Does a FAST Make Sense for Your Estate Plan?

On the one hand, you want your estate plan to achieve certain “technical” objectives. These may include minimizing gift and estate taxes, and protecting your assets from creditors’ claims or frivolous lawsuits.

On the other hand, you also want your plan to achieve “aspirational” goals. These may include preparing your children or grandchildren to manage wealth responsibly, promoting shared family values or encouraging charitable giving. One trust to consider including in your estate plan is a family advancement sustainability trust (FAST).

FAST funding options

If you’re interested in the goals described above, it’s a good idea to establish a FAST during your lifetime. Doing so helps ensure that the trust achieves your objectives and allows you to educate your advisors and family members on the trust’s purpose and guiding principles.

A FAST generally requires little funding when created, with the bulk of the funding provided on your death. Although funding can come from the estate, a better approach is to fund a FAST with life insurance or a properly structured irrevocable life insurance trust (ILIT). Using life insurance allows you to achieve the FAST’s objectives without depleting the assets otherwise available for the benefit of your family.

4 decision-making entities

Typically, FASTs are created in states that 1) allow perpetual, or “dynasty,” trusts that benefit many generations to come, and 2) have directed trust statutes, which make it possible to appoint an advisor or committee to direct the trustee regarding certain matters. A directed trust statute makes it possible for both family members and trusted advisors with specialized skills to participate in governance and management of the trust.

A common governance structure for a FAST includes four decision-making entities:

An administrative trustee — often a corporate trustee — that deals with administrative matters but doesn’t handle investment or distribution decisions,
An investment committee — consisting of family members and an independent, professional investment advisor — to manage investment of the trust’s assets,
A distribution committee — consisting of family members and an outside advisor — which helps ensure that trust funds are spent in a manner that benefits the family and promotes the trust’s objectives, and
A trust protector committee — typically composed of one or more trusted advisors — which stands in the shoes of the grantor after his or her death and makes decisions on matters such as appointment or removal of trustees or committee members and amendment of the trust document for tax planning or other purposes.

Bridging the leadership gap

In some families, it’s not unusual for the death of the older generation to create a leadership gap. A FAST can help fill this gap by establishing a leadership structure and providing resources to fund educational and personal development activities for younger family members. Contact your estate planning advisor for additional details.

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year.

However, some real estate gains can be taxed at higher rates due to depreciation deductions. Here’s a rundown of the federal income tax issues that might be involved in real estate gains.

Vacant land

The current maximum federal long-term capital gain tax rate for a sale of vacant land is 20%. The 20% rate only hits those with high incomes. Specifically, if you’re a single filer in 2024, the 20% rate kicks in when your taxable income, including any land sale gain and any other long-term capital gains, exceeds $518,900. For a married joint-filing couple, the 20% rate kicks in when taxable income exceeds $583,750. For a head of household, the 20% rate kicks when your taxable income exceeds $551,350. If your income is below the applicable threshold, you won’t owe more than 15% federal tax on a land sale gain. However, you may also owe the 3.8% net investment income tax (NIIT) on some or all of the gain.

Gains from depreciation

Gain attributable to real estate depreciation calculated using the applicable straight-line method is called unrecaptured Section 1250 gain. This category of gain generally is taxed at a flat 25% federal rate, unless the gain would be taxed at a lower rate if it was simply included in your taxable income with no special treatment. You may also owe the 3.8% NIIT on some or all of the unrecaptured Section 1250 gain.

Gains from depreciable qualified improvement property

Qualified improvement property (QIP) generally means any improvement to an interior portion of a nonresidential building that’s placed in service after the date the building is placed in service. However, QIP does not include expenditures for the enlargement of the building, elevators, escalators or the building’s internal structural framework.

You can claim first-year Section 179 deductions or first-year bonus depreciation for QIP. When you sell QIP for which first-year Section 179 deductions have been claimed, gain up to the amount of the Section 179 deductions will be high-taxed Section 1245 ordinary income recapture. In other words, the gain will be taxed at your regular rate rather than at lower long-term gain rates. You may also owe the 3.8% NIIT on some or all of the Section 1245 recapture gain.

What if you sell QIP for which first-year bonus depreciation has been claimed? In this case, gain up to the excess of the bonus depreciation deduction over depreciation calculated using the applicable straight-line method will be high-taxed Section 1250 ordinary income recapture. Once again, the gain will be taxed at your regular rate rather than at lower long-term gain rates, and you may also owe the 3.8% NIIT on some or all of the recapture gain.

Tax planning point: If you opt for straight-line depreciation for real property, including QIP (in other words, you don’t claim first-year Section 179 or first-year bonus depreciation deductions), there won’t be any Section 1245 ordinary income recapture. There also won’t be any Section 1250 ordinary income recapture. Instead, you’ll only have unrecaptured Section 1250 gain from the depreciation, and that gain will be taxed at a federal rate of no more than 25%. However, you may also owe the 3.8% NIIT on all or part of the gain.

Plenty to consider

As you can see, the federal income tax rules for gains from sales of real estate may be more complicated than you thought. Different tax rates can apply to different categories of gain. And you may also owe the 3.8% NIIT and possibly state income tax, too. We will handle the details when we prepare your tax return. Contact us with questions about your situation.

Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse and financial challenges that have become so widely recognized in modern society.

EAPs are voluntary and confidential work-based intervention programs designed to help employees and their dependents deal with issues that may be affecting their mental health and job performance. These may include workplace stress, grief, depression, marriage/family problems, psychological disorders, financial troubles, and alcohol and drug dependency.

Whether your company is considering an EAP or already offers one, among the most important factors to keep in mind is compliance.

Start with ERISA

Several different federal laws may come into play with EAPs. A good place to start when studying your compliance risks is the Employee Retirement Income Security Act (ERISA). The law’s provisions address critical compliance matters such as creating a plan document and Summary Plan Description, performing fiduciary duties, following claims procedures, and filing IRS Form 5500, “Annual Return/Report of Employee Benefit Plan.”

Although most people associate ERISA with qualified health care and retirement plans, the law can be applicable to EAPs depending on how a particular program is structured and what benefits it provides. Generally, a fringe benefit is considered an ERISA welfare benefit plan if it’s a plan, fund or program established or maintained by an employer to provide ERISA-listed benefits, which include medical services.

The category of ERISA-listed benefits most likely to be provided by an EAP is medical care or benefits. Mental health counseling — whether for substance abuse, stress or other issues — is considered medical care. Accordingly, an EAP providing mental health counseling will probably be subject to ERISA. On the other hand, an EAP that provides only referrals and general information, and isn’t staffed by trained counselors, likely isn’t an ERISA plan.

Bear in mind that EAPs that primarily use referrals could still be considered to provide medical benefits if the individuals handling initial phone consultations and making the referrals are trained in an applicable field, such as psychology or social work. If an EAP provides any benefit subject to ERISA, then the entire program must comply with the law — even if it also provides non-ERISA benefits.

Check up on other laws

EAPs considered to be group health plans are also typically subject to the Consolidated Omnibus Budget Reconciliation Act (commonly known as “COBRA”) and certain other group health plan mandates, including mental health parity.

Also, keep in mind that EAPs that receive medical information from participants — even if the programs only make referrals and don’t provide medical care — must comply with privacy and security rules under the Health Insurance Portability and Accountability Act (HIPAA).

In addition, EAPs providing medical care or treatment could trigger certain provisions of the Affordable Care Act (ACA). EAPs meeting specified criteria, however, can be defined as an “excepted benefit” not subject to HIPAA portability or certain ACA requirements.

Cover all bases

Given the rising awareness and acceptance of mental health care alone, EAPs could become as common as health insurance and retirement plans in many companies’ employee benefit packages.

Whether you’re thinking about one or already have an EAP up and running, it’s a good idea to consult an attorney regarding your company’s compliance risks. Meanwhile, please contact us for help identifying and tracking the costs involved, as well as understanding the tax impact.

A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there’s been confusion surrounding inherited IRAs and the so called “10-year rule” for required minimum distributions (RMDs).

That is, until now. The IRS has issued final regulations relevant to taxpayers who are subject to the “10-year rule” for RMDs from inherited IRAs or defined contribution plans, such as 401(k) plans. In a nutshell, the final regs largely adopt proposed regs issued in 2022.

2022 proposed regs sowed confusion

Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in 2019, most heirs other than surviving spouses must withdraw the entire balance of an inherited IRA or defined contribution plan within 10 years of the original account owner’s death. In February 2022, the IRS issued proposed regs that came with an unwelcome surprise for many affected heirs. Under the proposed regs, if the account owner dies on or after the required beginning date (RBD), designated beneficiaries must take their taxable RMDs in Year 1 through Year 9 after that death (based on their life expectancies), receiving the balance in the 10th year.

In other words, beneficiaries aren’t permitted to wait until the end of 10 years to take a lump-sum distribution. This annual RMD requirement gives beneficiaries much less tax planning flexibility and, depending on their situations, could push them into higher tax brackets during those years.

The IRS soon began to receive feedback from confused taxpayers who had recently inherited IRAs or defined contribution plans and were unclear about when they were required to start taking RMDs on the accounts. The uncertainty put both beneficiaries and defined contribution plans at risk. The reason? Beneficiaries could have been assessed a tax penalty on the amounts that should have been distributed but weren’t. And the plans could have been disqualified for failure to make RMDs.

In response, only six months after the proposed regs were published, the IRS waived enforcement against taxpayers subject to the 10-year rule who missed 2021 and 2022 RMDs if the plan participant died in 2020 on or after the RBD. The tax agency also excused missed 2022 RMDs if the participant died in 2021 on or after the RBD.

The waiver guidance indicated that the IRS would issue final regs that would apply no earlier than 2023. But then 2023 rolled around — and the IRS extended the waiver relief to excuse 2023 missed RMDs if the participant died in 2020, 2021 or 2022 on or after the RBD.

In April 2024, the IRS again extended the relief, this time for RMDs in 2024 from an IRA or defined contribution plan when the owner passed away between 2020 and 2023, on or after the RBD. If certain requirements are met, beneficiaries won’t be assessed a penalty on missed RMDs for these years, and plans won’t be disqualified based solely on such missed RMDs.

2024 final regs provide clarification

The final regs require certain beneficiaries to take annual RMDs in the 10 years following the account owner’s death. The regs take effect in 2025. If the deceased hadn’t begun taking his or her RMDs though, the 10-year rule is somewhat different. While the account has to be fully emptied under the same timeline, no annual distributions are required. That gives beneficiaries more opportunity for tax planning.

Here’s an example: Ken inherited an IRA in 2021 from his father, who had begun to take RMDs. Under the IRS-issued waivers, Ken needn’t take RMDs for 2022 through 2024. However, under the final regs, he must take annual RMDs for 2025 through 2030, with the account fully distributed by the end of 2031.

Had Ken’s father not started taking RMDs, Ken would have had the flexibility to not take distributions in 2025 through 2030. So long as the account was fully liquidated by the end of 2031, Ken would be in compliance with the rules.

Contact us with questions

If you’ve inherited an IRA or defined contribution plan in 2020 or later, it’s understandable if you have questions about the RMD rules. Please don’t hesitate to reach out. We’d be please to explain the IRS’s regulations and suggest strategies that might save you taxes and avoid penalties.

If your organization sponsors a health care plan for its employees, you’re probably focused on ensuring it’s robust enough to satisfy participants and impress job candidates — all while trying to control the costs involved.

Totally understandable. But don’t lose sight of your obligations under the Health Insurance Portability and Accountability Act (HIPAA). Among the law’s primary requirements is for plan sponsors to formally notify all persons from whom medical information is collected, whether directly or indirectly, of their rights to privacy.

How often should you update?

Generally, plan sponsors fulfill their notification obligation by distributing a “Notice of Privacy Practices,” which is sometimes alternatively referred to as a “Notice of Information Practices.” But a question that often arises is: How often should you update this document?

The good news is you don’t need to update a notice according to an annual deadline or the like. However, the most current notice must accurately describe:

Your plan’s uses and disclosures of protected health information (PHI),
Participants’ HIPAA rights, and
The plan’s legal duties with respect to PHI.

Thus, you must promptly revise the notice whenever there’s a “material” change to any of the information or privacy practices stated therein. Except when required by law, material changes to a plan can’t be implemented until they’re reflected in the notice.

HIPAA regulations don’t define when a change is material. Historically, many employers have looked to the preamble to the 2000 HIPAA Privacy Rule. In it, the U.S. Department of Health and Human Services (HHS) encouraged covered entities to refer to other notice laws to understand the concept of materiality. One example given was how material changes are typically defined for Summary Plan Descriptions under the Employee Retirement Income Security Act. Also, HHS considered changes made by the 2013 HIPAA Omnibus Rule, a significant update to the law, to be material and required updated notices at that time.

Evaluate amendments to the HIPAA rules carefully when they occur to determine whether they’re material and require changes to your plan and notice. Revisions to plan operations, such as new procedures for giving someone access to PHI in a designated record, could require an updated notice as well.

How soon must you distribute?

Let’s say there’s a material change to your plan and notice. You might wonder, as many employers have, how soon must you issue an update?

HIPAA rules establish deadlines by which your plan must distribute updated notices that incorporate material changes. The requirements vary depending on whether your plan maintains a website.

If your plan has a website, you can — and, in fact, must — satisfy the requirement to distribute an updated notice by posting it on the plan website by the effective date of the material change. You need to then provide a hard copy of the updated notice, or information about the material change and how to obtain the revised notice, in the plan’s next annual mailing to participants.

If your plan doesn’t have its own dedicated website, you must furnish the revised notice — or information about the material change and how to obtain the revised notice — to participants within 60 days after the revision.

Note: Mailing a hard copy is always required unless a participant has consented to receiving electronic notices only.

Manageable risk

Suffice to say, there’s no such thing as sponsoring a health care plan in today’s employment environment without incurring HIPAA compliance risks. Fortunately, these risks are manageable with clearly worded policies and rigorously followed procedures. Contact us for help identifying and managing the costs, as well as the tax impact, associated with your organization’s fringe benefits.

Yeo & Yeo is proud to announce that Bill Stec has received the Most Valuable Professional Award from Corp! Magazine. This award recognizes individuals who have made significant contributions to their businesses, communities, and the state of Michigan.

In speaking on his recognition, Stec said, “This award is a meaningful acknowledgment of the efforts we’ve put into making Yeo & Yeo a nurturing environment for professionals. I am honored and excited to keep pushing forward, inspiring the next generation, and strengthening our network with academic institutions and their students.”

Bill Stec is the Manager of Recruitment & Campus Relations at Yeo & Yeo. He develops and executes strategic talent management initiatives to recruit the best candidates, engage and retain current employees, and drive a high-performance culture across all Yeo & Yeo offices. With over seven years of experience in college career services, he understands the challenges of navigating career choices and employment opportunities.

Bill’s passion for recruiting and talent development is unmatched. He has played a pivotal role in enhancing Yeo & Yeo’s recruiting strategies, making the firm a desirable destination for top talent. His innovative approaches and genuine enthusiasm for finding and nurturing potential have led to a more dynamic and skilled team. Bill understands that the foundation of a successful organization lies in its people, and he tirelessly works to ensure Yeo & Yeo attracts and retains the best.

Bill is committed to supporting the next generation of professionals. He travels throughout the state to present on professional development topics, including dining etiquette, interview/dress skills, and human resource topics. He is the past President of the Michigan Career Educator & Employer Alliance and just completed a term as Vice President of Employers for the organization. He is actively involved in Saginaw, Bay City, and Midland’s Chambers of Commerce. Bill is also a member of the National Association of Colleges and Employers and the Valley Society for Human Resource Management.

“Bill’s achievement reflects his exceptional networking capabilities and innovative thinking,” said Yeo & Yeo President & CEO Dave Youngstrom. “His efforts to attract talent, including traveling statewide to participate in career fairs and share his expertise, have set a high standard within our firm. Bill’s contributions have been vital to our success, and we are proud to recognize his dedication and the positive influence he brings to Yeo & Yeo.”

Corp! Magazine presented the MVP awards on August 15 at Epitec in Southfield, Michigan.

Proactive working capital management is essential to successful business operations. However, on average, businesses aren’t managing their working capital as efficiently as they have in the past, according to a new study by The Hackett Group, a digital transformation and AI strategy consulting firm.

The study found that all elements of the cash conversion cycle (CCC) deteriorated by an average of 1.3 days (or 4%) from 2022 to 2023. The sectors reporting the biggest CCC deterioration include marine shipping, biotechnology, oil and gas, and food and staples retail. Here’s why working capital management is so important, and how your business can avoid the trend revealed in the study.

Why working capital matters

Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to run their operations smoothly. However, excessive amounts can hinder growth and performance. The optimal amount of working capital depends on the nature of your company’s operations and its industry.

Working capital management is often evaluated by measuring the CCC, which is a function of three turnover ratios:

Days in accounts receivable outstanding,
Days in inventory outstanding, and
Days in accounts payable outstanding.

A positive CCC indicates the number of days a company must borrow or tie up capital while awaiting payments from customers. A negative CCC represents the number of days a company has received cash from customers before it must pay its suppliers. Cash businesses might have a low or negative CCC, while most conventional businesses have a positive CCC.

Ways to shorten your CCC

Here are three ways to reduce the amount your business has tied up in working capital:

1. Collect receivables faster. Possible solutions for converting accounts receivable into cash faster include: tightening credit policies, offering early bird discounts, issuing collection-based sales compensation and using in-house collection personnel. Companies also can evaluate administrative processes — including invoice preparation, dispute resolution and deposits — to eliminate inefficiencies in the collection cycle.

2. Reduce inventory levels. The inventory account carries many hidden costs, including storage, obsolescence, insurance and security. Consider using computerized inventory systems to help predict demand, enable data sharing up and down the supply chain, and more quickly reveal variability from theft.

It’s important to note that, in an inflationary economy, rising product and raw material prices may bloat inventory balances. Plus, higher labor and energy costs can affect the value of work-in-progress and finished goods inventories for companies that build or manufacture goods for sale. So rising inventory might not necessarily equate to having more units on hand.

3. Postpone payables. By deferring vendor payments when possible, your company can increase cash on hand. But be careful: Delaying payments for too long can compromise a company’s credit standing or result in forgone early bird discounts. Many organizations have already pushed their suppliers to extend their payment terms, so there may be limits on using this strategy further.

Make working capital a priority

Some businesses are so focused on the income statement, including revenue and profits, that they lose sight of the strategic significance of the balance sheet — especially working capital accounts. We can benchmark your company’s CCC over time and against competitors. If necessary, we also can help implement strategies to improve your performance without exposing you to unnecessary risk.

The Office of Management and Budget (OMB) has issued substantial revisions to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, commonly referred to as the Uniform Guidance. These changes, effective October 1, 2024, aim to streamline processes, clarify requirements, and enhance the management of federal funds. As this date approaches, organizations must prepare to implement these changes effectively.

Key Revisions in the 2024 Uniform Guidance

1. Increased Audit Thresholds: The threshold for requiring a single audit has been raised from $750,000 to $1 million in federal expenditures, reducing the administrative burden for smaller entities.

2. Equipment and Cost Rates Adjustments:

The capitalization threshold for equipment has increased from $5,000 to $10,000.
The de minimis indirect cost rate has increased from 10% to 15% over modified total direct costs, providing more flexibility in financial planning.

3. Enhanced Cybersecurity Measures: New requirements for cybersecurity internal controls have been introduced, allowing organizations to tailor their security strategies without mandating a specific framework.

4. Simplified Notices of Funding Opportunities (NOFOs): Federal agencies are directed to make NOFOs more concise and accessible, using plain language to ensure broader reach and understanding, particularly for underserved communities.

5. Community Engagement and Evaluation: The revisions encourage recipients to allocate funds for community engagement and evaluation activities, emphasizing the importance of understanding and achieving program goals.

6. Mandatory Disclosures: Recipients must promptly disclose any credible evidence of violations related to federal criminal law or the False Claims Act, aligning with existing federal acquisition standards.

7. Increased Flexibility for Tribes: Tribal governments can now use their internal procurement standards, providing more autonomy in managing federal funds.

Preparing for the Effective Date

To ensure a smooth transition to the new requirements, organizations should consider the following steps:

Review and Revise Policies: Update internal policies and procedures to align with the new thresholds for audits, equipment, and indirect costs. Ensure that procurement policies reflect the updated standards.
Train Staff: Conduct training sessions for staff involved in grant management to familiarize them with the new requirements and ensure compliance.
Update Financial Systems: Adjust financial and accounting systems to accommodate changes in cost categories and thresholds, ensuring accurate tracking and reporting.
Engage with Stakeholders: Communicate with federal agencies and other stakeholders to understand implementation plans and any additional requirements specific to your organization’s funding sources.
Monitor Developments: As the effective date approaches, stay informed about any further guidance or clarifications issued by OMB or relevant federal agencies.

By taking these proactive steps, organizations can effectively navigate the revised Uniform Guidance, ensuring compliance and maximizing the impact of federal funds. The changes represent an opportunity to streamline operations and enhance the focus on delivering results for the communities served.

Contact your Yeo & Yeo advisor to discuss how these changes may impact your organization and to ensure you are fully prepared for the upcoming revisions.

If your organization is tax-exempt, you may be subject to annually filing a License to Solicit with the State of Michigan. Michigan law requires organizations to register with the Department of Attorney General if they solicit and receive charitable contributions in Michigan. Most charities that solicit contributions in Michigan are required to file one.

Keep in mind, soliciting can be in the form of mail, telephone calls, special events, newspapers, television, the internet, or just receiving contributions without doing much of anything.

The following are organizations that are exempt from the charitable solicitation registration requirements:

Organizations that received less than $25,000 in 12 months and pay no individuals for fundraising services of any kind
Solicitations that are exclusively for the benefit of a named individual, so long as the individual is specified in the solicitation and no one is compensated for fundraising services
Churches and religious organizations
Governmental entities
Michigan educational institutions
Veterans’ organizations that are chartered by the U. S. Congress
Licensed Michigan hospitals and their foundations and auxiliaries
Private foundations that receive contributions only from the members, directors, incorporators, or members of the families of those individuals
Organizations that are licensed by the Michigan Department of Human Services to serve children and families, such as day care facilities
Organizations whose sole source of funding is another charitable organization that is registered to solicit, so long as its registration is current

If your organization does not fall under one of these exemptions, then a solicitation form is required. If the organization has never registered before, then an Initial Solicitation Form, with attachments, must be filed. There is no fee to register. For faster processing, the Charitable Trust Section accepts registrations by email or e-filing. If your organization has already filed an initial form, then an annual Renewal Solicitation Form should be filed.

The License to Solicit with the State of Michigan expires seven months after the end of the fiscal year, and the form is due 30 days before that expiration. Therefore, if your organization has a calendar year-end, that means the renewal is due July 1, and the previous license expires July 31. The organization may request an extension for filing if they do not feel they can meet the required deadline. There is no official form for the extension, either a simple letter can be submitted to the State requesting an extension or an extension can be premptively requested when filing the prior year’s license.

Keep in mind that the financial information included in the form will also determine if you are required to have audited or reviewed financial statements. If contributions, plus net fundraising and gaming activity, less governmental grants, is between $300,000 and $550,000, then reviewed financial statements are required. If over $550,000, then audited financial statements are required.

If you are uncertain of your organization’s current license status or expiration date, visit the charities section of the State of the Michigan website and look up any registered charity.

In the best of all possible worlds, every employee is engaged, productive and compliant with organizational policies. Back here on Planet Earth, most employers must occasionally take disciplinary action against employees.

When this situation arises at your organization, it’s important to bear in mind that you could be on precarious ground. Although you have every right to enforce legally sound employment policies, haphazardly or inconsistently applied discipline can leave you vulnerable to costly lawsuits and hurt your employer brand.

Put it in writing

Proper documentation is among the best ways to help protect yourself and ensure that your disciplinary actions have the desired effect — positive change. You’ve got to put the problem and solution in writing. Here are some best practices to consider:

Define expectations. Many workplace disciplinary issues arise from miscommunications about what employers expect from employees and what employees come to believe they can or should do.

For example, let’s say you have an employee who’s chronically late. Simply telling the person, “Get to work on time,” isn’t ideal. State in the documentation the specific time the employee should be on-site or online and ready to work.

Setting expectations can be trickier for more complex disciplinary issues. In these cases, supervisors may want to meet with human resources staff and others to review the job description of the employee in question and develop clearer instructions on how to proceed.

Describe problems in detail. Vague or confusing descriptions of what prompted disciplinary actions can only exacerbate already contentious situations.

For instance, writing “constantly rude in meetings,” may describe the problem in general but provides no specifics about what’s actually going on. Documentation should include pertinent details about bad behavior such as:

The date(s) and specific location(s) it occurred,
The actions that constitute inappropriate behaviors, and
How those actions violate organizational policy.

Of course, not all disciplinary actions are prompted by bad behavior. Sometimes you need to give guidance to employees who aren’t misbehaving but, rather, falling short of expectations.

In these cases, specificity is also critical. Phrases such as “poor effort” or “lack of productivity” generally aren’t helpful. Instead, express in detail what they’re failing to do and how their shortcomings conflict with their job descriptions and other stated directives.

Give employees a voice. Many employers view disciplinary actions as a one-way street. They inform troubled employees of infractions or shortcomings and mandate corrective measures. Yet doing so tends to create a confrontational and punitive atmosphere that may leave both parties unhappy.

As part of your documentation process, ask troubled employees for their sides of the story. In some cases, how they respond may not materially change the situation in question. However, giving them the opportunity to explain can reveal critical details that may soften your view. It may also reveal needed changes to your policies, procedures, working environment and/or technology.

Create comprehensive action plans. The final section of every employee disciplinary action document should answer the simple question, “What next?” Lay out both the specific actions troubled employees should take and the timeline over which those actions should occur. Set deadlines and be sure supervisors are trained to follow up.

Last, be sure action plans state the consequences of failing to comply. These may include adverse employment actions, such as termination or demotion, so don’t hesitate to consult an attorney to ensure you’re on solid legal footing.

Do your homework

Employees’ misbehavior and lack of productivity can have a serious impact on employers’ financial stability. A well-thought-out documentation process for disciplinary actions can help discourage lawsuits, protect you in court, and convey to staff that you take these matters seriously and have done your homework.

A difficult aspect of planning your estate is taking into account your family members’ needs after your death. Indeed, after you’re gone, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen.

While there’s no way to predict the future, you can supplement your estate plan with a trust provision that provides a designated beneficiary a power of appointment over some or all of the trust’s property. This trusted person will have the discretion to change distributions from the trust or even add or subtract beneficiaries.

Adding flexibility

Assuming the holder of your power of appointment fulfills the duties properly, he or she can make informed decisions when all the facts are known. This can create more flexibility within your estate plan.

Typically, the trust will designate a surviving spouse or an adult child as the holder of the power of appointment. After you die, the holder has authority to make changes consistent with the language contained in the power of appointment clause. This may include the ability to revise beneficiaries. For instance, if you give your spouse this power, he or she can later decide if your grandchildren are capable of managing property on their own or if the property should be transferred to a trust managed by a professional trustee.

Detailing types of powers

If you take this approach, there are two types of powers of appointment:

“General” power of appointment. This allows the holder of the power to appoint the property for the benefit of anyone, including him- or herself, his or her estate or the estate’s creditors. The property is usually included in a trust but may be given to the holder outright. Also, this power of appointment can be transferred to another person.
“Limited” or “special” power of appointment. Here, the person holding the power of appointment can give the property to a select group of people who’ve specifically been identified by the deceased. For example, it might provide that a surviving spouse can give property to surviving children, as he or she chooses, but not to anyone else. Thus, this power is more restrictive than a general power of appointment.

Whether you should use a general or limited power of appointment depends on your circumstances and expectations.

Understanding the tax impact

The resulting tax impact may also affect the decision to use a general or limited power of appointment. The rules are complicated, but property subject to a general power of appointment is typically included in the taxable estate of the designated holder of the power. However, property included in the deceased’s estate receives a step-up in basis to fair market value on the date of death. Therefore, your heirs can sell property that was covered by a general power of appointment with little or no income tax consequences.

In contrast, property covered by a limited power isn’t included in the holder’s estate. However, the new heirs inherit the property with a carryover basis and no step-up in basis. So, if the heirs sell appreciated property, they face a potentially high capital gains tax.

Your final decision requires an in-depth analysis of your tax and financial situation by your estate tax advisor. Contact us with any questions.

Yeo & Yeo, a leading Michigan-based accounting and advisory firm, has been recognized by INSIDE Public Accounting (IPA) as a Top 200 Firm in the U.S. for the sixteenth consecutive year. In the 2024 IPA ranking of more than 600 participating firms based on net revenue, Yeo & Yeo ranked 120. This recognition underscores Yeo & Yeo’s commitment to strategic growth, agility, and helping clients thrive.

“We would not be where we are today without the trust and partnership of our clients,” said President & CEO Dave Youngstrom. “We are continually adapting, implementing new technologies, and working to bring meaningful solutions to our clients every day.”

The firm’s forward-thinking approach is exemplified by its strategic planning and commitment to adapting to change. Yeo & Yeo’s dedicated Technology and Innovations Team regularly evaluates technology tools, ensuring access to secure, compliant, and efficient software applications for its employees and clients. Moreover, the firm has strategic goal champions focused on client experience, diversity, training, recruiting, and more. This dedication has led to continued growth for all of Yeo & Yeo’s companies: Yeo & Yeo CPAs & Advisors, Yeo & Yeo Technology, Yeo & Yeo Medical Billing & Consulting, and Yeo & Yeo Wealth Management

“The driving force behind our success is the talent, passion, and dedication of our team,” said Youngstrom. “Their expertise and teamwork have allowed us to build strong, lasting relationships with our clients. I am truly thankful for their dedication and the confidence our clients have in us.”

With a team of more than 225 professionals and over 15 specialized industry teams and sub-teams, the firm offers a comprehensive suite of services, including audit, tax, business consulting, medical billing, and technology solutions. As an independent member of the BDO Alliance USA, Yeo & Yeo leverages the resources of other Alliance members to expand its capabilities and address clients’ unique challenges and opportunities.

“We have extensive experience and capabilities, but our true mission is to create success stories for our clients,” added Youngstrom. “We are purpose-driven, helping our clients see what is possible and achieve their goals.”

About INSIDE Public Accounting

INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession. IPA offers a monthly practice management publication and four national practice management benchmarking reports every year. IPA has helped firms across North America grow and thrive since 1987.

View the list of top-ranked IPA firms.

Yeo & Yeo is pleased to announce the promotion of four professionals to manager.

Brandon Brom, CPA, serves in the firm’s Tax & Consulting Service Line and is a member of Yeo & Yeo’s Cannabis Services Group. He specializes in tax planning and preparation for the real estate, nonprofit, and cannabis industries. Brandon is a member of the firm’s Yeo Young Professionals and is actively involved in the Auburn Hills Chamber of Commerce and Troy Chamber of Commerce. He holds a Master of Accountancy from Adrian College. Brandon is based in the firm’s Auburn Hills office.

Shawn Davis, CPA, serves in the Tax & Consulting Service Line. He is a member of the Trust & Estate Services Group, the Death Care Services Group, and the State and Local Tax Services Group. Shawn specializes in tax planning and preparation services for individuals, partnerships, and corporations, as well as multistate income and sales tax nexus analysis. He holds a Bachelor of Business Administration in accounting and management from Northwood University. In the community, he serves as a board member of the Bay City Noon Rotary Club. He is based in the firm’s Saginaw office.

Meg Warner, CPA, serves in the Assurance Service Line. She is a member of the firm’s Government Services Group and specializes in audits for governmental entities, school districts, and nonprofits. She is a member of the Michigan Association of Certified Public Accountants’ Governmental Accounting & Auditing Professional Panel and the Gratiot Area Chamber of Commerce Young Professionals Network. In 2023, she received the Women to Watch – Emerging Leader award from the Michigan Association of Certified Public Accountants. In the community, Meg serves on the Gratiot County Community Foundation’s grant committee and is board secretary of the Yeo & Yeo Foundation. She is a volunteer leader for Central Michigan Youth for Christ and was recognized by the organization with the “Whatever It Takes” award for going above and beyond in service. Meg is based in the firm’s Alma office.

Michael Wilson II, CPA, serves in the Tax & Consulting Service Line. He specializes in business advisory services, consulting, and tax planning and preparation with an emphasis on the cannabis industry. As a member of the Cannabis Services Group, he assists clients with cannabis advisory services, including license application consulting, entity selection, and finding access to capital assistance. He is a member of the Saginaw County Young Professionals Network and president of the firm’s Yeo Young Professionals group. Michael is based in the firm’s Saginaw office.

“These promotions are well-deserved and highlight the incredible talent of our team,” said Yeo & Yeo President & CEO Dave Youngstrom. “Brandon, Shawn, Meg, and Michael have consistently gone above and beyond, demonstrating a profound ability to lead and innovate. I have no doubt that they will continue to excel and inspire those around them.”

A nonprofit organization may wind up its affairs and close its doors for many different reasons. Whatever the underlying reason is, it’s important to follow the proper steps to report the liquidation, dissolution or termination of your nonprofit organization to the IRS and the State of Michigan. The required steps will vary based on details particular to your organization. The purpose of this article is not to discuss every possibility but to overview the basic process.

Several assumptions are made in the following discussion: Your organization is a Michigan nonprofit corporation that is recognized by the IRS as a 501(c)(3), it has been in operation, and is voluntarily dissolving. If this does not describe your organization, please seek additional guidance.

Authorizing Dissolution

When discussions about closing your organization begin, the procedures depend on whether your organization has shareholders or if it was formed on a membership or directorship basis. You can find this information in your articles of incorporation. The Michigan Nonprofit Corporation Act allows voluntary dissolution to be authorized in several ways, dependent upon how the organization was organized.

If your organization has shareholders or members, the board may propose dissolution, unless there is a conflict of interest or other special circumstance, or if the power to dissolve rests with the shareholders and members without action by the board. All shareholders or members must be given ten days’ notice of the meeting and be informed that the purpose of the meeting is to vote on the dissolution of the corporation. The dissolution is approved if a majority of the votes are in favor unless other provisions are made by the articles of incorporation or bylaws.

Many nonprofit organizations are created on a directorship basis. In this case, notice of the meeting to vote on dissolution must be given to the board at least ten days ahead of the meeting. The dissolution is approved if a majority of the directors who are then in office vote in agreement.

Attorney General – Dissolution Questionnaire

Once the dissolution is approved by the members, shareholders and/or the board, the organization must submit a Dissolution Questionnaire to the Michigan Department of Attorney General. The Dissolution Questionnaire identifies the corporation, identifies a contact person at the corporation, names the person who will retain the books and records, and verifies the IRS exempt status.

If the organization has no assets and has already wound up its affairs, then you must provide the following:

Copies of Form 990 or 990-EZ for the last three periods (or internal financial statements or treasurer’s reports if Form 990 or 990-EZ were not filed)
A financial accounting for subsequent periods if the last 990 or 990-EZ does not have zero assets
The last three years of audited financial statements, if prepared.

If the organization has assets (other than a minor amount for final expenses), you must provide the date you expect to wind up affairs, a current listing of assets and liabilities, and the plan to dispose of the remaining assets. The Attorney General will not approve the dissolution until a final accounting has been provided. Like many nonprofit corporation documents, the Dissolution Questionnaire is public record and may be accessed by any interested person.

Winding up Affairs

The organization may have outstanding receivables and payables when dissolution is approved. You are allowed to continue in existence until assets are collected, debts and other liabilities are paid, assets are sold or transferred, and any other actions are performed that are required to complete the liquidation. The process may include notifying existing claimants and publishing a notice of dissolution. Specific guidelines exist related to these notices, and you should seek additional direction if you wish to provide the notices.

To qualify for 501(c)(3) exempt status with the IRS, your organization was required to have a dissolution clause in its articles of incorporation. This clause dictates that upon dissolution, the assets must be distributed for one or more exempt purposes and may even name one or more recipients. Though your organization is no longer going to pursue its mission, the remaining assets will be able to further pursue the organization’s purpose when they are transferred to another like 501(c)(3).

Department of Licensing and Regulatory Affairs

Once the dissolution is approved by the Attorney General, the organization can file a Certificate of Dissolution with the Michigan Department of Licensing and Regulatory Affairs. This form identifies the organization and how the dissolution was proposed and approved. It must be accompanied by the letter from the Attorney General and remittance of a nonrefundable fee.

Michigan Department of Treasury

If your organization was registered for Michigan taxes, within 60 days after submitting the Certificate of Dissolution the organization must request tax clearance from the Michigan Department of Treasury. Clearance is requested by writing a letter and submitting it to the Michigan Department of Treasury, Tax Clearance Division, Lansing, MI 48922.

Notify the IRS

So far, we have discussed only the steps needed to dissolve at the state level. To dissolve at the federal level, the organization must file a final Form 990 or 990-EZ by the fifteenth day of the fifth month after the termination date, which may require a short-year return.

If you file Form 990, you must check the box Final Return/Terminated; answer Yes to Part IV, Line 31 “Did the organization liquidate, terminate, or dissolve and cease operations?” and answer Yes to Part IV, Line 32, if applicable “Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?”

If you file Form 990-EZ, then you must check the box Final Return/Terminated in the header; answer Yes to Part V, Line 36 “Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?”

In both cases, Schedule N, Liquidation, Termination, Dissolution or Significant Disposition of Assets, must be included with the return. With this schedule, you’ll describe the assets, fees, date of distribution, fair market value of assets, and information about the recipients. When you file the return, you’ll also include the Certificate of Dissolution, minutes of the meeting where the dissolution vote was taken, a list of the last directors, trustees or officers, and a signed statement describing the final distribution of assets.

Other Considerations

If your organization has employees, you must also file final employment tax returns at the federal and state level. Also, you must notify the Registration Section of the Michigan Department of Treasury by completing Form 163 Notice of Change or Discontinuance. This can be filed by paper or online through Michigan Treasury Online.

The process described above may not include all the steps that your organization must take to dissolve. Your organization may need to seek additional guidance from your attorney or CPA. It’s essential to be familiar with your organizing and governing documents, which will help you determine the necessary steps to ensure the organization is correctly terminated and dissolved. For additional information, visit:

It usually takes between two and six weeks for management to prepare financial statements that comply with the accounting rules. The process takes longer if an outside accountant reviews or audits your reports. Timely information is critical to making informed business decisions and pivoting as needed if results fall short of expectations. That’s why proactive managers often turn to flash reports for more timely insights.

The benefits

Flash reports typically provide a snapshot of key financial figures, such as cash balances, receivables aging, collections and payroll. Some metrics might be tracked daily, such as sales, shipments and deposits. This is especially critical during seasonal peaks, when undergoing major changes or when your business is struggling to make ends meet.

Effective flash reports are simple and comparative. Those that take longer than an hour to prepare or use more than one sheet of paper are too complex to maintain. Comparative flash reports may help identify patterns from week to week — or deviations from the budget that may need corrective action.

The limitations

Flash reports also can identify problems and weaknesses. But they have limitations that management should recognize to avoid misuse.

Most importantly, flash reports provide a rough measure of performance and are seldom 100% accurate. It’s also common for items such as cash balances and collections to ebb and flow throughout the month, depending on billing cycles.

Companies generally only use flash reports internally. They’re rarely shared with creditors and franchisors, unless required in bankruptcy or by a franchise agreement. A lender also may ask for flash reports if a business fails to meet liquidity, profitability and leverage covenants.

If shared flash reports deviate from what’s subsequently reported on financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP), it may raise a red flag with stakeholders. For instance, they may wonder if you exaggerated results on flash reports or your accounting team is simply untrained in financial reporting matters. If you need to share flash reports, consider adding a disclaimer that the results are preliminary, may contain errors or omissions, and haven’t been prepared in accordance with GAAP.

What’s right for your organization?

There’s no one-size-fits-all format for flash reports. For example, billable hours are more relevant to law firms and machine utilization rates are more relevant to manufacturers. Contact us for help customizing your flash reports to incorporate the key metrics that are most relevant for your industry. We can also answer questions about any reporting concerns you may be facing today.

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it.

How we got here

The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made extensive changes to small business taxes. Many of its provisions are set to expire on December 31, 2025.

As we get closer to the law sunsetting, you may be concerned about the future federal tax bill of your business. The impact isn’t clear because the Democrats and Republicans have different views about how to approach the various provisions in the TCJA.

Corporate and pass-through business rates

The TCJA cut the maximum corporate tax rate from 35% to 21%. It also lowered rates for individual taxpayers involved in noncorporate pass-through entities, including S corporations and partnerships, as well as from sole proprietorships. The highest rate today is 37%, down from 39.6% before the TCJA became effective.

But while the individual rate cuts expire in 2025, the law made the corporate tax cut “permanent.” (In other words, there’s no scheduled expiration date. However, tax legislation could still raise or lower the corporate tax rate.)

In addition to lowering rates, the TCJA affects tax law in many other ways. For small business owners, one of the most significant changes is the potential expiration of the Section 199A qualified business income (QBI) deduction. This is the write-off for up to 20% of QBI from noncorporate entities.

Another of the expiring TCJA business provisions is the gradual phaseout of first-year bonus depreciation. Under the TCJA,100% bonus depreciation was available for qualified new and used property that was placed in service in calendar year 2022. It was reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026 and 0% in 2027.

Potential Outcomes

The outcome of the presidential election in three months, as well as the balance of power in Congress, will determine the TCJA’s future. Here are four potential outcomes:

All of the TCJA provisions scheduled to expire will actually expire at the end of 2025.
All of the TCJA provisions scheduled to expire will be extended past 2025 (or made permanent).
Some TCJA provisions will be allowed to expire, while others will be extended (or made permanent).
Some or all of the temporary TCJA provisions will expire — and new laws will be enacted that provide different tax breaks and/or different tax rates.

How your tax bill will be affected in 2026 will partially depend on which one of these outcomes actually happens and whether your tax bill went down or up when the TCJA became effective years ago. That was based on a number of factors including your business income, your filing status, where you live (the SALT limitation negatively affects taxpayers in certain states), and whether you have children or other dependents.

Your tax situation will also be affected by who wins the presidential election and who controls Congress because Democrats and Republicans have competing visions about how to proceed. Keep in mind that tax proposals can become law only if tax legislation passes both houses of Congress and is signed by the President (or there are enough votes in Congress to override a presidential veto).

Look to the future

As the TCJA provisions get closer to expiring, and the election gets settled, it’s important to know what might change and what tax-wise moves you can make if the law does change. We can answer any questions you have and you can count on us to keep you informed about the latest news.

Yeo & Yeo is pleased to welcome Madi Moreau, CPA, to the firm as a manager.

“We are excited to welcome Madi to the firm,” says David Jewell, Principal and Tax & Consulting Service Line Leader. “We are confident that she will bring valuable insights and leadership to our engagements, and we look forward to the positive impact she will have on our clients and the firm.”

Moreau brings more than ten years of experience in both private and public accounting. She specializes in tax planning and preparation for corporations, pass-through entities, and individuals, with a focus on the real estate industry. She has served many clients throughout her career, providing business advisory services, preparation and analysis of financial statements, and guidance for regulatory compliance. She holds a Master of Business Administration in forensic accounting from the University of South Florida. Moreau is a member of the American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accountants. In the community, she has volunteered for Ronald McDonald House Charities. She is based in Yeo & Yeo’s Flint office.

“Joining Yeo & Yeo is an incredible opportunity. I look forward to building lasting relationships and helping clients navigate challenges and achieve long-term success,” Moreau said.

Yeo & Yeo is pleased to announce the promotion of Kelly Brown, CPA, MST, to senior manager.

In speaking on her promotion, Brown said, “I am excited to take this next step in my career and embrace more leadership opportunities. As our clients at Yeo & Yeo continue to grow their businesses and cross state lines, I enjoy the challenge of addressing their tax questions and finding solutions to meet their unique needs.”

Brown specializes in State and Local Tax (SALT) income tax returns and related filings for C-corporations, S-corporations, partnerships, and individuals. As co-leader of Yeo & Yeo’s State and Local Tax Services Group, she leads projects involving nexus determinations, taxability analyses, identifying and quantifying state modifications and determining proper state apportionment. She holds a Master of Science in Taxation from Walsh College and, with her advanced education in complex tax topics, assists the firm’s individual and business clients as they face a challenging tax environment. Brown has participated in several episodes of Yeo & Yeo’s Everyday Business Podcast, providing insight on topics ranging from sales tax to overall tax strategies and multistate nexus tax exposure.

Brown is a member of the Michigan Association of Certified Public Accountants and the American Institute of Certified Public Accountants and has served on the Michigan Tax Conferences’ Planning Tax Force. In 2019, she was among five finalists nationwide for the Sales Tax Institute’s Sales Tax Nerd Award, which recognizes professionals who demonstrate a dedicated passion and commitment to learning about indirect tax. She joined Yeo & Yeo in 2016 and is based in the firm’s Saginaw office. In the community, Brown serves as a 4-H volunteer.

Dave Jewell, managing principal and the firm’s Tax & Consulting Service Line leader, praised Brown’s expertise and value to the team, stating, “Kelly’s in-depth knowledge of state and local taxes has been invaluable to our clients and our firm. We are thrilled to see her advance to senior manager, a role in which she will undoubtedly continue to excel.”

The Michigan Supreme Court ruled on the case that challenged the handling of two 2018 ballot proposals – one raising the minimum wage, including that of tipped employees, and the other enacting paid leave benefits for full-time, part-time and seasonal employees.

The Justices found the actions of the Michigan lawmakers unconstitutional. This decision cannot be appealed.

Beginning February 21, 2025:

Under the Improved Workforce Opportunity Wage Act (IWOWA), Michigan’s $10.33 minimum wage will likely climb above $12 next year and continue to rise through 2028, depending on the state’s inflation calculations. The lower minimum wage for tipped workers – now $3.93 – will be completely phased out over the next four years.
Under the Earned Sick Time Act (ESTA), all Michigan employers, regardless of the number of employees, must provide all their employees with paid medical leave.

Small employers who are currently exempt from providing paid medical leave should think about how the new law will impact their payroll costs and plan to include new policies in employee handbooks. All employers should review their current paid time off policies and wage schedules well before the effective date.

Watch for more guidance from Yeo & Yeo regarding implementing the paid medical leave benefits.

Yeo & Yeo CPAs & Advisors, a leading Michigan-based accounting and advisory firm, has merged in Berger, Ghersi & LaDuke PLC (BGL) of Bloomfield Hills, Mich., effective July 1, 2024, extending Yeo & Yeo’s presence in the Southeast Michigan region.

“We are excited to welcome BGL’s professionals to the Yeo & Yeo team,” said David Youngstrom, Yeo & Yeo’s President & CEO. “Together, our firms have a combined 140 years of dedicated service, and we share a deep commitment to building strong relationships and providing close personal attention to our clients.”

For more than 40 years, BGL has built a solid reputation for delivering accounting, audit, tax, and consulting services to individuals and businesses. BGL has extensive expertise in services for the real estate industry, high-end tax planning and preparation, and retirement plan audits. The firm specializes in peer reviews, a service that will be new to Yeo & Yeo.

BGL partners Alan LaDuke, CPA, MST, David Berger, CPA, and James McAuliffe, CPA, MST, have joined Yeo & Yeo’s principal group. Alongside them, a skilled team of nine accounting and administrative professionals also joined Yeo & Yeo and will continue to provide exceptional value to clients and maintain the high standards both firms are known for.

“We are pleased to have found a partner in Yeo & Yeo that shares our values and commitment to helping clients succeed,” said Alan LaDuke, Principal at BGL. “As the accounting industry evolves and becomes more complex, this merger will allow us to stay at the forefront and present greater opportunities to enhance the experiences of our team and our clients.”

Looking ahead, Yeo & Yeo plans to establish a new, larger office location in Southeast Michigan to unite the talent of professionals from Yeo & Yeo’s current Auburn Hills office and the BGL firm.

“Combining our offices will allow us to leverage the strengths of both teams, creating a more dynamic environment that ultimately benefits our clients through improved efficiency and collaboration,” said Youngstrom.

Yeo & Yeo was founded more than 100 years ago and has since grown from a family-owned business with roots in Saginaw to more than 225 employees in nine locations across Michigan. With four companies and over 20 specialty teams, Yeo & Yeo remains dedicated to meeting clients’ unique needs and helping them thrive.