You often see the terms Agent Trustee and Executor in various legal documents Each of these appointments allows for someone to care for your financial household in the event you are unable to act and upon your passing But what is the difference between these three roles and why does it matter who you appoint to each role, The role of your agent, Under both your Power of Attorney for Health Care and Power of Attorney for Property you (the creator of the Power of Attorney are the “principal” while the person you appoint to act on your behalf is the “agent” Typically this power to act on your behalf becomes effective upon your incapacity and will terminate upon your death When considering who to appoint to this position it may be advisable…, The role of your trustee, Similarly choosing a trustee is not always a simple task Within the governing instrument of your trust you (the creator of the trust are considered the “grantor” The “trustee” is the person or third party designated to control and carry out the terms of the trust The time at which the trustee will act is dependent on the governing instrument Typically for an individual’s living/revocable trust…, The role of your executor, Under your “Last Will and Testament” you (the creator of the Will are considered the “testator” Under this legal document an “executor” is also named Like a trustee an executor has a legal obligation to carry out the terms of the document in the best interests of the parties involved The task at hand can be overwhelming The named executor acts upon your passing To put it simply the executor…, Published February 2025, Mesirow does not provide legal or tax advice

In June 2024 United States Supreme Court issued a decision which may have a significant impact on closely held businesses with certain buy-sell agreements , What is a buy-sell agreement, When two or more persons own a business a buy-sell agreement serves a critical role in defining what happens to the business if an owner dies becomes permanently disabled retires or otherwise exits the business In most cases the agreement provides that the exiting owner’s interest will be bought out providing them (or their family with cash for the value of the exiting owner’s interest and the…, How does the US supreme court decision affect buy-sell agreements, The case is question is Connelly v United States (US No 23-146 Opinion 6/6/24 This case involved the valuation of a business originally owned by two brothers The owners entered into a “redemption” buy-sell agreement with the business that required the business to purchase the ownership interest of either brother if one of them died The business purchased and owned life insurance on each brother…, What steps should business owners take, If you have a redemption buy-sell agreement in place for your business you should consider reviewing this agreement with your legal advisor to determine whether the Connelly decision impacts you and your business You may also want to consider a more comprehensive review of the structure and funding of your agreement Is it optimally structured for your current business entity If you have funded…,  , Published February 2025

529 accounts are great vehicles to use to save for college  The money grows tax-free and there is no tax on distributions from the account — as long as it is used for qualifying education expenses like tuition books or room and board Additionally many states including Illinois allow for some state tax deductions  , Leftover 529 assets, Money left over in 529s can always be transferred to another family member’s 529 or it could be withdrawn from the account — which would incur a 10% penalty on investment earnings plus you would have to pay taxes on the earnings as well  Beginning in 2024 there is a new alternative — as part of the Secure 20 Act leftover funds in a 529 account can be converted to a Roth IRA with no penalties or…, About Roth IRAs, Roth IRAs are very desirable accounts They too grow tax-free and there is no tax on distributions from the accounts Generally it has been hard to accumulate large balances in Roth IRAs because contributions are limited to certain income thresholds and rollovers from Traditional IRAs to Roth IRAs can be costly from a tax perspective  The provision to enable rollovers of leftover funds from a…, Published March 2025,  

Jack Yao is a Managing Director and Head of Asian Distribution in Mesirow Institutional Sales and Trading He oversees fixed income products distribution and business development in Asia  Jack has over 10 years of experience in the banking industry Before joining Mesirow he served as Lead Portfolio Manager at Cathay United Bank in Taiwan He traded rates and managed their UST and US Mortgages…

James Ellenberger is a Senior Vice President and Senior Portfolio Manager in Mesirow Currency Management He is a member of the Portfolio Management team responsible for managing client portfolios as well as developing custom solutions for clients James has more than 20 years of foreign exchange trading and execution experience James earned a Bachelor of Science in international business…

James Gaines is a Vice President and Wealth Advisor in Mesirow Wealth Management He specializes in creating customized financial plans cash flow analyses retirement plans and social security solutions for affluent individuals foundations and business owners James has 16 years of experience in the financial services industry Prior to joining Mesirow in 2015 he was an investment manager at Saxony…

James Jacobson is a Director in Mesirow CTL and Structured Debt Products He is responsible for originating structuring and sourcing debt capital for the acquisition or refinancing of investment grade commercial real estate assets as well as other fixed income investment banking services James Joined Mesirow in 2012 James earned a Bachelor of Science from Indiana University and an Masters of…

Jim Mangan is a Senior Managing Director in Mesirow Institutional Sales and Trading He serves as Co-Head of Corporate Sales and Trading and oversees all sales related activity  Jim has more than 25 years of experience in fixed income sales covering both large and middle-market size accounts  Prior to joining Mesirow in 2013 he worked at Goldman Sachs for 15 years in their FICC corporate sales…