Birmingham, MI April 2024

INVESTING IN A FAMILY VACATION

GET INVESTED

INVESTING IN REAL ESTATE

INVESTING IN YOUR FAMILY'S FUTURE

The Investment Issue

Investment by definition is the act of devoting time, effort, energy or finances to a particular undertaking with the expectation of a worthwhile result.

While many may think of investing from a financial perspective, we all invest in many other things, such as our community, families, relationships, and our health. As we launch into this edition of our magazine, I want to emphasize the importance of recognizing and valuing the diverse investments we make every day, often without even realizing it.

For example, investing in our community means more than just monetary contributions to local causes; it involves participating in local events, supporting small businesses, and fostering environments where everyone feels welcomed and valued.

Our families and relationships are the bedrock of our personal lives. The time and emotional energy we invest in them is critical for nurturing strong, resilient bonds. It's about being present, listening actively, and showing empathy and support. These investments might not always be easy, but they are undoubtedly rewarding.

Lastly, let's not forget the investment in our personal development and growth. Whether it's pursuing a new hobby, learning a new skill, or simply reading a book, these activities enrich our lives and expand our horizons. They challenge us to grow, adapt, and become more well-rounded individuals.

Our mission is to inspire you to see investment not just as a financial strategy but as a holistic approach to a richer, more fulfilling life. Each article, story, and piece of advice within these pages is designed to encourage you to invest in what truly matters to you.

Here's to investing in a life that is not only prosperous but also meaningful and joy-filled!

ALI KRAMER, PUBLISHER @BIRMINGHAMCITYLIFESTYLE

April 2024

PUBLISHER

Ali Kramer | ali.kramer@citylifestyle.com

EDITOR

Lynne Konstantin | lynne.konstantin@citylifestyle.com

EDITORIAL COORDINATOR

Rayna Southart | rayna.southart@citylifestyle.com

ACCOUNT MANAGER

Lisa Gindi | lisa.gindi@citylifestyle.com

CONTRIBUTING WRITER

Angela Broockerd, Erica Hobbs, Sean O’Keefe

CONTRIBUTING PHOTOGRAPHER

Aly Darin, Janie Jones

Corporate Team

CHIEF EXECUTIVE OFFICER Steven Schowengerdt

CHIEF OPERATING OFFICER Matthew Perry

EXECUTIVE DIRECTOR OF HR Janeane Thompson

DIRECTOR OF FIRST IMPRESSIONS Jennifer Robinson

TECHNICAL DIRECTOR Josh Klein

AD DESIGNER Evan Deuvall

LAYOUT DESIGNER Kelsey Ragain

BLOOMFIELD HILLS

ROYAL

ROYAL

©2023 California Closet Company,

city scene

WHERE

1: At the Birmingham Education Foundation’s Unabashed Bash hosted on Saturday, Feb. 3 at the Daxton Hotel. BEF Vice President Liz Rito and Dan Rito. 2: BEF Board of Trustees: Sandeep Badhwar, Rick Kelley, Dan Forberg, Liz Rito, Jenn Rass, Jennifer Cook, Alyssa Rothermel, Sherri Levitt, Julie Sutherland. 3: BPS Superintendent Dr. Embekka Roberson gives an introduction speech. 4: Groves Orchestra students provided entertainment. 5: BEF Treasurer and Bash Auction Co-Chair Julie Sutherland and her husband, Andy Sutherland. 6: BEF Trustee Sandeep Badhwar, Kelly Badhwar and BEF student intern Mohan Badhwar. 7: This year’s Legacy Award Winners, Steve Scheidt and Rosemary RicelliScheidt, and last year’s winners, Paul and Jackie Keller.

Marrow Detroit Provisions Opening Butcher Shop and

in Birmingham

Oakland County fans of Detroit culinary icon Marrow will soon have a neighborhood butcher shop and eatery at 283 Hamilton Row in Birmingham. Marrow Detroit Provisions will carry a full range of fresh meats, aged steaks, trademark sausages, handcrafted deli offerings, and a selection of gourmet sundries. The company’s first location outside of Detroit will also serve an elevated casual menu of sandwiches, savory snacks, and coffee throughout the day, available for dine-in or take-out.

Pictured left-to-right: Sue Minster, Jason Geisz, Adam Biswanger, Bob Alati, Beth Silver and Robyn Crewdson

Write Stuff Printing! Celebrating 30 Years in Business

Custom invitations, stationery, hostess gifts, housewarming gifts, and so much more! Owner Dana Ishbia loves working one-on-one with clients to make their event unique and special – whether it’s a big wedding, milestone event or an inti mate gathering. Write Stuff Printing! is a one-stop shop for all invitation, paper and printing needs – “it’s what my cus tomers find most helpful. That, and my dog who greets them at the door!”

Allen D. Rushton Honored as Longest-Serving Rotary Club Member

Chartered on Feb. 6, 1913, the Rotary Club of Birmingham, Rotary 56, was founded by architect Harry B. Wheelock. Today, RCB plays a lead ing role in eliminating polio world wide, expanding access to Pre-K in Birmingham and more. During a recent launch of celebrations, past president Allen D. Rushton was hon ored as the longest-serving member at 61 years (above). To celebrate, the Birmingham Rotary Club will host a dinner May 9, 2024, at the Kingsley Bloomfield Hills, “Honoring Over 100 Projects Over 100 Years.”

RECHARGING YOUR SOUL IN

Travel is no longer just a luxury, it’s an investment that has the power to enrich our lives in ways that traditional financial investments cannot. It broadens our horizons, enhances personal and professional growth, and allows you to recharge your mind and body.

Crystal-clear waters and perfectly white sandy beaches await to recharge the spirits of all weary travelers.

Cancún is known around the world as one of Mexico’s finest tourist destinations. Steeped in the rich history of the Mexican Caribbean, Cancún offers visitors the best that the Yucatán Peninsula has to offer. Whether you are coming for the all-inclusive resort experience or are looking to enjoy the seemingly never-ending gorgeous beaches, Cancún has it all. Unbelievably fresh and delicious seasonal cuisine, great weather, a rich cultural history, exquisitely clear turquoise blue Caribbean waters, and vibrant coral reefs are all waiting for you to explore when you arrive.

Nature lovers, environmentalists, thrill seekers, and luxury destination travel enthusiasts all have a place to call home in Cancún. Boulevard Kukulkan, more commonly known as the Hotel Zone, is home to Cancún’s most luxurious all-inclusive hotels and boasts some of the city’s finest restaurants, nightclubs, and shopping centers. This fifteen-mile-long sand bar separates the Caribbean Sea from the Laguna Inchoate. The brackish waters of

the lagoon’s nature reserve and Mangrove ecosystem offer an exciting, ecologically friendly look into the rich natural history of Cancún. On the other side of the boulevard, crystal-clear waters and perfectly white sandy beaches await to recharge the spirits of all weary travelers.

The JW Marriott Resort and Spa is the place to stay while in Cancún. You'll be met by the most gracious of staff and a high level of service is standard across the property. This impeccably designed resort features multiple pools, an incredible spa, countless delicious restaurants, and a delightful lobby bar featuring over 150 signature margaritas.

Caring for the mind and body should be an essential part of everyone’s travel. A little physical exercise is a necessary element of any vacation for me. Puerto Maya Cancún combines a look into the historical Mayan culture of the Yucatán followed by an amazing speed boat tour of both the lagoon and the sea. And, just when you think it can’t get any better, it’s time to jump in and swim around. Snorkeling on the vibrant coral reefs and visiting MUSA, the Cancun Underwater Museum of Art, absolutely recharges the mind, body, and soul. It is an incredible workout!

If you care to go a little further out of the city, Cenotes Zapote Eco-Tour awaits. Cenotes are natural sinkholes that expose cool, refreshing, groundwater

that is both invigorating and spiritually refreshing at the same time. There are over 6000 cenotes on the Yucatán, each one is unique and otherworldly. Floating or frolicking in the cool waters inside the earth is the ultimate spa experience. There are zip lines or diving platforms at most cenotes and they are well worth experiencing.

While it is nice to explore the “Hotel Zone”,  you don't have to leave the hotel to experience fine international dining at its best!

Sacbé Beach Shack, located in the adjoining Marriott property was beyond belief. Situated directly on the sandy beaches beneath the hotel, the "beach shack" is a whimsically designed bar and dining room offering a perfect oceanside culinary experience. The freshest local ingredients were artfully combined to create a scrumptious offering that highlights regional Mexican cuisines. The mezcal lab experience with famed Master Mezcalier, Chef Benjamín Nava Vargas was an unexpected treat and opened a door to a delicious understanding and appreciation of small-batch mezcals.

Other JW Marriott Resort and Spa culinary treasures include Hana Polynesian Grill’s themed dining room. Perfectly crafty cocktails paired wonderfully with the authentic Polynesian Islands menu. The evening’s festivities were highlighted by a completely themed costumed troupe of singers and dancers performing time-honored Polynesian fire dances. While visiting, be sure to explore Kasai Izakaya, Club 91, and Bravo, a very fresh take on modern Spanish cuisine.

And, when it feels like it’s time to leave the hotel again, check out Chambao Cancún. Just think of it as an interactive curated dinner theatre experience with pop-up music, dance, fashion, and acrobatic activations staged throughout the evening.

Cancún should be at the top of everyone’s travel list in 2024. Trust me, you can thank me later.

JW-Marriott.marriott.com

PuertoMayaCancun.com

CenotesZapote.com

ChambaoRestaurant.com

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Building Peace of Mind

ARTICLE BY ERICA HOBBS

Attorney David Das sees estate planning as investing in your family's future.

When Bloomfield Hills-based attorney David Das lost his father, he found himself struggling with more than just grief. Despite his father having had an estate plan, it was inadequate and Das still found himself in probate court, trying to recover lost assets. Many years later, it's yet to be resolved.

Soon after the death of his father, Das became a father himself and worried about what would happen to his son in the event of his own passing, especially as a minor. After years in a successful yet unfulfilling career as a litigator, Das decided to change course.

“I wanted to be a lawyer that individuals and families could count on in their time of need and to protect what they’ve built,” he says.

Das transitioned to estate planning, dedicating himself to learning about wills, trusts and wealth management and eventually founded Das Law (ddaslaw.com) in Bloomfield Hills in 2021.

Though it may seem daunting, Das says estate planning is ultimately an act of love.

“Estate planning is like setting up a protective bubble around everything and everyone you cherish,” he says. “It’s about ensuring your assets are shielded and will smoothly transition to the next generation. It’s making sure your children are cared for by people you deeply trust, and that all your affairs are in order so your family stays out of court and out of conflict.”

While some may think estate planning is only for the elderly or the wealthy, Das says it's crucial for everyone to be prepared, even if that means overcoming the challenge of facing one’s own mortality.

“Emotionally, it involves making tough decisions and having sensitive conversations with loved ones,” he says. “Practically,

“Estate planning is like setting up a protective bubble around everything and everyone you cherish.”

— David Das

it requires potentially updating your plan and your life changes. Despite these challenges, the peace of mind and security that estate planning brings to your family's future is immeasurable.”

Das says procrastination is the biggest risk and advises that people start their estate planning process now, even if it’s only information gathering. The next step involves taking inventory of what matters most, including physical items, investments, accounts and — most importantly — loved ones, he says. From there, Das recommends that people consult with a professional who can tailor a plan that reflects their wishes, which could include wills, trusts and advanced directives.

“Many think of estate planning as preparing for the end, but I encourage people to see it as investing in the future — your family's future,” he says. “It's a way to say ‘I love you’ one more time, ensuring that your care and thoughtfulness resonate through generations.”

GET

TO KNOW SIX LOCAL REALTORS — AND WHAT THEY LOVE ABOUT WHAT THEY DO.

Favorite Things

ARTICLE BY LYNNE KONSTANTIN

LISA LIPARI

Dobi Real Estate, Birmingham; wearedobi.com

Who is your role model?

I have different role models for different qualities. My mom is one because she has so much drive and determination to be successful and never stops educating herself. My dad is one because he always taught me to work hard and to be my own boss, so I don’t have to answer to anyone but myself and the sky’s the limit. I also have a multitalented uncle — he’s a lawyer, a movie producer, a playwright, a philanthropist and an all-around wonderful person who I look up to.

Favorite quote?

“Never leave that till tomorrow which you can do today.” – Benjamin Franklin.

Favorite hobby?

Between work, life and young kids, I don’t have a lot of time for a hobby, but working out has become a passion. Last April I decided that I was going to focus on my health and make working out a priority. It has helped me physically and mentally — I can’t imagine it not being a part of my daily routine.

Real estate is a demanding profession. What do you do to take care of yourself?

In addition to working out, I do get manicures and pedicures. I hate actually sitting there while it’s happening, but people are looking at my hands when I open lockboxes, so they have to look nice! Also, taking vacations is important to recharge and clear my mind. Whether it’s with my family or friends or alone with my husband, it’s important to reward yourself with even a short trip to escape.

What’s your favorite room in your home?

I love our living room the most because that’s where we always hang out with our kids, and it’s open to the kitchen so it feels like we are always close together in the evenings.

What do you love about your job?

The best part of my job is when I hear from a client, sometimes months after we’ve closed, and they tell me how happy they are in their new home. The process of buying or building a home and moving is very stressful and sometimes it’s hard for buyers to see the finish line, so I love making it as easy as possible for them. When they finally get settled into their new home and realize they’ve picked the perfect house and all of the stress is behind them, it is extremely satisfying for them and me. On the flip side, when I’m selling a home, I love when my clients tell me how easy and seamless I made it for them, and how much they appreciate my constant communication throughout the process.

MEREDITH COLBURN

The Agency, Birmingham; meredithcolburn.com

Who is your role model?

My role model is my mother, Nanci Rands. She was a trailblazer in the real-estate industry and is still at her best after 50 years of success and expertise in the local market. Her work ethic, integrity and unwavering commitment to excellence inspire me every day.

Favorite quote?

“Success is not final, failure is not fatal: It is the courage to continue that counts.” — Winston Churchill.

Favorite hobby?

Skiing is my ultimate escape. There’s something incredibly exhilarating about it. It’s not just a hobby; it’s a passion that always both invigorates me and keeps me grounded amidst the hustle of everyday life.

Real estate is a demanding profession. What do you do to take care of yourself?

Self-care is important, yet so difficult to prioritize. I do my best to carve out time for activities that nourish mind and body — indulging in a spa treatment, taking a long walk, or simply spending quality time with my family and dogs.

What’s your favorite room in your home?

My kitchen is the heart of my home. It’s not just a space for cooking; it’s the best casual environment where everyone can be together. There’s an undeniable warmth and joy that permeates this space, making it my sanctuary.

What do you love about your job?

I love so many aspects of my business. Whether it’s helping clients find their dream home or assisting them in selling a property that holds sentimental value, being a part of such significant life moments is incredibly fulfilling. Plus, the dynamic nature of the real-estate industry keeps me on my toes, allowing me to constantly evolve and challenging me to strive for excellence.

SHEEL SOHAL

Sheel Sohal Realty Group / KW Domain, Birmingham;  sheelsohal.com

Who is your role model?

My wife, Samantha Proffer. She has worked tirelessly to establish herself as a dedicated hairstylist recognized in Metro Detroit, Nashville and Los Angeles, and she illustrates qualities that resonate deeply with me — her unwavering commitment to caring for others, prioritizing clients’ needs above all and putting in the hard work to achieve excellence. These characteristics inspire my approach in the real-estate world, where client satisfaction and dedication are paramount. She has also seamlessly embraced a new role as the lead designer for our real-estate group; her creativity and attention to detail have infused our projects with a unique aesthetic that resonates with our clients. On a personal note, Samantha is also a remarkable mother to our two-year-old son, Parker. Her boundless care and love for our family inspire me daily, reinforcing the importance of balancing professional success with developing personal relationships.

Favorite quote?

“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.” — Harold Geneen.

Favorite hobby?

Traveling with my family. Our favorite go-to destinations are Miami, Cabo and Paris. We love returning to those three often and hope to explore new adventures soon.

Real estate is a demanding profession. What do you do to take care of yourself?

In the hustle of my busy schedule and constant client focus plus family, carving out time for self-care is non-negotiable. I kickstart each day at 5 am with a workout routine, ensuring I prioritize my physical well-being — and it energizes me for the day ahead.

What’s your favorite room in your home and why?

Our living room is the heart of our house, where we have fun together. Samantha, our son and I create lasting memories, from building foam block structures to playing with his favorite trucks and toys and reading his favorite books. But it’s more than just playtime — it’s where Samantha and I carve out moments to talk about our future goals and hatch plans for projects and trips.

What do you love about your job?

I love the profound impact I can have on people’s lives. Assisting clients in finding their dream home or successfully selling a property during significant life moments is incredibly fulfilling. The active nature of the real-estate industry and the unique challenges each client brings keep me engaged and excited. Building trust and witnessing our clients’ satisfaction makes every day in this profession so rewarding.    CONTINUED >

LISA NEDERLANDER

Max Broock Realtors, Birmingham; lisanederlander.com

Who is your role model?

Barbara Corcoran [founder of the Corcoran Group in NYC, where Nederlander started her career]. She was an ingenious leader on the forefront of technology and set the industry standard on creating an environment based on agents supporting one another rather than competing against each other. Barbara also threw a fantastic party.

Favorite quote?

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” — Maya Angelou.

Favorite hobby?

My first love is live theater, with my upbringing in a theater family. A close second is fine and decorative art. Being on the board of directors for the Friends of Modern & Contemporary Art (FMCA) at the DIA is incredibly fulfilling for me.

Real estate is a demanding profession. What do you do to take care of yourself?

I find tranquility in learning and make sure to take some quiet time to myself every day. I also meet my personal trainer twice a week and go on my elliptical in my home gym on off days. Mostly, I feed my soul by watching my daughter blossom — being mindful is key.

What’s your favorite room in your home?

I have the most wonderful windows throughout my home, and turned the formal living room into my home office — so my work space is also the most elegant room in the house.

What do you love about your job?

I get to have an abundance of variety in my life while also feeling like I am helping people as we maneuver through the moving process, which can be very daunting. I get to know my clientele on a very personal level. I also love that I’m often moving about town and every day is different. I feel like the luckiest person to have become a real-estate agent.

CHRIS PERO

Max Broock Realtors, Birmingham;  chrispero.maxbroock.com

Who is your role model?

My dad. Hard working, family first, responsible, reliable, great husband, good sense of humor and lots of other qualities that have provided me admirable footsteps to try to follow in.

Favorite quote?

“I never lose. I either win or I learn.” — Nelson Mandela.

Favorite hobby?

I enjoy a lot of different things but my favorite is watching my kids perform or play sports. I can forget about everything else and easily be in the moment.

Real estate is a demanding profession. What do you do to take care of yourself?

I recently joined a group of guys in a walking challenge — 100 miles a month. It is great to just get outside and stay active.

What’s your favorite room in your home?

My living room. No TV — I turn the fire on and can just relax, even if it is only for 10 minutes.

What do you love about your job?

Pretty much everything. Of course, nothing is perfect but I am extremely fortunate to love what I do.

CONTINUED >

Photo by Aly Darin

CANDICE RICH

@properties | Christie’s International Real Estate, Birmingham; candicerich.com

Who is your role model?

My most profound role models were my late parents — they instilled in me invaluable lessons that have shaped my character and aspirations. Education, the pursuit of excellence and integrity in all endeavors were deeply ingrained values in our family, and they led by example. My parents emphasized the importance of independent thinking and leadership and to always give back more than what you receive. Their unwavering support and wisdom have shaped me into the ambitious woman I am today. Their guidance continues to inspire me to stay true to my values and to make a positive impact in all aspects of my life, and to all that I meet along the way.

Favorite quote?

“No matter when or where, always bring your ‘A’ game, because you never know when it will open doors for you.” — Simon Sinek.

Favorite hobby?

Dancing! Cultivated from years of classical training in ballet and jazz in my younger years, and then later in life dancing in competitive ballroom and salsa. Though I don’t have the opportunity to dance as much as I’d love to, the passionate and lively dance of salsa is part of my soul and my all-time favorite.

Real estate is a demanding profession. What do you do to take care of yourself?

I find solace in prayer, which centers and grounds me, regular workouts to stay physically fit and keep my energy levels up and when I can, spa treatments and mini vacations are always a great indulgence. I also can often be seen around town enjoying an amazing dinner, paired with a great bottle of wine at one of our local restaurants here in Birmingham.

What’s your favorite room in your home?

My favorite room, since I was a kid, has always been my bedroom. It’s my safe haven, my own personal space to just chill, unwind, burn a candle, read and be cozy.

What do you love about your job?

The ever-evolving landscape of real estate continually challenges me to expand my knowledge and refine my skills both personally and professionally and allows me to build a business with unlimited growth potential. As a former accountant with years of experience in the financial and tax industry, I bring this knowledge into my daily real-estate advising and guide all clients to safeguard their assets, whether their primary home or an investment property. Above all, I love to help people and truly care about my clients, who often become dear friends. Listening to and understanding their needs is always at the forefront; cultivating enduring connections with both clients and industry peers allows for a collaborative environment, which means everybody wins.

ARTICLE BY ANGELA BROOCKERD PHOTOGRAPHY BY JANIE JONES

INDOOR PLANT GUIDE

Investing in indoor plants can not only spruce up your living space, but also bring numerous health and well-being benefits

Bringing the outdoors in with the use of house plants is a great way to add color and dimension to your space. We sat down with Jesse Nelson at Family Tree Nursery, based in Kansas, and discussed the benefits of incorporating plant life into your home.“There are plenty of studies on the health benefits of plants, and the evidence suggests that being around plants and caring for plant life increases overall wellness,” explains Nelson. “Anytime you bring a plant into a home or work environment, it’s going to make you feel better. It is going to beautify the space in a way that art cannot, and they also have the added benefit of  purifying the air.” There are a wide variety of indoor plants that work for any space and light situation that you may have. Regardless if you have a green thumb or a black thumb, there are plant varieties that fit your lifestyle. Here are a few of our favorite indoor plants to incorporate into your home.

SNAKE PLANT:

This plant goes by many names such as Snake Plant and Mother-in-Law’s Tongue and is one of the most popular indoor plants. The Snake Plant is for anyone from a green thumb to a black thumb because anyone can grow it. These hardy plants can adapt to any environment and can live in both high light and low light. Snake Plants are great for countertops and tabletops because they grow tall, not

wide. They are great bedside plants because they help purify the air as they go through photosynthesis at night. They only need to be watered about once a month. These plants can also be outdoor plants and can acclimate during the summer months. Be sure to spray the plants three to five times before bringing them back indoors to get rid of any bugs that could have made the plant their home.

Anthurium has gorgeous, colorful flowers and is the easiest indoor flowering plant to care for. It comes in a variety of colors including red, white, orange and purple. Anthurium likes to be dry, so let it go bone dry before watering. Fertilize every so often, especially when blooming. These plants do not like direct sunlight and can be repotted every three to five years.

HOPE PEPEROMIA:

This cascading plant is gaining popularity due to its succulent-like leaves and also because it is fairly easy to care for. The Hope Peperomia likes medium to bright direct sunlight. It does well as a tabletop plant or a hanging plant. Watering is only needed one time a month regardless of plant size.

“Anytime you bring a plant into a home or work environment, it’s going to make you feel better. It is going to beautify the space in a way that art cannot, and they also have the added benefit of  purifying the air.”

This is a slow-growing variety that is architectural and compact. This plant is a great statement piece and looks great in an entryway or by a chair. There are a lot of varieties and colors of the Dracaena. They are very resilient in low light and are great for an office space with little or no light. They like to stay on the dry side, so they like to be watered when they are about ½ to ¾ of the way dry. When watering, give it a good soak. Protip: A moisture meter can be purchased and used to determine how dry your plant is to help determine when it is time to water again.

ANTHURIUM:

DRACAENA JANET-CRAIG COMPACTA:

ZZ PLANT:

The ZZ plant, which its formal name is Zamioculas Zamiifolia, is a very easy plant to care for. They like anything from low light to bright light. These plants are hard to kill and can go a long time without being watered. Their bulbs hold a lot of moisture, so they only

need to be watered once a month. This is a great plant to give as a gift due to its ease of care and versatility. They are slow-growing and are great for counters and tabletops. There are new varieties coming out such as Lucky which has round leaves and Raven which is black.

YOU ONLY GET ONE RETIREMENT

Retirement marks the culmination of years of dedication, perseverance and sound financial choices. It's often envisioned as a period of relaxation, exploration and deep connection with family and friends. However, this dream doesn't just manifest. It necessitates forward-thinking and detailed planning, regardless of one's financial status. Amid global economic changes, evolving life expectancies and intricate tax systems, an all-encompassing and strategic retirement plan is more crucial than ever.

A key element of effective retirement planning is diversifying your income sources. While staples like 401(k)s or IRAs are foundational, it's equally important to branch out. Dividend-bearing stocks can provide regular dividends, bonds offer both periodic interest and principal return and real estate, whether directly or indirectly owned, has potential for both rental income and value growth. Private investments can also yield passive income and impressive returns.

Tax considerations significantly influence retirement strategies. Each financial action, from asset sales to account withdrawals, can carry tax consequences. Knowing these details can greatly influence one's overall retirement income. Tactics such as Roth IRA conversions can help distribute tax liabilities over time, allowing for tax-free withdrawals later on. Using strategies like tax-loss harvesting can balance out capital gains, ensuring proactive steps to reduce tax impact.

SOURCES OF INCOME DURING RETIREMENT

Annuities have long been recognized as a popular retirement income source. An annuity is essentially a financial contract that can

offer a steady and predictable income, with options that might even extend to lifetime payouts. Available in varieties like fixed, variable and indexed, they often come with tax advantages. However, retirees should also be aware of certain drawbacks. These might include fees and expenses, issues around liquidity, and potential concerns related to inflation.

Delving into the world of Alternative Investments, retirees can consider assets such as hedge funds, private equity and real assets, among others. These investments may promise higher returns and provide diversification away from traditional stocks and bonds. However, the complexities of these investments mean they often come with challenges like illiquidity, higher fees and the need for a thorough understanding of the investment itself.

Delaware Statutory Trusts (DSTs), while not familiar to everyone, can be a potential retirement income source. Historically rooted, DSTs offer a form of passive real estate investment, which can lead to regular distributions. They also open doors to 1031 exchange possibilities, offering tax deferral benefits. But, just like any other investment, DSTs have their limitations, notably the lack of liquidity and the heavy reliance on trust management.

Introduced by the Tax Cuts and Jobs Act of 2017, Qualified Opportunity Zones (QOZs) were designed to spur economic development. Investing in these zones can lead to deferral, reduction and even the potential elimination of certain capital gains taxes. However, they often require a long-term investment horizon, and retirees must be well-versed with the specifics of the chosen opportunity zone.

“USING STRATEGIES LIKE TAX-LOSS HARVESTING CAN BALANCE OUT CAPITAL GAINS, ENSURING PROACTIVE STEPS TO REDUCE TAX IMPACT.”

Rental Income remains a favorite for many looking for consistent returns. Whether through direct property ownership or Real Estate Investment Trusts (REITs), real estate can offer passive income, tax benefits and appreciation. Yet, the responsibilities tied to property management, the uncertainties of market fluctuations and other associated costs must not be ignored.

The backbone of many retirement plans, Social Security Income, provides a safety net for millions. Established with the intent of financial assistance, the amount one receives depends on various factors. There are also strategies retirees can employ to maximize these benefits, such as deciding on the optimal time to claim or considering the implications of working while receiving benefits.

ESTATE PLANNING AND PHILANTHROPY

Beyond the immediate realm of retirement, estate planning emerges. This encompasses not just post-retirement arrangements but also asset distribution for future generations or charitable endeavors. Regularly reviewing wills, trusts and beneficiary designations ensures alignment with changing circumstances.

Philanthropy seamlessly integrates with retirement plans. Beyond fulfilling a personal mission to give back, it also carries financial benefits. Using instruments like donor-advised funds or charitable trusts lets individuals make impactful societal contributions while enjoying tax advantages.

You only get one retirement. In the ever-evolving world of finance, staying updated and flexible is essential to ensure the continued relevance and efficiency of one's retirement strategy.

Disclosures

Securities offered only by duly registered individuals of Madison Avenue Securities, LLC (MAS), member FINRA/ SIPC. Advisory services offered only by duly registered individuals of Csenge Advisory Group, LLC. MAS, Csenge Advisory Group, LLC and Impact Wealth, LLC are not affiliated entities.   Investing involves risk, including the potential loss of principal. This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.

Every retirement journey is distinct, and each vision merits expert guidance. Impact Wealth is based in Boulder Colorado. You can contact them at Impact@ImpactWealth.com.

APRIL 2024

events

A SELECTION OF UPCOMING LOCAL EVENTS

APRIL 6TH

Royal Oak Bourbon Fest

Royal Oak Farmers Market

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Royal Oak Bourbon Fest is an indoor bourbon festival hosted at Royal Oak Farmers Market (316 E Eleven Mile Rd). This festival will feature 200+ whiskeys and bourbons, store picks, classic cocktails and high-end bottle section. In addition to the great beverage selection, we will have food trucks, live music, vendors and more! Visit royaloakbourbonfest.com/ to buy tickets.

APRIL 13TH

Spring Stroll

Downtown Birmingham

The Spring Stroll event, presented by Warby Parker, features local Birmingham retailers and restaurants, with special giveaways and more. The event will take place between 11 a.m. and 2 p.m. with staggered start times. Registration is required. Please visit allinbirmingham.com/calendar for more details.

APRIL 19TH

Detroit Festival of Laughs

Fox Theatre

Get ready for an uproarious evening of laughter at the highly anticipated Motor City Comedy Festival, coming to Fox Theatre on Friday, April 19 at 8 p.m. The show features a star-studded lineup of renowned comedians, including Sommore, Lavell Crawford, Tony Roberts, Don DC Curry, Coco, and Teddy Carpenter. Visit  visitdetroit.com for more information.

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Range up to 300 miles*

0-60 in 4.6 seconds*

30-minute charge time*

Up to 517 HP*

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* preliminary figures