Alex Wilson Receives Rising Star Award from Avantax Planning Partners

Yeo & Yeo is proud to announce that tax & consulting principal Alex Wilson, CPA, PFS, received the 2025 Rising Star Award from Avantax Planning Partners, Inc. at the 29th Annual Avantax Elevate conference.

The Rising Star Award recognizes emerging leaders who have demonstrated exceptional growth and a strong ability to build meaningful relationships. Wilson was selected for his strategic approach, commitment to professional growth, and ability to guide individuals and business owners through important financial decisions with clarity and confidence.

Wilson is passionate about helping clients navigate their financial, succession, and retirement goals. To further expand the value and insight he brings, Wilson recently earned the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants.

“I enjoy building relationships with people and being part of the conversations that shape their future,” said Wilson. “Whether it’s preparing for retirement, planning for a business transition, or navigating new opportunities, I’m passionate about bringing together strategies that provide direction and confidence.”

Yeo & Yeo’s President & CEO, David Youngstrom, commended Wilson’s achievement and his ability to make a meaningful impact on both clients and the firm.

“Alex is someone who embraces professional growth and is always looking for ways to better serve clients,” said Youngstrom. “He has built strong relationships through his thoughtful approach, technical knowledge, and genuine care for helping others succeed.”

Wilson specializes in business consulting services, succession planning, and tax planning and preparation. He is a member of many professional organizations, including the Michigan Association of Certified Public Accountants’ Agribusiness Task Force, the Construction Industry CPAs/Consultants Association, and the Home Builders Association of Central Michigan.

Demonstrating a strong commitment to community service and upholding the values of the firm, Wilson served as the Yeo & Yeo Foundation’s board president for many years and continues to serve as an office grant committee representative. He also serves on the Central Michigan University Accounting Advisory Council. He is based in the firm’s Alma office.

Also recognized was Yeo & Yeo tax & consulting principal and director of Yeo & Yeo Wealth Management, Andrew Matuzak, CPA, PFS, who received the 2025 Client Advocate Award.

*Award(s) are neither representative of any client’s experience nor indicative of future performance.

Yeo & Yeo is proud to announce that Andrew Matuzak, CPA, PFS, tax & consulting principal and director of Yeo & Yeo Wealth Management, received the 2025 Client Advocate Award from Avantax Planning Partners, Inc. at the 29th Annual Avantax Elevate conference.

The Client Advocate Award celebrates individuals who distinguish themselves through exceptional client service, proactive communication, and a deep dedication to understanding and meeting their clients’ financial needs. Matuzak’s commitment to these principles showcases his dedication to providing personalized, strategic financial guidance.

Matuzak is a highly credentialed professional specializing in financial, retirement, tax, and trust and estate planning. As a Certified Public Accountant (CPA), Personal Financial Specialist (PFS), and Investment Advisor Representative with Series 7 and Series 63 securities registrations, Matuzak combines his tax expertise with his knowledge of wealth management to provide clients with comprehensive financial strategies.

“For me, client advocacy starts with listening and truly understanding what matters most to the individuals and families we serve,” said Matuzak. “Financial planning is deeply personal, and I’m grateful for the opportunity to help clients make informed decisions and feel confident about their future.”

Yeo & Yeo President & CEO David Youngstrom praised Matuzak’s dedication to clients and his impact on both the firm and the broader community.

“Andrew leads with integrity, professionalism, and a genuine commitment to helping others succeed,” said Youngstrom. “He consistently goes above and beyond for clients while also investing in his team and community. This recognition reflects the trust he has earned and the positive impact he continues to make through his work.”

Matuzak is a member of the Great Lakes Bay Estate Planning Council and frequently shares his insights on Yeo & Yeo’s Everyday Business Podcast. In the community, he serves as treasurer of the Thomas Township Business Association and is a member of the Saginaw Valley State University Advisory Board Council. Matuzak is also a 2023 graduate of Leadership Saginaw County, exemplifying his dedication to leadership development and community engagement.

In February 2026, Matuzak was recognized as one of eight recipients of the 21^st Annual RUBY Awards, presented by 1st State Bank. The award honors outstanding professionals under the age of 40 who are making a meaningful impact in their careers and throughout the Great Lakes Bay Region. He is also a recipient of the President’s Club Award from Avantax Planning Partners, Inc., recognizing outstanding client service and a high level of ethics, integrity, and leadership. He is based in Yeo & Yeo’s Saginaw office.

Also recognized was Yeo & Yeo tax & consulting principal Alex Wilson, CPA, PFS, who received the 2025 Rising Star Award.

*Awards were presented by Avantax Planning Partners at the 2026 Elevate Conference. Recognition is based on firm-defined criteria and does not imply future performance or guarantee client experience. No compensation was provided for these awards; conference participation may have involved costs.

Alex Wilson is not affiliated or registered with Cetera Wealth Services, LLC. Any information provided with respect to Alex Wilson is in no way related to Cetera, its affiliates, or its registered representatives.

Yeo & Yeo is proud to announce that Andrew Matuzak, CPA, PFS, principal and director of Yeo & Yeo Wealth Management, has been honored as one of eight recipients of the 21^st Annual RUBY Awards, presented by 1st State Bank. The award recognizes outstanding professionals under the age of 40 who are making a meaningful impact in their careers and throughout the Great Lakes Bay Region.

Matuzak’s journey at Yeo & Yeo began in 2011. Over the past decade, he has advanced from staff accountant to principal, earning his Certified Public Accountant and Personal Financial Specialist credentials along the way, and building deep expertise in tax strategy, estate planning, and comprehensive financial planning. In 2025, he assumed leadership of Yeo & Yeo Wealth Management, where he continues to enhance the client experience by helping individuals, families, and business owners align their financial decisions with their long-term goals.

“Andrew exemplifies what it means to be a trusted advisor,” said Dave Youngstrom, President & CEO of Yeo & Yeo. “He brings together technical excellence, thoughtful leadership, and a true passion for helping people navigate some of life’s most complex financial decisions. His influence can be felt not only through the growth of our wealth management services, but through the teams he mentors and the clients who rely on his guidance.”

Known for his ability to connect tax strategy with financial planning, Matuzak works closely with clients facing complex planning needs, including business succession, retirement planning, estate and trust considerations, and the specialized needs of high-net-worth individuals. In 2024, he received the President’s Club Award from Avantax, recognizing outstanding client service and a high level of ethics, integrity, and leadership.

Matuzak is co-leader of Yeo & Yeo’s Death Care Services Group and is a member of the Trust/Estate/Gift Tax Services Group. He is a member of the Great Lakes Bay Estate Planning Council and frequently shares his insights on Yeo & Yeo’s Everyday Business Podcast. In the community, he serves as treasurer of the Thomas Township Business Association and is a member of the Saginaw Valley State University Advisory Board Council. Matuzak is also a 2023 graduate of Leadership Saginaw County, exemplifying his dedication to leadership development and community engagement. He is based in the firm’s Saginaw office.

“I’m incredibly honored to be recognized alongside so many talented professionals in our region,” Matuzak said. “This award reflects the support and mentorship I’ve received throughout my career and the incredible teams I get to work with every day. Helping clients make confident decisions and seeing the positive impact of that work is what motivates me most.”

The RUBY Awards ceremony was held at Apple Mountain in Freeland, Mich., on February 24.

Yeo & Yeo is pleased to announce that Thomas O’Sullivan, CPA, CFE, and Alex Wilson, CPA, have earned the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants.

The PFS credential is awarded to CPAs with extensive training and experience in financial planning. This knowledge enables Wilson and O’Sullivan to provide more informed and strategic advice, particularly in tax planning, estate planning, risk management, and investment strategies.

Thomas O’Sullivan, CPA, CFE, is the managing principal of Yeo & Yeo’s Ann Arbor office. He brings more than two decades of experience supporting individuals and businesses through thoughtful tax planning, consulting, and assurance services. As co-leader of the Cannabis Services Group and a member of several of the firm’s specialty groups, including tax, death care, litigation, and construction, he draws on a deep understanding of the industries he serves to help clients navigate complex financial decisions. O’Sullivan is actively engaged in his professional and local communities, contributing through organizations such as the Association of Certified Fraud Examiners and the Ann Arbor/Ypsilanti and Saline Chambers of Commerce. He also dedicates time to volunteer for initiatives throughout Washtenaw County, and for the United Way.

Alex Wilson, CPA, is a principal and co-leader of the Cannabis Services Group, playing a key role in the firm’s entry into this industry and acquiring specialized expertise. He is a member of the firm’s Agribusiness Services Group and Construction Services Group. He specializes in business advisory services, succession planning, and tax planning and preparation. Wilson is a member of many professional organizations, including the Michigan Association of Certified Public Accountants’ Agribusiness Task Force, the Construction Industry CPAs/Consultants Association, and Associated Builders and Contractors – Greater Michigan. He also contributes thought leadership and is actively involved in the Michigan Cannabis Industry Association. Demonstrating a strong commitment to community service and upholding the values of the firm, Wilson served as the Yeo & Yeo Foundation’s board president for many years and continues to serve as an office grant committee representative. He also serves on the Central Michigan University Accounting Advisory Council. He is based in the firm’s Alma office.

O’Sullivan and Wilson join other Personal Financial Specialists in the firm, including Andrew Matuzak, Rebecca Millsap, Eric Sowatsky, Tara Stensrud, and Steven Treece.

“At Yeo & Yeo, our approach to wealth management is built on the belief that clients deserve planning that fully considers their tax picture, their business, and their long-term goals,” said Andrew Matuzak, leader of Yeo & Yeo Wealth Management. “As more of our professionals earn the PFS credential, it enhances our ability to create tax-efficient strategies for individuals, families, and business owners.”

Yeo & Yeo Wealth Management (YYWM) received one company award and two individual awards at the 28th Annual Avantax Planning Partners℠ (Avantax) Elevate conference, highlighting the company’s continued leadership and dedication to delivering exceptional, tax-smart financial planning services.

For the sixth consecutive year, YYWM was named a Top Wealth Advisory Firm in the large firm division.* This award recognizes companies that have gone above and beyond to provide clients with a best-in-class planning and wealth management experience.

“This recognition speaks to the strength of our team and the trust our clients place in us every day,” said Director of Wealth Management Andrew Matuzak, CPA, PFS. “We take pride in crafting strategies grounded in each client’s goals, values, and vision for the future.”

In addition to the company-wide recognition, Matuzak was among nine individuals nationwide named to the President’s Club for his leadership, integrity, and commitment to excellence in financial planning. The recognition comes as Matuzak leads YYWM into a new chapter, having assumed leadership of the company earlier this year from Pete Bender. Bender was also recognized with the 2024 Client Advocate Award, a testament to his decades-long commitment to building trusted relationships.

“Andrew has seamlessly taken the reins of YYWM, building upon the strong foundation Pete created,” said Yeo & Yeo President & CEO Dave Youngstrom. “Seeing him earn a place in the President’s Club is a proud moment. Not just for him, but for our entire team and the future of Yeo & Yeo Wealth Management.”

YYWM works closely with Avantax, a pioneer in tax-smart investing, financial planning, and wealth management, to provide a comprehensive approach to financial planning. Tools like the 1040 Analyst and Guidance Planning Strategies (GPS) allow the YYWM team to pinpoint opportunities, uncover tax efficiencies, and create holistic financial plans. From retirement planning and business transitions to legacy and estate planning, Yeo & Yeo Wealth Management is driven by one mission: to empower clients to make confident, informed decisions today and for years to come.

Awards were presented at the Avantax Elevate Annual Conference in Cincinnati, Ohio.

*Award(s) are neither representative of any client’s experience nor indicative of future performance.

Yeo & Yeo is pleased to announce Andrew Matuzak, CPA, PFS, as the leader of Yeo & Yeo Wealth Management (YYWM), effective January 1, 2025. With over 13 years of experience in financial, accounting, and advisory services, Matuzak brings a deep passion for client service to his new role.

Matuzak succeeds Pete Bender, who successfully led YYWM for six years. Reflecting on his new role, Matuzak said, “I am honored to lead Yeo & Yeo Wealth Management. Building on the strong foundation Pete and our incredible team established, I look forward to helping our clients achieve their financial goals.”

Matuzak is a highly credentialed professional specializing in financial, retirement, tax, and trust and estate planning. As a Certified Public Accountant (CPA), Personal Financial Specialist (PFS), and Investment Advisor Representative with Series 7 and Series 63 securities licenses, Matuzak combines his tax expertise with his knowledge of wealth management to provide clients with comprehensive financial strategies.

Matuzak also co-leads Yeo & Yeo’s Trust/Estate/Gift Tax Services Group and the Death Care Services Group. He is a member of the Great Lakes Bay Estate Planning Council and frequently shares his insights on Yeo & Yeo’s Everyday Business Podcast. In the community, he serves as treasurer of both the Thomas Township Business Association and the Rotary Club of Saginaw Valley, and is a member of the Saginaw Valley State University Advisory Board Council. Matuzak is also a 2023 graduate of Leadership Saginaw County, exemplifying his dedication to leadership development and community engagement. He is based in the firm’s Saginaw office.

“As Andrew steps into this leadership role, his vision and strategic mindset are already shaping the future of Yeo & Yeo Wealth Management,” said Yeo & Yeo President & CEO Dave Youngstrom. “We’re excited to see the positive impact his guidance will bring to our team and clients.”

This announcement comes after a remarkable year for YYWM. In 2024, the company was recognized at the 27th Annual Avantax Elevate Conference with multiple awards, including the Growth Award, Risk Management Partner Award, and Top Wealth Advisory Firm in the large firm division. Yeo & Yeo also recently celebrated 30 years of offering financial planning services.

Today, Yeo & Yeo Wealth Management works closely with Avantax^®, a national leader in tax-smart investing and financial planning. With Avantax, YYWM provides comprehensive services, including asset management, retirement planning for individuals and businesses, estate planning strategies, and business transition solutions. The firm’s Guidance Planning Strategies (GPS) program offers clients an interactive approach to visualize their financial future, designing a plan that meets their goals and analyzing factors that can affect strategy. At the heart of these services is a commitment to guiding clients through complex financial decisions with confidence and clarity.

Yeo & Yeo proudly celebrates a significant milestone—30 years of providing financial planning services.

In 1993, two Yeo & Yeo Principals became licensed to sell mutual funds, retirement accounts, and annuities, and the firm began to offer financial planning services in response to growing client demand for long-term financial solutions. The following year, Yeo & Yeo’s financial planning company was legally incorporated.

Today, Yeo & Yeo Wealth Management (YYWM) works closely with Avantax, a leader in tax-smart investing, financial planning, and wealth management. This collaboration allows Yeo & Yeo to offer a comprehensive, tax-focused approach to financial planning.

Under the leadership of Pete Bender, CFP®, YYWM has expanded its team and service offerings over the past six years. Several team members, including Andrew Matuzak, Rebecca Millsap, Eric Sowatsky, Tara Stensrud, and Steven Treece, have earned the Personal Financial Specialist (PFS) designation, awarded to CPAs with specialized knowledge in financial planning.

Yeo & Yeo Wealth Management has also been recognized as a leading firm. At the 27th Annual Avantax Elevate Conference in May 2024, YYWM was honored with several awards, including:

The Growth Award, which celebrates firms that have successfully implemented a wealth management growth plan and seen exceptional year-over-year results.
The Risk Management Partner Award, recognizing firms that work closely with the Avantax insurance and annuity teams to provide clients with comprehensive risk management strategies.
Top Wealth Advisory Firm in the large firm division, celebrating companies that have excelled in offering clients best-in-class financial planning and wealth management experiences.

In addition, Avantax named Pete Bender to the President’s Club, and Tara Stensrud, CPA, NSSA, PFS, received the Client Advocate Award for her dedication to client success.

As Yeo & Yeo celebrates three decades of financial planning services, we remain committed to what has always been at the heart of our work—our clients. Looking ahead, we’re excited for Andrew Matuzak to take the reins of YYWM starting January 1, 2025.

“We’ve always believed that the strength of our financial planning services lies in our commitment to personalized, client-focused solutions,” says Andrew Matuzak, CPA, PFS, Principal at Yeo & Yeo CPAs & Advisors. “Our goal is to continue growing and evolving with our clients, offering the guidance they need to navigate life’s financial challenges.”

For more information about Yeo & Yeo Wealth Management, visit yeoandyeo.com/services/wealth-management.

Investment advisory services are offered through Avantax Planning Partners^SM. Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Although Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses.

Join Yeo & Yeo Principal Alex Wilson, CPA, and Avantax Planning Partners^SM advisors Emily Millsap, CFP®, and Trevor Thomas, CFP®, for a webinar on essential estate planning strategies for agribusiness owners.

Our presenters will guide you through:

Upcoming tax law changes and their impact on agricultural estates
Succession planning techniques to ensure your business’s future
Strategies to minimize estate taxes and preserve wealth across various agribusiness sectors
Tools to create a lasting legacy for future generations in agriculture

The session will include real-world examples from our interactive Guidance Planning Strategies (GPS) program, illustrating how investments, stock market shifts, business sales, and other factors affect agribusiness financial plans.

Take advantage of this opportunity to learn how to protect your agribusiness’s future and maximize your legacy.

Learn more about our presenters

Alex Wilson, CPA, is a Principal at Yeo & Yeo. He is a member of the firm’s Agribusiness Services Group and specializes in business advisory services, succession planning, business strategy, and tax planning and preparation.
Emily Millsap, CFP®, is a Financial Planning Manager at Avantax. She has over two decades of experience in the financial services industry and oversees the Avantax team responsible for developing comprehensive financial plans.
Trevor Thomas, CFP®, is a Financial Planning Analyst at Avantax. He works with Financial Planning Consultants to develop comprehensive financial plans to assist clients in pursuing their financial goals.

Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Although Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses.

Whether you’re approaching retirement or already enjoying it, knowing how to efficiently withdraw funds from various accounts can significantly impact your financial future.

In the latest episode of the Everyday Business podcast, hosts Andrew Matuzak, Pete Bender, and Matt Cash tackle one of our clients’ most frequently asked questions: What are the best tax-smart withdrawal strategies in retirement? Tune in to discover how a tax-savvy approach to retirement withdrawals can help maximize your income.

Key topics covered in this episode:

Sources of Retirement Income: A breakdown of income streams like retirement accounts, Social Security, and pensions, and how they fit into your overall financial strategy.
Key Factors Affecting Your Retirement: Learn how account balances, age, and charitable intentions can influence your withdrawal strategy.
Common Withdrawal Strategies: Explore methods like Roth conversions, Qualified Charitable Distributions (QCDs), gifting appreciated stocks, and the timing of withdrawals—early or late—and their effects on your retirement plan.

Yeo & Yeo’s Everyday Business podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

Want to learn more?

Every retirement plan is unique, making personalized financial advice essential. A trusted advisor can guide you through complex tax rules, manage withdrawals efficiently, and help secure your financial future. Ready to create a tax-smart retirement plan? Contact us today.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

Investment advisory services are offered through Avantax Planning Partners^SM. Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management.

This material is for informational purposes only. It is not intended as investment, tax or other advice or an offer or solicitation for the purchase or sale of any financial instrument. Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. Consult with your financial, tax or other appropriate advisors on all matters pertaining to financial, accounting or tax obligations and requirements.

Check the background of Pete Bender on FINRA’s BrokerCheck.

In this episode of the Everyday Business Podcast, Andrew Matuzak, Matt Cash, and Austin Schaul dive deep into a year-in-review of the markets and the economy, providing insights into key investment trends, consumer strength, inflation, and the global market. The team also explores the impact of elections on the stock market and discusses sectors investors are watching closely.

Year-in-Review & Market Outlook

What investment trends emerged?
The discussion kicks off with an overview of the significant investment trends that surfaced throughout the year, highlighting areas of opportunity and risk.
Strength of the Consumer
The team analyzes the resilience of the consumer market and how it affected investment strategies, including the influence of consumer spending patterns on market performance.
Inflation Outlook & Soft Landing
Inflation remains a hot topic, and Austin, Andrew, and Matt provide their thoughts on its trajectory. They discuss whether the economy is headed for a soft landing or if turbulence is expected in the coming months.
Yield Curve Inversion & Re-inversion
The team addresses the yield curve inversion and re-inversion, shedding light on what it signals for future economic conditions and investor behavior.
Global Outlook: Macro-Economic Trends & International Conflicts
International conflicts have played a role in shaping the global economy, and the discussion shifts to how macro-economic trends and these conflicts are affecting markets worldwide.

Impact of Elections on Markets

Historical Impact of Elections on Stock Market
The conversation turns to the influence of elections on the stock market, discussing historical trends and what investors can expect in the coming election cycle.
Policies Investors are Focused On
The hosts highlight key policies that investors are watching closely, especially in the current political climate.
Tax Cuts and Jobs Act (TCJA) Sunset Implications
As the TCJA approaches its sunset, the team discusses its implications for businesses and individual investors.
Sectors of Note
They wrap up by identifying the sectors that are most likely to be affected by market shifts and policy changes, providing insights into where investors should focus their attention in the coming year.

Tune in to hear insights that will help you stay ahead of market trends and navigate the complexities of the economy. Don’t miss this in-depth analysis and look ahead to 2024!

Yeo & Yeo’s Everyday Business podcast can be heard on Apple Podcasts, PodBean, Spotify and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

According to the 2024 Value of an Advisor study by Russell Investments, investors who work with financial advisors can see a value-added benefit of up to 5% annually compared to a do-it-yourself approach. Having a financial advisor by your side can make all the difference in reaching your goals.

In the latest episode of the Everyday Business podcast, hosts Andrew Matuzak, Pete Bender, and Matt Cash explore the crucial role financial advisors play at every stage of your financial planning journey. Tune in for an insightful discussion on the impact of working with a financial advisor and how their expertise can help you achieve lasting success.

Key topics covered in this episode:

Financial Planning: Creating a personalized roadmap to achieve your financial goals, with knowledgeable guidance to navigate life’s changes.
Consolidation: The benefits of streamlining accounts for a clear and comprehensive view of your financial health.
Behavioral Coaching: How advisors provide support to make informed, confident decisions.
Tax Planning: Maximizing the value of a tax-efficient approach to your finances.
Investment Allocation: Aligning portfolios with your goals and risk tolerance while incorporating strategies to mitigate risk.
Estate Planning: Managing estate tax exposure, updating wills and trusts, and ensuring beneficiary designations are current.

Yeo & Yeo’s Everyday Business podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

Want to learn more?

At Yeo & Yeo Wealth Management, our team of experienced advisors takes a holistic approach to your financial well-being. From investment management to tax planning and risk mitigation, we’re here to partner with you on your financial journey. Contact us today to start planning for your success.

For more insights, visit our Resource Center and subscribe to our eNewsletters.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Buy-Sells May Now Lead to Estate Tax Liability

Supreme Court Ruling Summary

On June 6, 2024, the Supreme Court ruled that the IRS can include life insurance proceeds used for redemption obligations when calculating estate taxes. This decision overturns the previous understanding that these proceeds were considered a liability offset. As a result, this ruling significantly impacts how closely held businesses should structure their buy-sell agreements.

Case Background

Crown C Supply Inc. was owned by two brothers, Michael P. Connelly Sr. and Thomas A. Connelly. Michael held a 77.18% majority stake, while Thomas owned the remaining 22.82%. They had a buy-sell agreement stipulating that the business would redeem their shares upon an owner’s death unless another shareholder wished to purchase them first. When Michael passed away, the company received a $3.5 million life insurance benefit and agreed to a $3 million redemption price for his shares. The IRS, however, included the insurance proceeds in the business’s value, raising it from $3.86 million to $6.86 million.

IRS and Court Decisions

The IRS’s position was that the life insurance proceeds should be included in the business’s value, significantly increasing the estate tax. The court agreed, leading to an additional $889,914 tax liability for Michael’s estate. The court concluded that a corporation’s obligation to redeem shares does not necessarily reduce its value for estate tax purposes. This decision shifted the perspective on how life insurance proceeds are factored into the valuation of a business.

Key Takeaways

The ruling highlights the importance of clearly defining the value of a business in buy-sell agreements. The court emphasized that life insurance proceeds should be included in the business’s fair market value. This decision complicates succession planning for closely held businesses, making it crucial to reassess and possibly restructure buy-sell agreements to mitigate potential tax liabilities.

Actionable Advice

In light of this ruling, it is essential to review and possibly revise existing buy-sell agreements to ensure they clearly define the business’s value and account for potential tax implications. It is also important to reassess life insurance planning, considering how proceeds are used and factored into estate valuations. Exploring alternatives like cross-purchase agreements could help mitigate potential tax liabilities and provide more effective succession planning strategies. Understanding and adapting to these changes will help businesses better manage their estate planning and minimize tax burdens.

If you have questions about the ruling, Yeo & Yeo is here to assist you. Our team of tax, business valuation, and financial planning professionals is uniquely equipped to guide you through these complexities and help minimize your tax liability. your business’s future. Contact us to learn more.

Yeo & Yeo is proud to announce that Tara Stensrud, CPA, NSSA, PFS, received the 2023 Client Advocate Award from Avantax Planning Partners℠ (Avantax) at the 27th Annual Avantax Elevate conference.

The Client Advocate Award celebrates individuals who distinguish themselves through exceptional client service, proactive communication, and a deep dedication to understanding and meeting their clients’ financial needs. Stensrud’s commitment to these principles showcases her dedication to providing personalized, strategic financial guidance.

Working with both business owners and individuals, Stensrud has an unwavering passion for helping clients navigate their financial, succession, and retirement goals. To help elevate the level of service she can provide to clients, Stensrud earned the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants in 2023, allowing her to serve as an Investment Advisor Representative (IAR) with Yeo & Yeo Wealth Management (YYWM) and Avantax^SM.

Stensrud expressed her gratitude and shared her perspective on client advocacy in financial planning, saying, “Client advocacy means being a steadfast partner in each client’s financial journey. It involves not just offering advice but truly listening, understanding their unique circumstances, and working collaboratively to achieve their financial goals. Effective communication and mutual trust are the cornerstones of this relationship. I am honored to receive this award and will remain committed to helping my clients navigate their financial futures with confidence.”

Yeo & Yeo’s President and CEO, David Youngstrom, commended Stensrud’s achievement and the collective efforts of the YYWM team. “Tara’s recognition with the 2023 Client Advocate Award is a testament to her unwavering dedication to her clients. Her approach exemplifies the high standards we strive for at YYWM. Our entire team is committed to helping clients succeed through personalized service. Tara’s award highlights the exceptional talent within our firm and our shared commitment to excellence.”

Tara Stensrud is a tax & consulting principal based in Yeo & Yeo’s Midland office. She is a member of the firm’s Manufacturing Services Group and the Tax & Consulting Services Group, and leads Yeo & Yeo’s HR Advisor Solutions Group. Stensrud provides individual and business tax planning, consulting, compliance, and financial reporting to a broad range of clients with an emphasis on the manufacturing and agriculture sectors. She works with businesses and their owners, as well as individuals, on strategic and financial planning. She is a member of the Michigan Manufacturers Association and the Central Michigan Manufacturers Association. In the community, she serves as a board member of Shelterhouse and is a Midland Noon Rotary Club member. She joined Yeo & Yeo in 2006.

*Award(s) are neither representative of any client’s experience nor indicative of future performance.

About Yeo & Yeo Wealth Management

Yeo & Yeo Wealth Management (www.yeoandyeo.com) helps businesses and individuals with their wealth management and investment strategies. Working closely with Avantax^SM, a national wealth management company, Yeo & Yeo Wealth Management delivers a holistic approach that connects financial planning, tax strategies, and insurance solutions. Wealth management services are offered in Yeo & Yeo’s offices throughout Michigan.

Yeo & Yeo Wealth Management (YYWM) received three company awards and two individual awards at the 27th Annual Avantax Planning Partners℠ (Avantax) Elevate conference, including:

The Growth Award, which celebrates the expansion of firms that have implemented a wealth management growth plan and have seen exceptional year-over-year results.
The Risk Management Partner Award, which recognizes companies that fully engage with the Avantax insurance and annuity teams to comprehensively review clients’ entire financial picture, including risk management strategies.
Top Wealth Advisory Firm in the large firm division,* which recognizes companies that have gone above and beyond to provide clients with a best-in-class planning and wealth management experience.

“At Yeo & Yeo Wealth Management, our success is rooted in the strong relationships we build with our clients and our commitment to innovation,” said tax & consulting Principal, Andrew Matuzak, CPA, PFS. “These awards highlight our dedication to fostering trust and delivering personalized, forward-thinking solutions that help our clients thrive today and in the future.”

In addition to these firm recognitions, Pete Bender, CPA, CFP^®, Yeo & Yeo Wealth Management leader, was among eleven individuals recognized as part of the President’s Club, and Tara Stensrud, CPA, NSSA, PFS, received the 2023 Client Advocate Award.

“Our wealth management team is dedicated to helping our clients navigate their financial journeys successfully, and that starts with listening to their goals and connecting them with effective strategies,” Stensrud said.

Yeo & Yeo Wealth Management works closely with Avantax, a pioneer in tax-smart investing, financial planning and wealth management, to provide a comprehensive approach to financial planning. Using a unique tax-focused perspective, Yeo & Yeo Wealth Management’s experienced financial planners develop strategies to help clients meet their overall financial goals and desired lifestyle for today and tomorrow.

“Looking at wealth management through a tax-focused lens is crucial because it allows us to provide opportunities to maximize our clients’ financial outcomes while minimizing tax liabilities,” Bender said. “We offer tools, like our 1040 Analyst and Guidance Planning Strategies program (GPS), to help clients find ways to strengthen their financial situation holistically.”

Awards were presented at the Avantax Elevate Annual Conference in Saint Louis, Missouri.

*Award(s) are neither representative of any client’s experience nor indicative of future performance.

About Yeo & Yeo Wealth Management

Welcome to Everyday Business, Yeo & Yeo’s podcast. On episode 31, host Peter Bender, leader of Yeo & Yeo Wealth Management, is joined by Matthew Cash, financial planning consultant for Avantax Planning Partners^SM.

Long-term care planning is important because it can help ensure that you have the financial resources to cover long-term care expenses without depleting your savings or burdening your loved ones. A variety of long-term care insurance options are available, and it is important to understand the different types of policies and how they align with your financial situation and preferences. If you are unsure where to start, it is advisable to seek guidance from a financial professional.

On episode 31 of Everyday Business, host Peter Bender, leader of Yeo & Yeo Wealth Management, is joined by Matthew Cash, financial planning consultant for Avantax Planning Partners^SM.

Listen in as Pete and Matt discuss long-term care – what it is and why it’s important, the different types of long-term care insurance and how to get started with long-term care planning.

Thank you for tuning in to Yeo & Yeo’s Everyday Business podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. On episode 30, host Peter Bender, leader of Yeo & Yeo Wealth Management, is joined by Matthew Cash, financial planning consultant for Avantax Planning Partners^SM.

Legacy planning goes beyond wealth and age; it’s crucial for anyone aiming to make a lasting impact by ensuring their values, assets, and priorities are passed on meaningfully and tax-efficiently. Regardless of whether legacy planning involves financial support for loved ones, education, charitable giving, or fulfilling personal values and life lessons, it is a fundamental aspect of financial planning.

Listen in as Pete and Matt discuss legacy planning, why it’s important and some strategies to consider when incorporating your legacy into your financial plan.

Yeo & Yeo’s Everyday Business podcast covers tax, accounting, technology, and financial topics to help you and your business thrive. The podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Investment advisory services are offered through Avantax Planning Partners℠. Commission-based securities products are offered through Avantax Investment Services℠, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. On episode 29 of Everyday Business, host Peter Bender, leader of Yeo & Yeo Wealth Management, is joined by Matthew Cash, financial planning consultant for Avantax Planning Partners^SM and Andrew Matuzak, a Wealth Management Specialist in Yeo & Yeo’s Saginaw office.

Charitable giving is a meaningful way to support the causes you care about and can also save you money on taxes. Several tax-efficient charitable giving strategies are available, such as qualified charitable distributions, donor-advised funds, gifting appreciated stock, and bunching. When determining which organizations or charities to donate to, it is important to consider your values and the causes that matter most to you, and research the charities to ensure they use donations effectively.

Listen in as Pete, Matt and Andrew discuss the significance of charitable giving and tax-intelligent strategies to amplify the impact of your generosity.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. On episode 28, host Peter Bender, leader of Yeo & Yeo Wealth Management, is joined by Matthew Cash, financial planning consultant for Avantax Planning Partners^SM.

Listen in as Pete and Matt discuss the importance of year-end tax planning and tax-intelligent concepts to consider, including tax-focused investment strategies, retirement planning, family risk management, business planning, legacy planning, education planning, and cash flow management.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Saginaw, MI: Yeo & Yeo is pleased to announce that Tara Stensrud, CPA, NSSA^®, has earned the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants.

The PFS credential is awarded to CPAs with extensive training and experience in financial planning. To earn the credential through the experience pathway, CPAs must have at least 105 hours of personal financial planning education and 7,500 hours of planning experience within the previous seven-year period. They also must pass a comprehensive exam covering eleven topic areas and be a member in good standing with the AICPA, binding them to the AICPA Code of Professional Conduct and the Statement on Standards in Personal Financial Planning Services. This designation allows Stensrud to serve as Investment Advisor Representative (IAR) with Yeo & Yeo Wealth Management and Avantax^SM.

Tara Stensrud is a tax principal based in Yeo & Yeo’s Midland office. She is a member of the firm’s Manufacturing Services Group and the Consulting Services Group. Strensrud provides individual and business tax planning, consulting, compliance, and financial reporting to a broad range of clients with an emphasis on the manufacturing and agriculture sectors. She works with businesses and their owners, as well as individuals, on strategic and financial planning. She is a member of the Michigan Manufacturers Association and the Central Michigan Manufacturers Association. In the community, she serves as a board member of Shelterhouse and is a Midland Noon Rotary Club member. She joined Yeo & Yeo in 2006.

Stensrud said that earning the PFS credential has helped her elevate the level of service she can provide to clients. “The in-depth education and planning experience have given me a deeper understanding of their financial needs and allowed me to craft personalized strategies tailored to their specific situations.”

The PFS certification allows Strensrud to combine her tax expertise with her knowledge of financial planning to provide clients with comprehensive financial strategies.

Peter J. Bender, CPA, CFP^®, leader of Yeo & Yeo Wealth Management, said, “Earning the PFS credential highlights Tara’s commitment to continuous growth and elevating the level of service we provide to our clients. This achievement reinforces Tara’s dedication to empowering our clients to make informed decisions about their financial future.”

About Yeo & Yeo Wealth Management

Yeo & Yeo Wealth Management (www.yeoandyeo.com) helps businesses and individuals with their wealth management and investment strategies. Working closely with Avantax®, a national wealth management company, Yeo & Yeo Wealth Management delivers a holistic approach that connects financial planning, tax strategies and insurance solutions. Wealth management services are offered in Yeo & Yeo’s offices throughout Michigan.

Avantax WM Holdings^SM is the holding company for the group of companies providing financial services under the Avantax® name. Investment advisory services are offered through Avantax Planning Partners^SM. Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Although Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses.

Saginaw, MI: Yeo & Yeo is pleased to announce that Eric Sowatsky, CPA, CGMA, NSSA^®, has earned the Personal Financial Specialist (PFS) designation from the American Institute of Certified Public Accountants.

The PFS credential is awarded to CPAs with extensive training and experience in financial planning. To earn the credential through the experience pathway, CPAs must have at least 105 hours of personal financial planning education and 7,500 hours of planning experience within the previous seven-year period. They also must pass a comprehensive exam covering eleven topic areas and be a member in good standing with the AICPA, binding them to the AICPA Code of Professional Conduct and the Statement on Standards in Personal Financial Planning Services. This designation allows Sowatsky to serve as Investment Advisor Representative (IAR) with Yeo & Yeo Wealth Management and Avantax®.

Eric Sowatsky is a tax principal based in Yeo & Yeo’s Saginaw office and leads the Saginaw office’s tax department. He is the Agribusiness Services Group leader and a member of the firm’s Tax Services Group. Sowatsky specializes in business consulting, internal control reviews, financial reporting, and tax planning for a broad range of clients, with an emphasis on agribusiness and family-owned businesses. He has extensive experience with the tax and financial challenges business owners face. Sowatsky is a member of the Michigan Agribusiness Association’s Grain Committee and the Farm Financial Standards Council. He is a regular contributor on the WSGW Farm Service 790 radio show. In the community, he is the past treasurer of Bethlehem Lutheran Church and coaches the soccer and basketball teams at Bethlehem Lutheran School. He joined Yeo & Yeo in 2004.

In speaking on the significance of earning the PFS credential, Sowatsky said, “The extensive training and experience in financial planning have allowed me to offer a more holistic approach to tax and financial challenges faced by businesses and individuals. It’s immensely rewarding to combine my tax expertise with comprehensive financial strategies, empowering our clients to make informed decisions.”

Peter J. Bender, CPA, CFP^®, leader of Yeo & Yeo Wealth Management, said, “The PFS designation reinforces Yeo & Yeo’s commitment to delivering expert financial guidance, and I am confident that Eric will continue to excel in his role as a trusted advisor, helping our clients achieve their financial goals with confidence.”

About Yeo & Yeo Wealth Management