, or gifting appreciated stock to optimize tax benefits, especially under the "One Big Beautiful Bill" tax provisions.Expert Guidance and Emerging Tech: 71% of affluent investors work with financial advisors, valuing expert guidance. Annex Wealth Management emphasizes a client-centric approach, defining problems, designing solutions, and delivering comprehensive plans that integrate tax, estate, charitable, and investment strategies.Status Symbols and Travel: Affluent individuals prioritize status symbols like travel (up 20% from 2024), luxury vehicles, watches, and designer clothes. Travel is particularly valued for the experiences, stories, and personal connections it fosters, seen as a status symbol post-Covid.The podcast underscores the importance of tailored financial planning for high net worth individuals, balancing income generation, tax efficiency, charitable goals, and lifestyle aspirations like travel.

Recently Dr. Brian Jacobsen and Brian Lamborne discussed implications of the OBBBA on Business Owners. In this episode of Wealthyist, hosted by Brian Jacobsen, Chief Economist at Annex Wealth Management, and featuring Brian Lamborne, Senior Wealth Strategist, the discussion focuses on the implications of the "one big beautiful bill" (likely referring to the Tax Cuts and Jobs Act or a similar tax legislation) for business owners across the lifecycle of a business: starting, running, and selling or winding up. Here's a summary of the key points:1. Starting a BusinessChoosing the Business Structure: The decision between forming a pass-through entity (e.g., S corporation, LLC) or a C corporation depends on long-term goals. S corporations offer pass-through taxation, avoiding double taxation, and allow deductions like the Qualified Business Income (QBI) deduction, which isn't available for C corporations. C corporations, however, offer benefits like Qualified Small Business Stock (QSBS) exclusions for capital gains upon sale, but face double taxation (corporate tax at 21% plus dividend tax).Course Correction: Business owners can change their entity structure (e.g., from LLC to S or C corporation) based on evolving goals, though some changes, like qualifying for QSBS, have strict requirements (e.g., the business must be a C corporation for at least 80% of its life).QSBS Considerations: QSBS allows exclusion of capital gains (up to $15 million) if the business is a C corporation from inception, held for at least five years, and meets specific criteria (e.g., under $75 million in assets, not in excluded industries like hospitality or professional services). The bill introduced tiered exclusions: 50% for three years, 75% for four years, and 100% for five years.Planning Ahead: Many business owners start without proper tax planning, often defaulting to a C corporation or sole proprietorship. Engaging tax professionals early can optimize tax outcomes.2. Running a BusinessDeductions and Incentives: The bill expanded key deductions, including:Bonus Depreciation: Allows 100% expensing of certain assets (e.g., equipment, cars) in the year of purchase, incentivizing business investment. However, it applies to entire asset categories, and some businesses may prefer standard depreciation to manage taxable income over time, especially for banking covenants.Research and Experimentation (R&D) Credits/Deductions: These apply broadly to problem-solving activities, not just traditional lab work. Examples include designing custom machinery or solving technical manufacturing challenges. Many businesses are unaware they qualify.QBI Deduction: Offers up to a 20% deduction on bu

In this republished episode of "Wealthyist" podcast Episode 24, host Brandon Lehman interviews Dale Kooyenga, president of the Metro Milwaukee Association of Commerce, about economic development in the Milwaukee region, specifically the Milwaukee Seven (M7), which represents seven counties in southeast Wisconsin: Milwaukee, Kenosha, Ozaukee, Racine, Walworth, Waukesha, and Washington. The M7 focuses on regional economic development to attract large companies like Microsoft, Eli Lilly, and Hasbro by leveraging the area’s strengths.Key Points:Attracting Companies: Companies choose Milwaukee over other regions like Chicago or Atlanta due to factors like access to water, a reliable energy grid, and a strong talent pool, particularly in advanced manufacturing and food and beverage industries. The region’s livability, with amenities like professional sports, golf courses, and a vibrant downtown, also appeals to companies recruiting talent.Cost of Living and Housing: Milwaukee offers relatively affordable housing compared to other metros of its size, though housing costs are rising due to high labor, material costs, and interest rates. The region’s high per capita income and affordability make it attractive, but property taxes are approaching those of Chicago’s suburbs, raising concerns about competitiveness.Lifestyle and Amenities: Milwaukee’s appeal includes its lively downtown, proximity to Lake Michigan, professional sports teams (Bucks and Brewers), and short commutes (20 minutes vs. 1-1.5 hours in larger cities), allowing for a balance of family and professional life. The Wall Street Journal recently highlighted Milwaukee as the nation’s hottest housing market.Water and Energy: Access to abundant water from Lake Michigan is a major draw for industries like data centers and manufacturing, which require significant water and energy resources. Wisconsin’s reliable energy grid and leadership in nuclear technology (e.g., micro nuclear) position it well for future growth.Economic Shifts: Milwaukee’s economy is transitioning from traditional blue-collar manufacturing to high-tech and financial services, with a strong presence of mid-tier manufacturers and private equity firms. Manufacturing output is up despite fewer jobs, reflecting productivity gains.Challenges and Opportunities: Kooyenga highlights three priorities for Milwaukee’s growth: (1) establishing a top-tier R1 research university, (2) adopting advanced nuclear technology for sustainable energy, and (3) attracting more immigrants, who are more likely to start businesses and drive economic growth. Milwaukee’s population growth is strong in the Midwest but lags due to lower immigration compared to cities like Chicago.Policy Concerns: High income taxes (e.g., 7.65% vs. Illinois’ 5% fl

In this week's episode of the "Wealthyist" podcast, hosted by Dr. Brian Jacobsen, Chief Economist at Annex Wealth Management, with guest Brian Lamborne, Senior Wealth Strategist at Annex Private Client, discussion focused on Qualified Small Business Stock (QSBS) and comparisons to the Qualified Business Income Deduction (QBID) from their previous episode. Here's a summary: QSBS applies to stock in a C corporation that has spent most of its life as a C corporation. Unlike QBID, which is a deduction for pass-through entities (e.g., partnerships, S corporations), QSBS offers an exclusion of capital gains when selling the stock of a qualifying C corporation.Key Differences:QBID: Provides a deduction (up to 20%) on income from pass-through entities, beneficial for businesses generating ongoing cash flow.QSBS: Offers a capital gains exclusion (up to 100% depending on holding period) when selling C corporation stock, ideal for businesses planning a sale.QSBS Rules:The business must be a C corporation at issuance and for most of its life, though it can temporarily elect S corporation status.The company’s gross assets cannot exceed $50 million (increased to $75 million under new rules) at the time of stock issuance.Certain businesses (e.g., hospitality, professional services like doctors or lawyers, or investment companies) do not qualify.Stock must be acquired directly from the company (e.g., through capital infusion or stock options), not purchased from another shareholder.Holding Period Changes: The "One Big Beautiful Bill" modified QSBS rules, reducing the holding period for exclusions:Old rule: 5 years for 100% capital gains exclusion.New rule: 4 years for 75% exclusion, 3 years for 50% exclusion, providing more flexibility.The exclusion cap increased from $10 million to $15 million in gains.Strategic Considerations:Switching between C and S corporation status to game the system is risky and could lead to losing QSBS benefits, as the IRS enforces rules to prevent abuse.Businesses can start as partnerships or sole proprietorships and later convert to C corporations, but tax implications must be carefully planned.Planning early is critical, as choices made at incorporation (e.g., C vs. S corporation) can limit future options.Takeaway: QSBS and QBID serve different purposes depending on whether a business owner prioritizes income deductions or capital gains exclusions. Due to the complexity, consulting with wealth strategists early is essential to maximize benefits.

Exploring key tax provisions like Qualified Business Income (QBI) deduction and Qualified Small Business Stock (QSBS), and their implications for starting and selling a business, as influenced by the "One Big Beautiful Bill" (OBB).Synopsis:In this episode of Wealthyist, Dr. Brian Jacobsen and Brian Lamborne dive into the complexities of business tax strategies, likening them to an "alphabet soup" of acronyms like QBI and QSBS. They discuss how these provisions impact business formation, tax planning, and eventual business sales, particularly in light of the OBB's changes. The conversation highlights the importance of strategic entity selection (e.g., C corporation, S corporation, or LLC) and how it affects eligibility for tax benefits like the QBI deduction. They also touch on common pitfalls, such as business owners making uninformed decisions based on incomplete advice from non-experts or social media. The episode emphasizes the need for tailored professional guidance to optimize tax outcomes and asset protection.Key Takeaways: QBI Deduction Overview: QBI (Qualified Business Income) allows a deduction of up to 20% on pass-through entity income (e.g., S corporations, LLCs, sole proprietorships) reported on personal tax returns. C corporations, taxed as separate entities, are ineligible for QBI unless they elect S corporation tax status via IRS filing. LLCs default to sole proprietorship (Schedule C) for single-member LLCs, automatically qualifying for QBI, but can elect S or C corporation tax status for strategic reasons. The OBB expanded QBI phase-in thresholds from $100,000–$500,000 to $150,000–$550,000, offering more room for high earners (e.g., doctors, lawyers) to benefit, though professionals face stricter rules above the threshold. Strategic planning, like using retirement plans (e.g., cash balance plans), can lower adjusted gross income to maximize QBI eligibility.QSBS and Entity Choice: Qualified Small Business Stock (QSBS) applies only to C corporations, offering significant tax exclusions on gains from selling stock, making it attractive for businesses (e.g., tech startups) aiming for a future sale. Choosing an LLC or S corporation precludes QSBS benefits, as these entities don’t issue stock. Investors must align entity choice with their goals (e.g., income stream vs. future sale).Accidental Entrepreneurs and Poor Advice: Many business owners become "accidental entrepreneurs," starting businesses without proper planning, often choosing entities (LLC or corporation) based on casual advice from friends, accountants, or social media (e.g., TikTok, YouTube). Entity choice impacts asset protection and tax outcomes. Corporations are designed for asset protection, with tax rules layered on, while LLCs

In this episode of Wealthyist, host Anthony Mlachnik, a senior wealth manager at Annex Wealth Management, interviews Collin Yelich, a former professional baseball player turned high-end real estate professional in southeast Wisconsin. The discussion focuses on Yelich’s transition from athletics to real estate, his integration into the Milwaukee community, and his work helping professional athletes and others settle into new environments.Key points:Career Transition: Yelich shares the challenges of moving from a structured life as a professional athlete to navigating the uncertainty of a new career during the COVID-19 pandemic. He describes the sense of being "lost" after retiring from baseball and how his family’s real estate background, particularly his mother’s experience, eased his transition into the industry.Community Integration: Yelich highlights Milwaukee’s welcoming community, which made his move from California easier. He emphasizes the importance of community support for athletes and others relocating, drawing parallels between his experiences and those of entrepreneurs or retirees facing major life transitions.Helping Athletes and Newcomers: As a real estate professional, Yelich uses his athletic background to empathize with clients, particularly athletes, helping them navigate housing needs and settle into Milwaukee. He focuses on understanding their preferences and making the process efficient, given their busy schedules.Financial Strategy: The conversation touches on the importance of financial planning for athletes, balancing immediate desires (e.g., buying a dream car) with long-term stability. Yelich notes that these discussions often start early in an athlete’s career, such as when they receive a signing bonus.Community Impact: Yelich discusses his family’s Christian Home Plate Charity, which hosts an annual charity concert supporting local Milwaukee organizations like Live Like Lou, Visit Milwaukee, and the Brewers Community Foundation. The event fosters community engagement and is open to the public.Business and Sports Intersection: Yelich observes the growing integration of sports and business, particularly through social media and brand partnerships, which amplifies opportunities for athletes and entrepreneurs. He sees this trend expanding at both professional and college levels.Mental Strategies: Yelich shares insights on mental resilience, drawing from his athletic experience. He emphasizes focusing on a few key strategies to navigate challenges, a principle applicable to both athletes and entrepreneurs facing ups and downs.Memorable Experience: Yelich recounts his first home sale in Wisconsin, a modest $212,000 transaction, as particularly meaningful due to the trust a family placed in him as a

In this episode of "Wealthyist", hosted by Anthony Malachnik, Senior Wealth Manager, and Brian Jacobsen, Chief Economist at Annex Wealth Management, the discussion focuses on the implications of the "One Big Beautiful Bill" (OBBB), signed into law on July 4, for business owners planning their exit strategies. Key points include:Importance of Exit Planning: Business owners are often deeply involved in daily operations, which can delay exit planning. The hosts emphasize the need for a proactive approach, supported by a team of advisors to navigate complex decisions.Impact of the OBBB: The bill provides clarity on tax provisions, particularly by extending the Tax Cuts and Jobs Act of 2017, which was set to sunset in 2025. This allows business owners to shift from a reactive "use it or lose it" mindset to a proactive strategy.Estate Planning Opportunities: The OBBB increases the estate tax exemption to approximately $15 million per person (indexed for inflation), enabling strategic moves like transferring business interests into trusts or family limited partnerships early to benefit from valuation discounts and growth outside the estate.Business Structure and Taxation: The bill affects how businesses are taxed and sold. For C corporations, qualified small business stock (QSBS) provisions allow significant capital gains exclusions if shares meet specific criteria. However, buyers may prefer asset purchases for immediate depreciation benefits (100% bonus depreciation or Section 179 deductions), influencing whether a business should be structured as a C corporation or a pass-through entity (e.g., LLC or S corporation) to optimize for different buyers (e.g., family, management, or private equity).Proactive Strategy and Flexibility: The hosts stress that early planning with professional guidance can maximize value and align with the owner’s goals. Even if initial structures are suboptimal, course corrections are possible with the right team.Call to Action: The episode encourages business owners to consult with wealth management professionals to explore options, using a personal anecdote about a friend seeking advice to illustrate the value of collaborative planning.The discussion underscores the importance of strategic, proactive exit planning with professional support to leverage the opportunities provided by the OBBB.

In this episode of the "Wealthyist" podcast, hosted by Dr. Brian Jacobsen, Chief Economist at Annex Wealth Management, and featuring Erik Strom, Director of Financial Planning, the discussion centers on the impact of the "big beautiful bill" on charitable giving and tax-efficient strategies. Key points include:Standard Deduction Increase: The 2017 Tax Cuts and Jobs Act doubled the standard deduction starting in 2018, leading many taxpayers, including Strom and his wife, to stop itemizing deductions, which contributed to a decline in charitable giving. The recent bill permanently extends this larger standard deduction with an additional boost, and a new senior deduction is available even for those taking the standard deduction.State and Local Tax (SALT) Deduction: Previously capped at $10,000, the SALT deduction has been increased to $40,000 through 2029, potentially encouraging more taxpayers to itemize. However, for incomes exceeding $500,000, the SALT deduction phases out rapidly up to $600,000, creating a steep effective tax rate.New Charitable Deduction for Non-Itemizers: Starting in 2026, non-itemizers can deduct up to $1,000 (single filers) or $2,000 (married filers) for charitable contributions, incentivizing record-keeping for donations.Charitable Deduction Floor for Itemizers: A new rule effective in 2026 introduces a floor for charitable deductions, set at 0.5% of adjusted gross income (AGI). For example, with a $200,000 AGI, the first $1,000 of charitable contributions is non-deductible, making strategies like bunching donations or using donor-advised funds (DAFs) more critical.Donor-Advised Funds (DAFs): DAFs are highlighted as a tax-efficient way to frontload charitable contributions, especially in high-income years, to avoid the new AGI-based floor. Contributions to DAFs in 2025 can bypass this floor, allowing distributions to charities over time.Qualified Charitable Distributions (QCDs): For those over 70.5 with required minimum distributions (RMDs), QCDs allow direct IRA donations to charities, excluding the amount from taxable income, which can help manage income levels to avoid SALT deduction phase-outs.High-Income Considerations: For those in the top 37% tax bracket, a new limitation claws back itemized deductions, reminiscent of the Alternative Minimum Tax (AMT), which was largely mitigated by the 2017 Act but still affects those with incomes over $1 million. This adds complexity for high-income earners navigating tax planning.The episode emphasizes the importance of strategic tax planning, such as bunching donations, using DAFs, or leveraging QCDs, to maximize the impact of charitable giving while minimizing tax burdens. Jacobsen and Strom stress the value of professional guidance, like that offered by Annex Wealth Management, t

In this episode of Wealthyist, hosted by Brian Lamborne, senior wealth strategist at Annex Private Client, and featuring new team member Anthony Mlachnik, the discussion focuses on strategic financing as a tool for the wealthy. Continuing from a prior conversation on tax-aware investing, they explore how strategic financing leverages assets to borrow money tax-free, providing liquidity without triggering taxable gains. This approach is particularly useful for short-term needs, such as relocating from Wisconsin to Florida, funding college, or buying a car, by using options like margin accounts, pledged asset lines of credit, or home equity lines of credit.Key points include:Tax Efficiency: Borrowing against assets (e.g., stocks or home equity) avoids capital gains taxes, offering a cost-effective alternative to selling investments.Flexibility: Clients can bank with multiple institutions, and advisors help negotiate competitive rates, potentially saving on interest costs.Applications: Strategic financing supports personal transitions, business needs, charitable giving, and estate planning, such as gifting to children without selling stocks or using low-interest loans to facilitate business succession.Advisory Role: As fee-only fiduciaries, the team collaborates with clients’ professionals (e.g., lawyers, bankers) to tailor solutions, ensuring the best interest of the client over bank profits.Options and Customization: Strategies vary by situation, from using personal loans to family-held notes, emphasizing the importance of exploring all possibilities with a wealth manager.The episode highlights the value of professional guidance in navigating financing options and optimizing taxes, with plans to delve deeper into advanced topics in future episodes.

In this episode of "Wealthyist," hosted by Brian Lamborne, Senior Wealth Strategist with the Annex Private Client Team, the focus is on tax-aware investing and aligning financial strategies with clients' purposes. Brian introduces Anthony Mlachnik, a new senior wealth manager at Annex Private Client, who shares his background and his experience working with complex clients nationwide.The discussion centers on the importance of tax-aware investing, which involves aligning estate planning, investments, and tax strategies to optimize client outcomes. Anthony emphasizes the need to define a client’s purpose—such as family happiness or legacy building—to guide financial decisions. Key strategies discussed include:Tax-Aware Investing: Making investment decisions with tax implications in mind, such as minimizing taxes through asset allocation and loss harvesting.Purpose-Driven Planning: Helping clients identify their goals (e.g., spending time with family or passing wealth to future generations) to align financial strategies.Tax Loss Harvesting: Selling assets at a loss to offset capital gains, either in the current year or carried forward, to reduce tax liabilities.Managing Large Gains: Gradually reducing concentrated stock positions to avoid large tax hits, using tools like loss harvesting, donor-advised funds, or exchange funds for tax efficiency.Long-Term vs. Short-Term Gains: Prioritizing long-term capital gains for better tax rates and considering charitable giving to manage highly appreciated assets.Estate and Distribution Planning: Tailoring strategies based on whether clients want to spend wealth during their lifetime or pass it to heirs, leveraging tax benefits like step-up in basis at death.Anthony stresses making investment decisions first and tax decisions second to avoid missing opportunities. The episode highlights the power of compounding tax savings over time and the importance of working with professionals to navigate dynamic tax laws and emotional decision-making, especially during retirement distributions. The episode concludes with a promise to continue the discussion in the next installment.

In this episode of Wealthyist podcast, hosts Brian Lamborne, a senior wealth strategist, and Alec Durand, an estate planning attorney with Annex Wealth, discuss the implications of the recently passed One Big Beautiful Bill Act in the context of the Tax Cuts and Jobs Act of 2017 (TCJA). The TCJA, effective since 2018, doubled the federal estate tax exemption to around $14 million (adjusted to $13.99 million in 2025), reduced income tax brackets, doubled the standard deduction, and introduced benefits like the Qualified Business Income (QBI) deduction and bonus depreciation for businesses. These changes simplified estate planning for many, as fewer people faced federal estate tax issues, and complex strategies became less necessary.The One Big Beautiful Bill Act largely continues the TCJA provisions, providing clarity by making them permanent and eliminating the sunset provisions set to expire in 2025. Key updates include increasing the estate tax exemption to $15 million in 2026 (indexed for inflation thereafter) and maintaining income tax brackets and the standard deduction. This permanence alleviates concerns about the exemption dropping significantly, which would have impacted estates valued between $10-20 million. The bill also made minor tweaks to QBI and other tax provisions but didn’t drastically alter the tax landscape.The hosts emphasize that the planning prompted by the TCJA’s potential sunset was still valuable and remains relevant. For high-net-worth individuals, particularly business owners, the clarity provided by the new law offers opportunities to refine estate plans, update documents like buy-sell agreements, and ensure alignment with current goals. They stress the importance of reviewing operating agreements, business valuations, and estate plans to avoid conflicts (e.g., between buy-sell agreements and trusts) and to prepare for wealth transitions, especially for estates up to $30 million for married couples. The episode underscores that while the new law didn’t change much in tax policy, proactive planning remains critical for effective wealth management and transfer.

Episode Focus: The episode explores the lifestyles, choices, and strategies of the wealthy, with a specific focus on their interest in exclusive and rare wines, wine trends, and the art of collecting and storing wine.Key Points Discussed:A Memorable Wine Hunt Story:Ben from Waterford Wine (https://waterfordwine.com/) shares a story from 20 years ago when a CEO visited his store and requested a specific wine, Masetto. Initially unfamiliar with it, Ben researched and tracked down a rare three-liter Jeroboam bottle after persistent effort. This led to a valuable client relationship, showcasing the effort behind sourcing rare wines.Wine and Alcohol Trends:Ben discusses industry trends, noting that hard seltzers and craft beer have seen peaks and declines, while craft spirits are likely to decline soon. Wine remains relatively stable, but overall alcohol sales in Wisconsin have been declining over the last three years, except for THC products, which are rising due to a legal loophole.At Waterford Wines, clients typically engage seriously after 3-4 years into their careers, shifting from bar visits to dining at home, insulating the store from industry declines and contributing to slight growth.Guiding New Wine Customers:Ben emphasizes a non-transactional approach, with staff spending about 25 minutes with customers to understand their preferences. Instead of asking about budget, they explore the customer’s goals (e.g., pairing with food or building a collection).Staff are trained to taste wines across price points (inexpensive, medium, expensive) and learn engaging facts about each to guide customers effectively, avoiding limiting their choices based on cost.Investing in Wine:Wine as an investment has faded since its peak around 2000-2005, particularly with first-growth Bordeaux (e.g., Mouton, Lafite, Latour, O’Brien, Margaux). These wines, classified in 1865, were once high-growth investments but are less so now.Ben advises new collectors to start small (e.g., buying 3-4 bottles) to explore preferences, as tastes evolve. Many clients ignore this and fill cellars quickly, only to shift preferences later (e.g., from Malbec to Italian wines).Wine Storage and Cellars:Proper storage requires a constant temperature (55-65°F) and high humidity to prevent cork drying and wine oxidation, which can be challenging in homes due to mold risks.Ben advises against elaborate cellars until a true passion for wine is developed, recommending investment in wine first. Many clients build lavish cellars with marble floors and tasting tables but are encouraged to focus on the wine itself initially.Wine Aging:Most wines are consumed too you

This week's episode of Wealthyist podcast, hosted by Kent Helene, Associate Wealth Manager at Annex Wealth Management, features a conversation with Sandy Wysocki, Executive Director of the Sharon Lynne Wilson Center for the Arts. The episode explores the intersection of arts, philanthropy, and financial planning, particularly for high-net-worth individuals. Here’s a summary of the key points:Overview of the Sharon Lynne Wilson Center: Sandy discusses the center’s mission to provide a vibrant arts destination in Brookfield, Wisconsin, focusing on performing arts, arts education, and visual arts. The center serves as a cultural anchor in the Greater Milwaukee community, hosting diverse performances and educational programs.Revenue and Funding: About one-third of the center’s revenue comes from performances, which include:Mainstage Series: Monthly shows in a 613-seat theater, featuring a variety of genres like country (e.g., Marty Stuart), Broadway, jazz, and bluegrass.Matinee Series: Targeted at seniors, with popular shows like Hollywood Revisited, showcasing vintage movie costumes and songs.Studio Series: Cabaret-style performances in a smaller, 100-seat venue with a casual, coffeehouse vibe.Beyond the Classroom: Field trips for students, bringing books to life through performances.Donations and Philanthropy: Donations are a significant funding source, driven by nostalgia (e.g., parents whose children performed at the center), financial planning needs (e.g., required minimum distributions), or a desire to make an impact. The center maintains transparency with financials and impact reports on its website to build trust with donors.Financial Planning Connection: Ken ties the center’s work to wealth management strategies, such as:Charitable Giving: Donating appreciated stock to avoid capital gains taxes, benefiting both the donor and the center.Estate Planning: Incorporating charitable giving into trusts and legacy planning, especially relevant with the $80 trillion baby boomer wealth transfer.Future Goals: The center aims to celebrate its 25th anniversary in two years by increasing its endowment for sustainability and upgrading technology (e.g., sound and lighting systems) to remain state-of-the-art.Community Impact: Sandy emphasizes the arts’ role in enhancing mental health and fostering shared experiences, distinguishing live performances from digital consumption. The center’s free Starry Nights outdoor concerts, starting June 27, 2025, were highlighted as an accessible community event.Notable Highlight: Sandy shares her enthusiasm for the Ukulele Orchestra of Great

In episode 25 of "Wealthyist," Annex Private Client Wealth Strategist Brian Lamborne  discusses charitable giving with Jason Kohout, Chair of the Family Office area at Foley and Lardner and director of the Wisconsin Philanthropy Network. Kohout, an estate planner, focuses on helping clients with wills, trusts, tax planning, and charitable contributions, including creating private foundations. Key points include:Current Trends: High-profile charitable acts, like the Patagonia founder donating 98% of the company to environmental causes, are rare but notable. Naming rights for buildings at universities or hospitals are common in philanthropy.Economic Impact: Recent economic turbulence hasn’t significantly altered charitable giving patterns. However, investment advisors are increasingly integrating charitable giving into tax-efficient strategies, with donor-advised funds (DAFs) becoming mainstream over the past decade.Tax Planning and DAFs: DAFs are popular for their simplicity and tax benefits, especially for gifting appreciated assets like business interests before a sale, which can reduce capital gains tax and provide deductions.Pending Legislation: Uncertainty around tax legislation, particularly the estate tax exemption potentially halving by December 31, 2025, is a concern. Kohout advises against delaying planning due to this uncertainty, as most charitable strategies remain effective regardless of legislative outcomes.Timing Considerations: End-of-year planning can strain resources, so early action is recommended for complex gifts requiring valuations or legal work.Gender Dynamics: Women influence 85% of charitable giving, often driving decisions in couples or as surviving spouses, focusing on community impact.Religious Giving: Religious organizations receive about 36% of charitable gifts. For complex gifts (e.g., appreciated securities or real estate), Cahute suggests using sophisticated DAFs to manage funds effectively, as smaller organizations may lack expertise.Younger Donors: Millennials and Gen Z integrate technology into giving, using DAFs via mobile platforms and prioritizing philanthropy in lifestyle choices. They also invest in newer assets like AI and crypto, which poses challenges due to outdated IRS rules from 1969, requiring valuations for non-currency assets like cryptocurrency.Kohout emphasizes aligning charitable giving with personal values, tax efficiency, and long-term goals, while navigating evolving economic and regulatory landscapes.

In this episode of "Wealthyist" podcast, host Brandon Lehman interviews Dale Kooyenga, president of the Metro Milwaukee Association of Commerce, about economic development in the Milwaukee region, specifically the Milwaukee Seven (M7), which represents seven counties in southeast Wisconsin: Milwaukee, Kenosha, Ozaukee, Racine, Walworth, Waukesha, and Washington. The M7 focuses on regional economic development to attract large companies like Microsoft, Eli Lilly, and Hasbro by leveraging the area’s strengths.Key Points:Attracting Companies: Companies choose Milwaukee over other regions like Chicago or Atlanta due to factors like access to water, a reliable energy grid, and a strong talent pool, particularly in advanced manufacturing and food and beverage industries. The region’s livability, with amenities like professional sports, golf courses, and a vibrant downtown, also appeals to companies recruiting talent.Cost of Living and Housing: Milwaukee offers relatively affordable housing compared to other metros of its size, though housing costs are rising due to high labor, material costs, and interest rates. The region’s high per capita income and affordability make it attractive, but property taxes are approaching those of Chicago’s suburbs, raising concerns about competitiveness.Lifestyle and Amenities: Milwaukee’s appeal includes its lively downtown, proximity to Lake Michigan, professional sports teams (Bucks and Brewers), and short commutes (20 minutes vs. 1-1.5 hours in larger cities), allowing for a balance of family and professional life. The Wall Street Journal recently highlighted Milwaukee as the nation’s hottest housing market.Water and Energy: Access to abundant water from Lake Michigan is a major draw for industries like data centers and manufacturing, which require significant water and energy resources. Wisconsin’s reliable energy grid and leadership in nuclear technology (e.g., micro nuclear) position it well for future growth.Economic Shifts: Milwaukee’s economy is transitioning from traditional blue-collar manufacturing to high-tech and financial services, with a strong presence of mid-tier manufacturers and private equity firms. Manufacturing output is up despite fewer jobs, reflecting productivity gains.Challenges and Opportunities: Kooyenga highlights three priorities for Milwaukee’s growth: (1) establishing a top-tier R1 research university, (2) adopting advanced nuclear technology for sustainable energy, and (3) attracting more immigrants, who are more likely to start businesses and drive economic growth. Milwaukee’s population growth is strong in the Midwest but lags due to lower immigration compared to cities like Chicago.Policy Concerns: High income taxes (e.g., 7.65% vs. Illinois’ 5% flat tax) and rising prop

In this episode of the Wealthyist podcast, hosts Brian Lambourne and Alec Durand discuss the common misconception that forming an LLC is primarily for tax benefits. They clarify that the primary purpose of an LLC (Limited Liability Company) or corporation is to limit liability for business owners, not to provide tax advantages. Key points include:Purpose of LLCs and Corporations: These entities are designed to protect business owners from personal liability for business-related actions, separating personal and business assets. For example, an LLC can shield owners from liabilities arising from the business, but it does not protect against personal actions (e.g., if the owner causes an accident while driving).Misconceptions About LLCs: Many people mistakenly believe LLCs are mainly for tax benefits. The hosts emphasize that the decision to form an LLC should be based on the need for liability protection, not just tax considerations.Liability Protection: LLCs are effective for businesses with employees or significant assets (e.g., real estate). For instance, if an employee causes an accident, the LLC can limit the owner's personal liability. In contrast, for solo entrepreneurs offering personal services (e.g., consulting or teaching music), an LLC may offer little protection since the individual and business are essentially the same.Corporate Formalities: To maintain liability protection, businesses must observe corporate formalities, such as keeping separate bank accounts and not using business assets for personal expenses. Failure to do so risks "piercing the corporate veil," where courts may hold owners personally liable.Real Estate and LLCs: LLCs are particularly useful for real estate investors. Separate LLCs for each property can isolate liabilities, protecting other assets if an issue arises with one property.Tax Implications: While liability protection is the primary goal, tax considerations also matter. LLCs offer flexibility, defaulting to sole proprietorship taxation for single-member LLCs or partnership taxation for multi-member LLCs. Owners can elect to be taxed as an S corporation or C corporation, each with different tax implications (e.g., C corporations face double taxation, while S corporations and partnerships are pass-through entities).Sophisticated Use of LLCs: High-net-worth individuals and complex businesses often use multiple LLCs to separate liabilities across different business lines or assets. For example, real estate and operational businesses may be held in separate entities.Estate Planning: LLCs can offer estate tax benefits, such as a step-up in basis for assets like real estate upon the owner’s death, which is not typically available with corporations.Importance of Experts</

In this episode of the Wealthyist podcast, hosted by Brandon Lehman, Director of Private Client, the focus is on the booming global pet care market, valued at $247 billion in 2023 and projected to reach $425 billion by 2032. Lehman interviews Allen Kline, owner of K9 Resorts of Brookfield, a luxury dog daycare and boarding facility branded as the "Ritz-Carlton of dog hotels." Key Points:Luxury Pet Care Concept: K9 Resorts was inspired by high-end hospitality, addressing a gap in premium pet care. Founders, two brothers from New Jersey, modeled it after luxury hotels, incorporating features like chandeliers, premium air quality systems to prevent airborne illnesses, and a clean, aesthetically pleasing environment.Client Demands: Pet owners, particularly wealthier clients who travel frequently (5–6 times a year, including trips to Europe or Mexico), seek high-quality care, health monitoring, and peace of mind. Services include daily photo/video updates, detailed health reports, and a focus on comfort and safety.Staff Training: Employees undergo 8–12 hours of training to recognize health issues in dogs, with the daycare manager leveraging 20 years of experience to identify subtle cues, preventing serious health issues in several cases. All staff are dog CPR and first-aid certified.Socialization and Services: Post-COVID, many dogs lack socialization, so K9 Resorts offers private play sessions to ease dogs into group environments. They carefully introduce new dogs to groups, monitoring for stress signals to ensure safe integration. Luxury suites, equipped with dog TVs, antibacterial floors, and tiled walls, are booked 90% of the time, often months in advance for holidays.Marketing and Growth: The facility relies on social media (Facebook, Instagram) for daily posts and word-of-mouth referrals, with its high-visibility retail location on Blue Mound driving significant traffic. Grassroots efforts, like farmers' markets, also boost awareness.Trends and Future Outlook: Kline predicts dynamic pricing in the pet care industry, similar to hotels, where high demand (e.g., holidays) could increase rates for luxury suites. AI may play a role in pricing and operations. The facility is seeing strong growth, with holidays fully booked and June weekends sold out.Clientele and Impact: Wealthier clients, who travel more, treat K9 Resorts as an extension of their family, prioritizing premium care. The facility’s cleanliness, quiet environment, and ability to keep dogs healthy and engaged (with group play and structured nap times) impress clients, setting it apart from competitors in industrial parks.Takeaway: K9 Resorts  delivers a premium, health-focused, and personalized pet care experience, catering to affluent pet own

The podcast "Wealthyist," hosted by Carl Holzem, a client service manager and golf enthusiast, explores the lifestyles and strategies of wealthy individuals, focusing on their affinity for golf. Joined by Rob Jansen, Executive Director of the Wisconsin State Golf Association (WSGA) since 2011, the episode delves into golf's appeal to the affluent and its growth in Wisconsin.Key Points:WSGA's Role: The WSGA, a nonprofit, promotes golf in Wisconsin by organizing 100 tournaments annually for all skill levels, providing course measurement and rating services, and offering golf handicap indexes to ensure fair play across skill levels.Golf's Boom in Wisconsin: Wisconsin is a top destination for public golf, with 10 of the top 100 U.S. public courses, including Blackwolf Run, Whistling Straits, Erin Hills, and Sand Valley. Major events like the Ryder Cup and upcoming U.S. Women’s Open highlight the state’s prominence. Golf Digest named Wisconsin the #1 state for public golf.Wealthy Golfers' Preferences: Affluent golfers enjoy a mix of private country clubs for personalized service and less crowded courses, alongside high-end public courses like Sand Valley for bucket-list experiences. Private clubs remain a luxury, but public courses attract wealthy players seeking prestigious destinations.Luxury Golf Experiences: Wealthy golfers elevate their experiences with private air travel or helicopters to reach remote courses like Sand Valley. High-end golf communities, common in places like Florida, are emerging in Wisconsin, with vacation homes around courses like Sand Valley enhancing the golfing experience.Equipment and Technology: Advances in golf equipment, like custom-fitted clubs and simulators, are popular among the wealthy. Fitting centers and technologies like Arccos sensors provide detailed performance data. Simulators, now more affordable, allow year-round play, with some wealthy individuals installing them at home.Fashion and Customization: Golf fashion is accessible but allows for personalization, with wealthy golfers customizing bags, clubs (e.g., engraved putters), and even golf carts, which can resemble mini-cars in places like Florida. Private clubs curate trendy, high-end apparel for members.Instruction as Investment: Jansen emphasizes that hiring a skilled golf instructor is the best investment for improving one’s game, more impactful than equipment. PGA sections and word-of-mouth recommendations help find coaches tailored to individual needs.Golf’s Accessibility: While the wealthy enjoy exclusive perks, golf is increasingly accessible to all through public courses and affordable technology, though high-end options cater to those with greater resources.The episode underscores golf’s unique appea

This episode of Wealthiest, hosted by Alec Durand and Brian Lamborn, attorneys at Annex Wealth Management, focuses on the importance of "spring cleaning" for corporate records, particularly for small business owners. They emphasize the need to maintain and update corporate paperwork to ensure legal compliance, protect personal assets, and enhance business efficiency. Key points include:Importance of Corporate Records: Corporate records, such as operating agreements, articles of organization, annual meeting minutes, and employee-related documents (e.g., W-4s, payroll taxes, ERISA/401k records), are critical for maintaining the liability shield provided by entities like LLCs or corporations. This shield protects personal assets from business liabilities, such as those arising from an auto repair shop.Legal Formalities: Observing corporate formalities, like holding and documenting annual meetings and filing annual reports (e.g., in Wisconsin), is legally required to maintain an entity’s good standing. Failure to do so can erode liability protection or lead to delinquency, though issues can often be corrected.Record Retention: Businesses must retain records for varying periods—three years for IRS audits, six years for ERISA-related documents. These records support tax filings and track business growth or inefficiencies.Efficiency and Review: Regularly reviewing contracts, leases, vendor agreements, and buy-sell agreements ensures they align with current business needs. Buy-sell agreements, which outline what happens if an owner dies, becomes disabled, or exits, are particularly important for multi-owner businesses to avoid disputes or court involvement.Alignment with Personal Plans: Corporate records should align with estate plans to avoid conflicts, such as restrictions on transferring business interests to heirs.Simplifying the Process: The hosts suggest setting aside time annually (e.g., after tax season) for a review, which doesn’t need to be formal—a dinner meeting can suffice. Creating a checklist, leveraging key personnel (e.g., HR or operations managers), or consulting professionals like attorneys or CPAs can streamline the process.Winding Down Unnecessary Entities: Businesses should dissolve unused LLCs or corporations to avoid liabilities and simplify record-keeping.The episode underscores that maintaining corporate records is an ongoing, repeatable process that, while initially daunting, becomes manageable with a system in place, allowing business owners to focus on running their operations confidently.

In this episode of Wealthyist, host Brandon Lehman, director of Annex Private Client, interviews Charlie Dixon, president of Schwanke-Kasten Jewelers in Milwaukee, to discuss the luxury watch industry, its evolution, and trends. The conversation covers the following key points:Introduction to Watches:Lehman shares his personal connection to watches, mentioning his Garmin Tactics Delta, a military-inspired fitness tracker gifted by his wife. He uses it to monitor sleep, heart rate, and fitness, reflecting the growing popularity of smartwatches.Dixon explains the historical shift of wristwatches from women’s jewelry (early 1900s “wristlets”) to masculine accessories during World War I, when soldiers strapped pocket watches to their wrists for practicality. This military connection persists in brands like Tudor (Pelagos Marine National) and IWC (Royal Air Force-inspired watches).Impact of Smartwatches and Military Inspiration:Lehman asks how fitness-focused smartwatches like his Garmin affect the luxury watch market. Dixon notes that smartwatches have boosted interest in watches overall, with many luxury brands drawing on military heritage to appeal to consumers.Defining Luxury Watches:Dixon defines luxury watches by their craftsmanship and repairability, citing a Hermes CEO quote that luxury items are worth repairing. A watch’s sentimental value—tied to milestones like promotions, births, or anniversaries—can make it luxurious, regardless of price (e.g., $500 or $200,000).Luxury watches are emotional purchases, often commemorating significant life events, similar to jewelry like anniversary bands.Post-COVID Market Trends:During COVID, demand for luxury watches surged as people, unable to spend on travel or events, invested in watches. The market peaked around 2022 but has since normalized, though demand remains strong.Social media (e.g., Instagram) and shows like Emily in Paris have increased interest, especially among younger generations. The Middle East, particularly the UAE, is noted for vibrant watch collector communities.Trends include a shift toward smaller, more discreet watches for men, moving away from oversized, flashy designs.Service and Maintenance:Luxury watches, described as “300-piece puzzles the size of a quarter,” require periodic servicing due to their intricate mechanical components. Unlike Lehman’s simple Bulova, which needed only a battery, high-end watches are like high-performance engines, with some achieving accuracy of ±2 seconds per day.Servicing ensures longevity, especially for watches with sentimental value, and even quartz watches may need circuit replacements.Brand Dynamics and Social Media:Rolex rema

In this episode of Wealthyist podcast, host Brandon Lehman, director of Annex Private Client, discusses estate planning with a focus on inherited gold and jewelry. He is joined by Charlie Dixon, president of Schwanke Cash and Jewelers. Key points include:Rising Gold Prices: With gold at $3,400 per ounce (up over $1,000 from last year), estates with gold jewelry or items are increasingly valuable, prompting heirs to consider their options.Estate Planning Challenges: Inheriting valuable items like gold, watches, or jewelry requires tracking for estate planning, unlike less valuable items that are simply passed down.Options for Inherited Jewelry:Melting Gold: If the jewelry lacks sentimental value or isn't wearable, it can be melted for liquidity, especially with high gold prices.Repurposing: High-quality gemstones (e.g., diamonds, rubies) can be reset into modern designs, preserving sentimental value while creating wearable pieces.Appraisals: Schwanke Cash and Jewelers appraises inherited items to determine value, helping families decide what to keep, repurpose, or sell.Thoughtful Process: Dixon emphasizes a strategic approach, encouraging clients to consider sentimental and practical factors rather than immediately melting down inherited gold.Impact of High Gold Prices: While not aggressively advertising gold-buying services, Dixon notes that high prices may encourage people to liquidate gold from estates. However, it hasn't significantly affected their custom jewelry business, though they may use platinum (cheaper and scarcer) as an alternative.Technology in Jewelry Design: Modern CAD (computer-aided design) streamlines jewelry creation, allowing faster production of custom pieces while maintaining artistic quality through hand-finishing.Durability: Platinum is denser and heavier than gold, but both are soft. Eighteen-karat gold or platinum is preferred for jewelry durability over 24-karat gold, which is too soft.Schwanke’s Role: As a 125-year-old, family-owned jeweler in Milwaukee, they offer in-house appraisals, design, and goldsmith services, assisting with the largest generational wealth transfer by helping families manage inherited jewelry.The episode highlights the intersection of estate planning and jewelry, emphasizing thoughtful decision-making and modern technology in handling valuable inheritances.

In this episode of "Wealthyist," host Brian Lamborn, Senior Wealth Strategist at Annex Wealth Management, continues his discussion with Ryan Klund from the National Christian Foundation (NCF) about charitable giving, focusing on donor-advised funds (DAFs) and their role in wealth planning. The conversation contrasts DAFs with private foundations, particularly for successful business owners who value control. Ryan explains that private foundations offer significant control but come with administrative burdens and IRS rules, sometimes becoming overwhelming for heirs after the founder’s passing, leading some to roll assets into DAFs for simplicity. DAFs, as public charities, allow donors to direct grants while relinquishing legal ownership to NCF, balancing control with tax benefits.Ryan highlights that many NCF clients, rooted in Christian values, view themselves as stewards of wealth, which tempers their need for absolute control. Beyond DAFs, NCF offers tools like complex asset giving (e.g., real estate, business interests) and impact investing, where charitable capital is invested in for-profit companies aligned with NCF’s mission, with returns recycled into the DAF for further granting. For those new to philanthropy, Ryan suggests starting by identifying passions and getting involved, noting that DAFs help organize giving—streamlining tax receipts for donors supporting multiple nonprofits (averaging 12–15 annually).The discussion emphasizes generational wealth transfer, with DAFs serving as a tool to teach children about giving. Examples include grandparents involving grandkids in choosing charities or parents making heirs equal participants in DAF decisions to instill values. Ryan also underscores DAFs in estate planning, offering flexibility to adjust beneficiaries (e.g., updating charities without legal revisions) and reduce estate taxes by excluding charitable gifts. Creative strategies include naming a DAF as an “additional child” to split inheritances with charity or setting up post-death grants to sustain giving for years. The episode wraps up with Ryan stressing the importance of modeling generosity to leave a legacy of values, not just wealth, and Brian thanking him for the insights. The podcast notes its content is educational, not formal advice, urging listeners to consult professionals.