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March 2025
Spring’s Sweet Renewal Chasing Fireflies and Letting Go of What No Longer Serves Us
Running barefoot through the grass, climbing big dogwood trees, skipping stones on the creek, and chasing fireflies at night — I have vivid memories of carefree spring days growing up in the Carolinas, days that felt like they could stretch on forever when I was a kid. I’ve always loved this time of year and see it as a season where everything comes back to life. Flowers bloom, children spend their free hours playing outside without a care, and a spirit of letting go of the things that no longer serve us reigns supreme as we dust off the cobwebs for spring cleaning. A Question to Ask (or Answer for) a Loved One Asking and answering important questions helps preserve your family’s values and life lessons for generations to come. Is there a special spring memory from your childhood that still brings you joy? “Spring” is what it’s called when water bubbles out of the ground, and it’s what we call a tightly coiled piece of metal. It’s appropriate this time of year is named spring, too, because we feel potential, pent-up energy like something big or new is about to happen. It certainly felt that way as a child watching the loud, dramatic spring storms roll in and quickly disappear. I loved going outside to spend that pent-up energy after being stuck in the house all winter. It made everything exciting again. I remember the wild honeysuckles that grew on the hill near our home. We’d sit in the grass, pulling the flowers apart to suck up the sweet nectar. I can still smell the vibrant blooms if I think hard enough about it. It was baseball time for me and my friends, and we would imagine the yard behind the house was a big league baseball diamond. Our third base was a tree, and we would use the gloves and items of the team up to bat as our remaining bases. Our makeshift diamond worked well for us until the infamous year I ran smack into third. I swung the bat and took off running, whipping around second base and peeking over my shoulder to see where the ball ended. I ran full speed into that tree, knocking myself flat on my back. My friends still remind me of that day. Of course, springtime isn’t just about playing and running into trees; It’s a reminder to let go of what you no longer need, whether it’s clutter in your home or ideas in your mind; it also means revisiting your estate plan. Everything is always in a state of change and growth, and we’ve
entered a cycle of rebirth or renewal. Let’s let go of the clutter and welcome the exciting opportunity to give yourself a fresh start. My grandma had a saying she loved about spring-cleaning, one I’ve seen on little knickknacks and household items — “Clean enough to be healthy and dirty enough to be happy.” As a child, I remember cleaning the rugs in the house with her, rolling them up, and hanging them out over a clothesline. We’d use rug beaters to beat the dust out of them, a technique that seems lost to time. It was a chore, but it didn’t feel that way. There was something fun about watching the clouds of dust disappear. Spring reminds me that life is much like those rugs we used to clean with Grandma. Every so often, we need to shake the dust off, whether cleaning the house, letting go of old habits, or revisiting our plans. Grandma’s favorite phrase captures the spirit of the season so perfectly. Spring isn’t about chasing perfection — it’s a time to find balance, make space for growth, and enjoy life’s simplest pleasures, like catching fireflies or imagining the possibilities waiting around the corner. So,
roll up your sleeves, swing for the fences, and welcome the energy and renewal the season brings … just watch out for third base.
“The flowers are springing up and the time of the singing of birds has come. Yes, spring is here.” – Song of Solomon 2:12 Philip J. Corson, Founder
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Crack the Code Benefits and Drawbacks of the Latest College Aid Forms
Applying for college financial aid has been a moving target recently amid changes in federal rules. One new loophole is good news for families, however. For the first time, grandparents can set aside money in tax-sheltered accounts to help pay a grandchild’s college expenses without jeopardizing the student’s eligibility for other financial aid.
eligibility. This is bad news for families with multiple children who want to attend college at the same time.
In another change, the latest FAFSA substitutes a new measure, the Student Aid Index (SAI), for the Expected Family Contribution measure used in the past. The SAI ranges from -1500 to 999999, and the lower it is, the greater the likelihood a student will get need-based financial aid. States’ 529 plans, named for Section 529 of the Internal Revenue Code, function like a kind of 401(k) account for education by deferring taxes on investment gains on savings for designated educational purposes. States began to develop these plans in the 1980s to encourage families to save for college, and all states now sponsor some version of a 529 plan. Other changes include expanding the number and potential size of Pell Grants. The maximum Pell Grant will rise to $8,145 in the 2025–2026 academic year from $7,395 in 2024–2025. While the SAI is calculated based on a student’s family size, income, and assets, eligibility for Pell Grants also considers a family’s financial standing according to federal poverty guidelines. In other changes, the revised FAFSA relies on federal tax information provided by the IRS rather than answers provided by applicants. It also asks fewer than 50 questions, compared with 108 in the previous form. While many people labor over the form’s detailed questions, the most common mistake is not filling out the FAFSA at all. This omission excludes students from eligibility for numerous subsidized loans and grants, scholarships, and other aid from the college or university they attend. Many students wrongly assume they won’t be eligible for aid because they or their parents make too much money or their grades aren’t high enough. Plenty of circumstances can qualify applicants for grants and awards, from being the first in their family to attend college to being in the military, being unemployed, or planning to major in a specific in-demand subject. With numerous sources of financial aid in play, the potential rewards of completing the FAFSA are well worth the time invested!
The benefits could be significant for families planning, saving, and working together toward college-funding goals.
The primary tool to qualify for federal aid and other sources of help is the Free Application for Federal Student Aid (FAFSA). The latest version of FAFSA does not require students to report distributions from grandparent-owned 529 college savings plans. In the past, those distributions could reduce a student’s financial aid by half of a grandparent’s contribution. Family members, including grandparents, are playing a growing role in covering soaring college costs. Undergraduate students cannot borrow more than $5,500–$12,500 a year in federal subsidized and unsubsidized loans, depending on their school year and whether they rely on their families. This nearly always falls short of the average annual public university tuition of $11,000 for in-state students, $24,500 for out-of-state students, and $43,500 for private college students. Parents are shouldering an increasing share; 11% take out federal parent PLUS education loans, borrowing an average of $40,000 per parent as of 2020. Other changes in the FAFSA form have subtler implications for families. The government no longer considers the number of students one family has in college simultaneously to determine
“The latest version of FAFSA does not require
students to report distributions from
grandparent-owned 529 college savings plans.”
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When a disaster strikes, it’s not just your home and immediate family you need to protect; your furry family members also need you to keep them safe. By preparing for the unexpected and ensuring you have the right supplies, lines of communication, and arrangements, you can help reduce the stress and uncertainty for you and your furry companions. Get ready to be all paws on deck with these tips to keep your pets safe during emergencies. Be Purr-pared With a Plan Make sure you include your pet in your household’s overall emergency plan. You will avoid stressful scrambling at the last minute when a disaster occurs. If you need to evacuate, account for all pets so they don’t get hurt or lost in the chaos. Not all public shelters and hotels allow animals to stay, so determine a safe place to take them. It’s also important to assign a friend, neighbor, or family member to care for your pets if you cannot. If you have not microchipped your pet, now is a great time. Shelters can scan microchips to determine a lost animal’s home and owner’s contact information. Pack for Your Pets Create an emergency kit for your pets that includes supplies they need to survive a disaster. You should have a few days’ supply of food, water, and any medications your pet needs. Ensure you have a backup leash and collar and copies of your pet’s registration. Include grooming items and sanitation tools like pet litter and paper towels. Items like favorite toys or your pet’s blanket can comfort them in stressful situations like an evacuation. Travel-Ready Tails Make sure you are ready to transport your pet in a travel carrier quickly. Place their carrier open in an area your pet is comfortable with, like a favorite napping spot. You can add a familiar blanket and toy inside to reduce their stress and use treats to encourage them to go inside. Make a mental note of your pet’s behavior during stressful times so you know where their go-to hiding spots are. Keeping Pets Safe in Emergencies All Paws on Deck
TAKE A BREAK
AQUAMARINE BASKETBALL BLUEBIRD CLOVER GREEN IDES LEPRECHAUN MADNESS
PISCES SPRING TANGERINE TULIP
Not Your Mom’s Corned Beef and Cabbage
Inspired by AllRecipes.com
Ingredients
• 1 (4 lb) corned beef brisket with spice packet • 3 qts water • 1 onion, quartered • 3 carrots, cut into large chunks
• 3 celery stalks,
cut into 2-inch pieces
• 1 tsp salt • 2 lbs red potatoes, halved • 1 small head of cabbage, cut into eighths
Directions 1. In a large pot or Dutch oven over medium-high heat, combine corned beef, spice packet contents, water, onions, carrots, celery, and salt. Bring to a simmer (skimming off any foam on top). 2. Cover pot, reduce to low heat, and let simmer for 3 hours until meat is fork tender. 3. Add potatoes to the pot and let simmer uncovered for 30 minutes or until potatoes are al dente. 4. Add cabbage along the edges of the meat and on top. Cover and let simmer until cabbage is tender, 20–30 minutes. 5. Place meat on a cutting board and let rest for 10–15 minutes. After meat has cooled, slice against the grain. 6. Add to a large serving bowl, ladle vegetables and broth over top, and serve.
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INSIDE THIS ISSUE
1
A Season for Growth, Play, and Fresh Starts
Loopholes and Pitfalls in College Financial Aid Rules
2
Not Your Mom’s Corned Beef and Cabbage
3
Prep Your Pets for Disasters
How the DOL’s Final Rule Protects Retirement Investors
4
A NEW ERA FOR ERISA The Final Rule Transforms What It Means to Be a Fiduciary
For more than 14 years, the U.S. Department of Labor has been trying to determine a new definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA). A fiduciary provides investment advice for a fee to employee benefit plans. Under ERISA, someone is a fiduciary if they have control over managing
or using a plan’s assets, provide investment advice for a fee, and have responsibility for managing the plan. Since 1975, these discussions were only considered “investment advice” if they adhered to a five-part test. However, this past September, the Department of Labor released new regulations called the Final Rule that redefines what it means to be an investment advice fiduciary. With this recent change, the five-part test goes out the window. The Final Rule expands the definition of who can be considered a fiduciary. Someone is a fiduciary if they regularly provide investment recommendations and advice to retirement investors for a fee. That advice must be based on the investor’s needs and reflect expert judgment that serves the investor’s best interests. They must also state that they are acting as a fiduciary when giving advice;
however, if you’ve previously received one- time advice, that could now be considered fiduciary advice. That’s a lot of information to swallow, and by now, you’re probably wondering how this will affect the average person. In most cases, these changes will only affect those acting as fiduciary advisors and retirement investors, including participants, beneficiaries, IR owners (Ingersoll Rand Inc.), and anyone else involved with an ERISA plan. Through the Final Rule, you should receive better advice that puts your interests first, providing more transparency about recommendations and any fees involved. It should also create greater accountability for advisers, brokers, insurance agents, and anyone else acting as a fiduciary. All in all, this is a great change for those who interact with fiduciaries. You can rest assured knowing the advice you receive will benefit you and your investments.
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