Earlier this year, the Supreme Court ruled that many of President Trump’s “emergency” import tariffs were improperly collected, finding there was no congressional authority to impose them.

Since then, businesses that paid those now-unsanctioned tariffs have been waiting for guidance from U.S. Customs and Border Protection (CBP) on how to recover those funds.

On April 20, 2026, CBP officially began processing tariff refund claims through its new online CAPE portal and, presumably, significant refunds will soon begin flowing back to importers who can substantiate and perfect their claims.

What’s interesting is that the conversation is now shifting from operations to tax strategy.

Taxability and Tariff Refunds

Three years ago, I wrote a piece for Mother’s Day about the most important money lesson I ever received. It didn’t come from a textbook or professor. It came from my mother, and a system she called The Ledger.

The problems I wrote about in 2023 are still here, only bigger. When I first published this, U.S. federal debt sat at roughly 98% of GDP. Today we’re staring down a forecast of 116% by 2034.

I’m sharing this again, with updated charts and data, because the lesson she taught me still applies. It applied to a kid with a shrinking balance. And it applies to our country’s burgeoning deficit and ongoing irresponsible fiscal spending policies.

Happy Mother’s Day to all the moms!

 

Money Lessons From My Mom – Then and Now

The first anniversary of “Liberation Day” (April 2, 2025) marks one of the most abrupt policy-driven market shocks in recent financial history. On that day, sweeping U.S. tariffs were announced across nearly all major trading partners, triggering an immediate and severe reaction across global equity markets. What followed was a classic case study in how markets process geopolitical shocks: an initial sharp drawdown, elevated volatility, and ultimately a recovery that highlights the forward-looking nature of markets. Examining both the short-term dislocation and the subsequent one-year performance of the S&P 500 provides valuable insight into market resilience, drawdowns, and how this episode compares to historical crises.

The Anniversary of Liberation Day: Market Shock, Recovery, and Historical Context

At some point, every family faces the same reality: aging is not a future concept—it is a present force, gradually shaping decisions, relationships, and responsibilities. Whether it is our own path or that of our parents, the questions eventually surface. What will care look like? Who will make decisions? How do we balance independence with safety?

Planning for Aging—Before It Becomes Urgent

Family meetings provide structure for conversations about wealth, values, and legacy. They are just as important as financial statements because they address the human side of wealth — communication, trust, and preparing the next generation.

Should You Have a Family Meeting?

Wellspring Family Office Announces Strategic Partnership with The Pritzker Organization

Cleveland, Ohio, September 15, 2025 — Wellspring Family Office has entered a strategic partnership with The Pritzker Organization (TPO). This partnership strengthens Wellspring’s ability to serve families with expanded capacity and specialized services while preserving its independence, values, and client-first culture.

For more than 70 years, TPO has partnered with exceptional leaders and businesses, focusing on thoughtful investments with long-time horizons. Unlike private equity, which prioritizes short-term gains, TPO provides permanent capital and a shared long-term vision for the future. This approach aligns closely with Wellspring’s mission to provide guidance and support for families across generations.

“This partnership allows Wellspring to grow our service offerings, strengthen our resources, and deepen the tailored solutions we provide without changing who we are and remaining independent,” said Michael Novak, founder and CEO of Wellspring. “Our mission remains the same as we continue to deliver our one phone call personalized service, trusted relationships, and uncompromising excellence to the families we serve.”

“We’re excited to enter this long-term partnership with Wellspring based on the core values and vision we share,” said Jason Sussman, Managing Director, The Pritzker Organization. “We were drawn to the way they put people and families at the center of everything they do. We are excited to support them as they continue to innovate on the multifamily office model with that North Star.”

Wellspring’s leadership, advisory teams, and investment philosophy remain unchanged. Clients will continue to receive the same high-touch, thoughtful service they know and trust. With TPO’s support, Wellspring will expand its capabilities in investment, tax, and trust services, strengthen banking and advisory relationships, enhance technology and operations, and thoughtfully grow its team with top professionals who share the firm’s values.

 

About Wellspring Family Office

Wellspring Family Office is an independent, fee-only multi-family office serving ultra-high-net-worth individuals and families. Founded in 2007 by CEO Michael Novak and headquartered in Cleveland, Ohio, the firm provides integrated wealth and tax planning, investment management, family governance and education. Learn more at www.wellspringfo.com.

 

About The Pritzker Organization

The Pritzker Organization (“TPO”) is the family office and principal investing team for the business interests of the Tom Pritzker family. TPO focuses on partnering with exceptional leaders to create value in their companies over a long-time horizon. They believe the ability to be flexible, hold assets with an indefinite time horizon, and partner with management teams and other investors is a strategic advantage. For more information, visit www.pritzkerorg.com.

 

Media Contact

Monica Estrada
Gregory FCA for Wellspring
Wellspringfamilyoffice@GreoryFCA.com

267-503-4770

Mike Moran to provide expert guidance that supports the firm’s client-centric philosophy and growth

Wellspring Financial Advisors (Wellspring), a registered investment adviser and multi-family office catering to ultra-high-net-worth individuals and families, is pleased to announce the addition of Mike Moran to its advisory board. Mike joins current board members Scott Roulston and Larry Wolf to support and enhance the mission and vision of the firm.

Mike is the CEO and Managing Partner of Walnut Ridge, a multigenerational family office for the owners of GOJO Industries, the global leader in skin health and hygiene solutions for away-from-home markets and the inventor of PURELL® Instant Hand Sanitizer. He leads a team that manages a large portfolio of investments, oversees controlling interest in operating companies, and manages two philanthropic foundations within a fourth-generation family enterprise.

As a board member, investor, and advisor, Mike has worked closely with a range of public and private companies, startups, and non-profits.

Prior to Walnut Ridge, Mike was a Principal and Partner at Linsalata Capital Partners, a middle market private equity fund where he was responsible for sourcing, transacting and overseeing investments. During his over seven years at Linsalata, he worked closely with portfolio companies on driving organic growth, integrating add on acquisitions and improving operating performance. Mike was involved at the financial, operating and board levels on a broad array of manufacturing, distribution and consumer products companies.

Prior to Linsalata, Mike was an investment banker at KeyBanc Capital Markets, where he executed over 40 merger and acquisition transactions over ten years and led the M&A efforts of the specialty chemicals and plastics markets. He began his career at Key in the management training program with roles in corporate banking, real estate capital markets, and private equity investing.
Mike has experience with a range of corporate and non-profit boards. He is a currently a Board Member on the corporate boards of GOJO, Cowles Companies (a fourth-generation family-owned enterprise consisting of media, real estate, and forestry operations), MVP (a third-generation family-owned manufacturer of fluid control products), Lake City Plating (an industrial manufacturing company), and Sealantium (an early-stage developer of medical hemostatic sealants). Mike also serves on the board of the environmental non-profit Nature Center at Shaker Lakes.

Mike received his MBA from the Kellogg School of Management at Northwestern University and his BS in Finance from Miami University.

Wellspring’s other advisory board members include:

Scott Roulston – Scott is an Advisory Partner for both The Pritzker Organization (TPO), the merchant bank for the interests of the Tom Pritzker family, and Brownhelm Capital, a Cleveland-based single-family office. He is also a board member of Bluecoats, Inc. Formerly, Scott was CEO of Roulston & Company, Inc. (now known as Fairport Wealth) and has held management positions at MAI Capital Management (MAI) in Cleveland, and Segall Bryant & Hamill in Chicago. He has served on the boards of three public companies, several private companies, and founded the Cleveland Chapter of Private Directors Association.

Larry Wolf – Larry is CEO of Red Diamond, Ltd., a single-family office located in Rocky River, Ohio and sits on numerous boards for family-owned businesses and the family’s private foundation. Larry also serves as President of Red Diamond Management Co., the family’s Private Trust Company. He works closely with Greycourt & Co. for investment planning and is a member of their Client Advisory Council. Larry was a founding member of Forge, a national peer-to-peer networking community for single-family offices in the United States, and is a member of their Executive Committee. Larry is also a board member for Investor Diversified Realty ODCE Index Fund and serves as head of their Audit Committee. Prior to working at Red Diamond, he was a Tax Partner in the Cleveland office of Arthur Andersen & Co.

“Wellspring’s advisory board offers a breadth of industry knowledge that supports the firm’s growth and will enhance the client experience”, said Michael Novak, CEO and Founder of Wellspring. “We are thrilled to have Mike join with Scott and Larry as we continue to navigate Wellspring’s future in a strategic and meaningful way.”