Day: June 19, 2025

Donut Dip Builds on 68 Years of Tradition

By
Paul Shields and Katie Warren, third- and fourth-generation managers.
Cover Story

Flour Power

Paul Shields and Katie Warren, third- and fourth-generation managers.

Paul Shields and Katie Warren, third- and fourth-generation managers.

Paul Shields says it wasn’t his plan to make a career out of the West Springfield institution known as Donut Dip.

But then again, it wasn’t his father’s plan to do that, either. Or his grandfather’s. Or his daughter’s.

But things happened … and now four generations of this family, usually working side by side, have made this Riverdale Street landmark — in every sense of that word — home. They’ve also made it a destination, a place generations of different families return to, a first job for hundreds of young people, an architectural throwback that will prompt people to pull into the parking lot and snap pictures, and much more.

“There’s a lot of history here,” said Shields, who said this history comes as a side to a glazed donut, a cinnamon cruller, a cup of coffee, or, more recently, a breakfast sandwich. And this history, or tradition, is part of the attraction.

A huge part.

Our story begins in the mid-’50s, when Paul’s grandfather, Charles Shields, was the general manager of a large commercial bakery that thrived until it was shut down by a drivers strike. The company eventually reopened, but was never the same and eventually closed. With a young family to support, Shields was at a critical crossroads, and made the then-daring decision to open a shop devoted exclusively to donuts.

His son, Richard, then just out of college, joined him in the venture. At the time, he was also a physical education teacher and football coach, but ultimately decided to leave those pursuits and devote all his energies to the emerging business. They would both work at the shop well into their 80s.

After graduating from UMass Amherst in 1981, Paul went to work for the Roman Catholic Diocese of Springfield in its Communications office, producing the Chalise of Salvation televised Mass and other programming while working at Donut Dip on Tuesday nights (the night baker’s evening off), making donuts with his dad. When his father lost a key employee in 1987, he stepped in, and has been there ever since, serving now as president.

His daughter, Katie Warren, went into physical therapy after graduating from UMass Amherst. She enjoyed most aspects of the work, but not the paperwork and the uncertainty concerning where healthcare and that profession were headed. So, facing her own career crossroads, she chose the family business and has never looked back.

“I do a little bit of everything, like my dad and my grandfather before that.”

That’s the short story of the business and the people who have managed it. The longer story involves perseverance — weathering everything from the building of I-91, which siphoned large amounts of traffic off Route 5, which was the main north-south artery in the region, to the coming of Dunkin’ Donuts (now just Dunkin’) and other forms of competition, to a global pandemic.

The landscape has changed considerably on Riverdale Street since 1957, but Donut Dip has been a constant.

The landscape has changed considerably on Riverdale Street since 1957, but Donut Dip has been a constant.

It also involves some change — there’s now a maple-frosted donut sprinkled with bacon, for example — but, overall, not much change at all when it comes to the offerings, the signs above the donut racks (yes, the prices have been adjusted), and the neon signs outside, which are expensive to maintain, but part of the overall experience.

There’s also been little change when it comes to different generations of the Shields family growing in the business, gravitating toward it as a career, and doing essentially anything that needs to be done.

“I do a little bit of everything, like my dad and my grandfather before that,” Warren said. “Office work, and you’re making coffee, and not long ago, we were short someone in the kitchen, and I was coming in Fridays, Saturdays, and Sundays to make donuts; that’s just how it is.”

Not much has apparently changed when it comes to the popularity of donuts, as evidenced by the steady stream of customers on the Friday we visited, and what is usually a constant stream until closing time at 10 p.m.

“A shop strictly for donuts was a new concept. Dunkin’ had just gotten started in Quincy a little earlier than we did, and they were starting to establish themselves, but this was somewhat of a flier, a leap.”

“We’re busier than ever,” said Shields, adding that there are many reasons for this, as we’ll see, but especially the company’s reputation for quality and doing things the old-fashioned way.

Moving forward, Shields sees opportunity for growth as competition increases in some respects but declines in others as major chains like Dunkin’ focus their energy and marketing dollars on beverages, and he intends to raise the company’s profile, if you will, through more aggressive marketing.

Visitors crowd the counter at Donut Dip a few days after it opened in 1957.

Visitors crowd the counter at Donut Dip a few days after it opened in 1957.

For this issue, we take an in-depth look into the fascinating world of donuts and especially this unique family-owned business that has become part of the landscape on Riverdale Street and … well, an institution.

 

The Hole Story

As he talked about 68 years of change — and what hasn’t changed — Paul Shields started with some recollections about the evolution of Route 5.

Back in 1957, the street was much different. It was, indeed, the main north-south artery, handling traffic heading north to go skiing and south to go to Connecticut and beyond. And it wasn’t a divided road, as it is today. Shields remembers his father and grandfather telling stories about how the traffic would be bumper to bumper on Friday afternoons, and many other times as well.

This was well before the vast shopping centers and big-box stores were constructed, he went on, noting that section of the street featured a drive-in theater, a driving range, farms, a cinema complex with just a few screens, and a host of businesses that have long since vanished from the landscape.

It was into this environment that Donut Dip opened — and it is one of the few businesses on the street that can trace their roots to the Eisenhower administration.

When it opened, it was a relatively new and different model, said Shields, adding that, at the time, there were countless small bakeries that made donuts, but few, if any, shops dedicated entirely to that product.

“We have people traveling that will stop in on their way to vacation, and they’ll say they stopped here when they were a kid. We’ve been around for such a long time; we’ve seen generations of different families come through here.”

“A shop strictly for donuts was a new concept. Dunkin’ had just gotten started in Quincy a little earlier than we did, and they were starting to establish themselves, but this was somewhat of a flier, a leap,” he noted, adding that the venture got off to a solid start, and his father and grandfather would soon add other locations. There was one on Route 20 in West Springfield that closed in 1971, another at the corner of White and Orange streets in Springfield that closed in 1980, and one on North Main Street in East Longmeadow that closed after storm damage in 2019.

These new locations would become a blessing in 1968 when I-91 opened, changing the complexion of Route 5 and essentially splitting it into two zones, north and south of the new highway.

“Many businesses on this road closed — they couldn’t stay alive,” he recalled. “My father and my grandfather had the Westfield Street store and the East Longmeadow store, and they were able to get by. They were lean years, but they were able to hang in there.”

Over time, Riverdale Street would evolve into the commercial district that it is today, with new businesses ranging from car dealerships to Costco bringing traffic to the area. Some people heading to and from such destinations will stop at Donut Dip, said Shields, adding quickly that, for many others, it is the destination.

“We have people traveling that will stop in on their way to vacation, and they’ll say they stopped here when they were a kid,” Warren added. “We’ve been around for such a long time; we’ve seen generations of different families come through here.”

From left, Paul Shields, his daughter, Katie Warren, and his father, Richard Shields. None of them planned to Donut Dip a career, but they’ve all made the institution home.

From left, Paul Shields, his daughter, Katie Warren, and his father, Richard Shields. None of them planned to Donut Dip a career, but they’ve all made the institution home.

Shields agreed. “People come up from Long Island; they drive from Boston, Albany, or points north,” he noted, adding that posts on Facebook and Instagram, as well as direct word of mouth, have helped fuel interest and bring the brand far and wide. “I hear it a lot … people will say, ‘I came from so and so to get these donuts,’ and oftentimes they walk out with their arms full, with a dozen boxes; they bring them home to their neighbors or family.”

 

Making Some Dough

Beyond the dramatic transformation of Riverdale Street, there have been other changes to the landscape as well, said Shields, noting that, about the same time Donut Dip was opening in 1957, Dunkin’ Donuts was greatly expanding its presence in the Northeast.

And for the next several decades, the chain, now based in Canton, Mass., certainly presented a challenge, he said, both in terms of its offerings and its omnipresence. Indeed, there are four locations in West Springfield alone, including one further north on Route 5, and several more across the river in Springfield.

“They’re everywhere, and for years we competed directly with them — when we heard there was a Dunkin’ Donuts going in down the street, we took that very seriously,” said Shields, noting that, in recent years, the chain has essentially de-emphasized donuts, as indicated in the change to the brand’s name to Dunkin’, and it has become what many analysts of this sector now consider a beverage company.

Other chains have followed suit, he went on, adding that the donut landscape, if you will, has changed, with the major chains scaling back and few companies stepping in to fill the void.

“Part of the reason for this is all the work that’s involved,” he said, “and also because there’s a perception that, if there’s a Dunkin’ somewhere, no one else is going to survive selling donuts.”

This helps explains the crowds at the counter on that Friday, and also why Shields believes there is strong growth potential for the family business.

“I’ve added people in recent years, and we have more production capacity than we’ve ever had,” he explained. “So, I think the time is right to increase our volume.”

While there has been change in the industry, and some at Donut Dip, what’s more important is what hasn’t changed. First and foremost is the fact that this is a family business, one where members of several generations work side by side, and do … well, whatever needs to be done, whether it’s making coffee, ringing up orders, or making or finishing donuts.

Indeed, Shields said he has many fond memories of working with his grandfather for several years, and with his father for several decades. It’s been the same for Warren, who has worked beside her father and grandfather; the latter still stops in but is officially retired.

“My grandfather used to call me into the office once in a while and give me a little talk, a little lesson,” she recalled. “He’d say, ‘remember, this isn’t a job, this is your life.’ And in large part, it is. He also said, ‘if you want people to work hard, you have to work hard right beside them,’ and I believe that wholeheartedly.”

Meanwhile, not much change has come to what’s in those donut racks.

“We really stick primarily with the classics — they will always be the biggest sellers,” said Shields, adding that the maple frosted with bacon is an outlier. “There are some donut shops, not necessarily around here, that specialize in taking a donut and putting layer upon layer of special toppings on it, making these crazy concoctions and charging $5 to $7 apiece. That’s their niche, but we believe the classics will always outsell any of those fancy kinds of things.”

Beyond donuts, bagels, muffins, and coffee, Donut Dip provides what would have to be called an experience. The shop itself is a throwback, architecturally and otherwise. The signage and layout are vintage. And, as noted, earlier, the hand-painted signs above the donut racks are original, save for the prices: a dozen donuts cost 65 cents when the shop opened.

There are a few pictures on the south wall showing things in the early days — the sign for a Castro Convertible outlet can be seen behind the shop in a night shot, and there’s another showing a crowd at the counter days after the grand opening, revealing that very little has changed since then.

That includes the shop’s track record as a place where many young people, including the city’s mayor, Will Reichelt, found their first or second job. Most move on to other things, but some stay for years and even decades, Warren said.

And many of those former employees will stop in regularly, or, for those not living in the area, occasionally.

“We see many of those people come back and say, ‘I worked for your father,’ or ‘I worked for your grandfather 100 years ago,’” Shields recalled. “Many of them worked while I was here; they were high school kids, and now they come back with their kids.”

 

Bottom Line

Paul Shields said his grandfather had one overarching piece of advice for him.

“He said, ‘the donuts have to be fresh, and they have to have enough jelly in them,’” he recalled, adding that these are just some of the words he’s tried to live by and pass on to the next generation.

Putting enough jelly in the donut is just one of the enduring traditions at this institution, which has had countless landmark moments in its long history and is poised to script many more.

As It Marks 50 Years, Western Builders Eyes Continued Growth

By
From left, Heather Roy, marketing and communications specialist; D’Lynn Healey, project executive; Bryan Hughes, president; and Ed Ackley, general superintendent.
Building Trades Special Coverage

Golden Opportunity

From left, Heather Roy, marketing and communications specialist; D’Lynn Healey, project executive; Bryan Hughes, president; and Ed Ackley, general superintendent.

From left, Heather Roy, marketing and communications specialist; D’Lynn Healey, project executive; Bryan Hughes, president; and Ed Ackley, general superintendent.

Bryan Hughes says Western Builders has marked its 50th anniversary in several different ways — from a gathering of employees and their families at a local restaurant,to postings on social media celebrating both employee and company milestones, to a new, temporary logo marking the occasion.

And there’s more to come, with a larger gathering slated for September at the company’s Granby headquarters for employees, clients, subcontractors, and more.

But in many ways, it’s been business as usual for this construction firm, which is not the same thing as business as it was done in 1975, or even 2005.

“In decades past, business was generally done with a handshake,” said Hughes, who took over as company president in 2022. “And the new way of delivering a project is more managerial in a sense; when people come to Western, they’re paying for a partnership in solving problems, forecasting challenges, and addressing them.”

Creating more value for clients is just one of the focal points for Hughes and the leadership team at Western, a subsidiary of the O’Connell Companies.

“In decades past, business was generally done with a handshake. And the new way of delivering a project is more managerial in a sense; when people come to Western, they’re paying for a partnership in solving problems, forecasting challenges, and addressing them.”

Overall, the company is in a growth mode — let’s call it a controlled growth mode — fueled by several factors, but especially the region’s (and the state’s) housing crisis. Indeed, many of the firm’s current projects involve initiatives to address an extreme shortage of housing, especially within the affordable category. These include:

• Phase 2 of South Holyoke Homes, a modular construction project led by the Holyoke Housing Authority that features single-family homes and duplexes;

• Baskin West Main Residences, a 105-unit, mixed-income apartment complex being undertaken by Brisa Builders Development;

• Amethyst Brook Apartments, an affordable housing community in Pelham being undertaken by Home City Development; and

• An expansion of Clinical & Support Options’ Friends of the Homeless campus on Worthington Street in Springfield, a 23,974-square-foot facility that will provide critical shelter and supportive housing to individuals experiencing chronic homelessness.

Meanwhile, several projects completed recently involve housing — everything from East Gables, an affordable housing project on Northampton Road in Amherst undertaken in collaboration with Valley CDC, to Aspen Heights, a student housing apartment facility, also in Amherst.

The housing crunch is not a problem that will be solved quickly or easily, said Hughes, adding that this reality should provide ongoing growth opportunities for a firm that has made its mark in that arena.

“The way the crisis is described to us by local, state, and federal officials is that it will be a never-ending challenge to overcome,” he noted, adding that, as the Commonwealth and local agencies ranging from Way Finders to Home City Development address the crisis, Western will have opportunities to not only do more work in the 413, but expand its service radius as well.

Among the many projects in the Western Builders portfolio is renovation work at the Naismith Memorial Basketball Hall of Fame. (Photo by Red Skies Photography)

Among the many projects in the Western Builders portfolio is renovation work at the Naismith Memorial Basketball Hall of Fame. (Photo by Red Skies Photography)

“We definitely have a local edge, with local subcontracting partners and local relationships and clientele — that’s why we’re Western Builders, because we typically stay in Western Mass.,” Hughes explained. “But part of the future vision of the company is to push the limits there a little bit, because the housing crisis isn’t limited to Western Mass.

“Moving forward, we want to grow the company at a comfortable clip — we want to be able to sustain our methods and our confidence in ourselves,” he went on. “But I think we’re ready to take on more.”

Any firm marking 50 years has survived many kinds of challenges, and that’s true of Western as well, which has weathered downturns and a Great Recession, but also a pandemic and ongoing workforce issues, including the need to replace the many talented workers approaching, or already at, retirement age.

Like other firms, it is taking a proactive approach to the problem, as we’ll see, promoting the trades and getting young people involved early, giving them a taste of the work as well as the financial rewards and relative stability of the sector.

For this issue and its focus on the building trades, we’ll look at the first 50 years for Western Builders and what will likely come next at a time when some golden opportunities are emerging.

 

Firm Commitment

Tracing the history of the firm, D’Lynn Healy, project executive, said it was created by O’Connell to work with the company’s development group and also with local private colleges and development companies.

And from the beginning, diversity, in all its forms, has been perhaps the company’s strongest suit.

Indeed, while it’s perhaps best known for wood-frame construction — as seen in projects ranging from phase 1 of Glenmeadow in Longmeadow to transformation of the former Yankee Pedlar in Holyoke into a PeoplesBank branch; from River Mills Assisted Living in Chicopee to restoration of the historic Gaylord mansion on the Elms College campus — it has worked with stone and steel as well.

Indeed, the portfolio includes projects like Way Finders’ new home in downtown Springfield, the Educare early learning facility, also in Springfield, and renovation work on the Naismith Memorial Basketball Hall of Fame, including refurbishment of the sphere, which involved removing thousands of fiberglass panels and resurfacing them, but also extensive interior renovations.

The PeoplesBank branch in the former Yankee Pedlar in Holyoke. (Photos by Red Skies Photography)

The PeoplesBank branch in the former Yankee Pedlar in Holyoke. (Photos by Red Skies Photography)

Work in the Health Sciences building at American International College (right) showcase the diversity of projects in the Western Builders portfolio. (Photos by Red Skies Photography)

Work in the Health Sciences building at American International College (right) showcase the diversity of projects in the Western Builders portfolio. (Photos by Red Skies Photography)

Beyond diversity with materials, the company has worked in several sectors, including public and private clients, new construction as well as renovations, such as at Elms College, and different realms, everything from housing to the new Phoenix Academy Public Charter School at the Springfield Technology Park, to emergency renovations to the Courniotes Building at American International College (AIC) after a fire there.

“Our focus can remain in housing, but we want to emphasize diversity,” Hughes said. “We’ve won some hard-bid projects for public work, which has helped us diversify in our project types. We’re back at some institutions, like AIC and Smith College, building on existing relationships.”

Signature projects over the past five decades, and there are many, include work with O’Connell Development to build a new 152,000-square-foot, LEED-certified manufacturing facility and corporate headquarters for L3Harris Integrated Mission Systems/KEO, formerly Kollmorgen, at the site of the former Northampton State Hospital; the Educare facility, considered state-of-the-art in that sector; the work at the Hall of Fame; the new Girls Inc. headquarters in Holyoke, located, ironically, in the former home of the O’Connell Companies; and the Holyoke Crossing retail facility in Holyoke, another project where O’Connell Development was the client.

Today, Western is doing far less for O’Connell and much more with a growing list of clients, many of them involved with housing, including Way Finders, Valley CDC, Home City Development, and others.

A common denominator is repeat business, said Healey, adding that clients such as Way Finders, American International College, PeoplesBank, and others have turned to Western for several different undertakings.

“A lot of clients are repeat clients that we’ve worked with,” she explained, adding that one of the firm’s strengths is relationship building. “When these clients have another project, they reach out to us.”

And much of this repeat business stems from the firm’s ability to create value and effectively manage projects, as Hughes mentioned earlier.

“It used to be … construction was definitely a ‘work-harder industry,’” Healey explained. “Now, we’ve finally acquiesced and realized that we have to work smarter and not just harder. You have to be strategic, and you have to plan — you have to make sure that you have everything lined up before you start working.”

 

Building Relationships

As noted earlier, housing has become a major focal point for Western over the past few decades as need grows and agencies take imaginative steps to address it. And the company has several projects in this realm in various stages of development.

Amethyst Brook should be fully occupied by the end of this month; the projects in Chicopee (Baskin West Main Residences) and Springfield (expansion of the Friends of the Homeless complex) are in early-stage work, while the Holyoke initiative is moving toward completion, with the Holyoke Housing Authority now running commercials urging people to enter the lottery to purchase those homes.

That Holyoke project represents a first — working with modular construction, said Hughes, adding that it has been a learning experience.

“Boxes are prefabricated in Pennsylvania and shipped to Holyoke and put together as side-by-side townhomes,” he explained, adding that the process significantly streamlines the timeline for construction.

“It’s nice to see an emphasis on the trades. You see commercials about it, you hear the unions talk about it, the non-unions talk about it … anyone in the trades can be, if they want to apply themselves, as successful as someone who wound up with a giant college loan that they have to pay back and may or may not be able to work in the field they trained for.”

Meanwhile, many initiatives, including one of the buildings at Amethyst Brook as well as East Gables in Amherst, involve what’s known as passive housing, a voluntary standard for energy efficiency in a building that has surpassed LEED as the cutting edge in that realm.

“There are more passive houses in development and pre-construction because that’s the popular trend moving forward with energy efficiency and sustainability, which is what clients want,” Hughes said. “But there’s also a code aspect — client developers need to meet the Massachusetts Stretch Energy Code, which is one of the most stringent in the country.”

Beyond housing and the growth opportunities it presents, the company has been focused on relationship building — continuing long-standing partnerships and forging new ones — and also on perhaps the biggest issue facing this sector — maintaining a workforce.

Indeed, since arriving at Western, Hughes said one of his priorities has been to generate interest in the field among the younger generations.

He cited several initiatives, including work with Dean Tech High School in Holyoke, hiring co-op students to work for the company part-time at job sites while also attending school.

“It’s been cool to see that youthful excitement about construction,” he said, adding that, by exposing young people early to the lifestyle and opportunities the trades create, the firm is helping to put more future workers into the pipeline.

Ed Ackley, the company’s long-time general superintendent, agreed.

“The workforce is aging, and it’s retiring out,” he said. “So one of things we’ve been doing is trying to attract young people as project managers and assistant superintendents in hopes that they can gain experience, so by the time they become a super, they’re as effective as the seasoned personnel we have now.

“It’s nice to see an emphasis on the trades,” Ackley went on. “You see commercials about it, you hear the unions talk about it, the non-unions talk about it … anyone in the trades can be, if they want to apply themselves, as successful as someone who wound up with a giant college loan that they have to pay back and may or may not be able to work in the field they trained for.”

And, unlike jobs in many other fields that face uncertain futures with advancing technology, including AI, those in the trades are relatively secure, Hughes told BusinessWest. “You can’t ask ChatGPT to build a masonry wall.”

 

How to Utilize Estate Planning, Trusts, and Corporate Entities to Mitigate Risk

By Contributor
Law Special Coverage

Protecting Your Assets 

By Tyler W. Humphrey, Esq.

Protecting your assets is not just a matter of securing wealth for the next generation. It also ensures that your hard-earned assets are shielded from legal risks, liabilities, and other unforeseen events.

In a world where lawsuits, creditors, and volatile economic shifts can threaten your wealth, proactive asset protection is essential. Whether you’re a business owner, investor, professional, or simply someone looking to secure your family’s future, protecting your assets isn’t just wise, it’s necessary.

While there is no one-size-fits-all solution to protect your assets, this article can help you formulate a plan utilizing a combination of strategies, including estate planning and business solutions, that can offer substantial protection of what you and your family have worked so hard to build.

 

Understanding Asset Protection

Before exploring the specific tools available, it is important to understand what asset protection is and why it is so important. Asset protection involves using strategies and structures established through various legal instruments to reduce or mitigate the risk of losing valuable assets due to lawsuits, debts, or other liabilities.

Some common risks include:

• Creditors. In the case of default on loans or other debts, creditors may seize personal or business assets to recover what is owed. Even loans secured by a specific asset, such as real property subject to a mortgage, may put your other assets at risk if the sale of the secured asset is insufficient to satisfy the debt.

• Lawsuits. Individuals and businesses can be the targets of lawsuits and other claims. Regardless of whether the plaintiff’s claims are valid or frivolous, an adverse judgment may expose assets to liens or seizure.

• Divorce. In the case of divorce, the resolution of the petition will often require, sometimes by court order, the equitable division of marital assets. This can include assets acquired by one party before the start of the relationship.

• Governmental risk. Long-term care, especially nursing home care, can come with a substantial cost. Many people assume Medicare will cover these expenses, but Medicare does not pay for long-term custodial care. That’s where Medicaid (MassHealth) comes in. However, qualifying for coverage comes with strict income and asset limits. In Massachusetts, a single applicant is allowed to keep only $2,000 in countable assets, and those assets are subject to a five-year look-back period.

“Trusts are among the most powerful tools in estate and asset protection planning. A trust is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary.”

 

Estate Planning and Trusts: Building a Legal Wall Around Your Wealth

Trusts are among the most powerful tools in estate and asset protection planning. A trust is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary. There are many types of trusts, each with their own benefits and limitations:

• Revocable living trusts. Their primary use is estate planning and probate avoidance. It offers limited asset protection during your lifetime because you maintain control, but it ensures privacy and smoother transfer of assets upon death.

• Irrevocable trusts. Their primary use is asset protection and tax planning. Once assets are transferred, you relinquish control, making them inaccessible to creditors. Common types include spousal lifetime access trusts, which offer access to assets through a spouse while maintaining protection, and Medicaid trusts, which protect assets from being counted for Medicaid eligibility.

• Credit shelter and QTIP trusts. For married couples, particularly those with estates approaching or exceeding $2 million, credit shelter trusts and QTIP trusts can minimize taxes while protecting surviving spouses. Their primary use is to preserve the estate tax exemption of the first spouse to die and provide support to the surviving spouse. They offer no asset protection during your lifetime because you maintain control, but they preserve both spouses’ estate tax exemptions and protects assets from remarriage, creditors, and spend-down.

Other estate planning essentials include:

• Durable power of attorney, which empowers a trusted person of your choosing to manage finances if you become incapacitated;

• Healthcare proxy and living will, which clarifies medical wishes and avoids court intervention; and

• Homestead declaration (in Massachusetts), which protects up to $1 million in home equity in your primary residence from creditors.

 

Corporate Entities: Separating Personal and Business Liabilities

In addition to an estate plan to protect your personal assets, it is necessary to consider how to protect and preserve your business assets. Operating your business or managing investments through the right entity can provide a crucial layer of protection.

For business owners and real estate investors, placing assets in separate LLCs or entities can shield personal wealth from business liabilities. It is also important to consider agreements between co-owners of a closely held company so that the business interests themselves are not subject to claims by non-owners.

Limited liability companies (LLCs) shield personal assets from business liabilities and offer flexible taxation, as they can be taxed as a sole proprietorship, partnership, or corporation.

Corporations (C-corps and S-corps) protect shareholders from corporate debts and obligations, while S-corps have the advantage of pass-through taxation with liability protection.

 

Combining Strategies for Maximum Protection

The most effective asset protection plans layer several strategies. For instance, a business owner might:

• Hold rental properties in separate LLCs;

• Utilize a shareholder agreement to ensure all corporate interests are free from seizure and stay within the current ownership group; and

• Establish a credit shelter and QTIP trust to minimize estate tax and protect assets for their surviving spouse.

 

Bottom Line

Asset protection is most effective when implemented early, well before a problem or disagreement arises. By combining these tools, you can create a robust defense against risks while maintaining control or flexibility.

Asset protection isn’t about hiding wealth; it’s about responsibly managing risk and preserving what you’ve built. With the right combination of trusts, business agreements, insurance, and estate planning tools, you can create a legal and financial structure that defends your assets against potential threats while supporting your long-term goals.

Consult with one of Bacon Wilson’s qualified estate planning or commercial attorneys to tailor a strategy that fits your specific situation and goals. Even if you have a plan in place, it is crucial to review your plan regularly to ensure it remains in compliance with constantly changing laws and regulations. Asset protection may seem daunting, but with the right advisor and proper planning, you can enjoy peace of mind knowing your legacy is secure.

 

Tyler W. Humphrey is an associate with the law firm Bacon Wilson, P.C. He concentrates his practice in the areas of estate planning, elder law, probate administration, and business and corporate law. Humphrey is admitted in Massachusetts and Connecticut, as well as the U.S. District Court of Connecticut; (413) 781-0560;
[email protected]

In a Volatile Year for Investments, Advisors Focus on the Long Term

By
Pat Grenier says investors worried about market volatility shouldn’t panic, but instead seek competent advice.
Special Coverage Wealth Management

Bumps in the Road

Pat Grenier says investors worried about market volatility shouldn’t panic, but instead seek competent advice.

 

Early April was an anxious time for many investors, but not a surprising one for the advisors they rely on.

“We prepped for a volatile market this year,” said Pat Grenier, owner and principal at Grenier Financial Advisors in Springfield. “We thought the market was high. We thought there would be a pullback. We didn’t expect the amount of volatility that we had, but we did expect a little bit of a pullback.”

The early months of the Trump administration have impacted the markets in a number of ways, particularly with an aggressive series of tariff decisions — some in force, some only threatened as negotiating tools — that have triggered fluctuations in the stock market and plenty of client phone calls to investment firms. But Grenier isn’t overly concerned, especially as things are calmer now.

“To me, this is more of an event-driven gyration. Even though we did expect some pullback, I think a lot has to do with all the negative talk about tariffs,” she explained. “So, one of two things is going to happen. The tariffs are going to work out, and the market’s going to do well. Or tariffs are not going to work out, and then the market will adjust and eventually do well. So I’m not negative.

“I think people should not panic,” she went on. “I think they should seek competent advice and not assume things. We’re bombarded 24-7 with news bites, but they’re just news bites. They don’t tell you the whole story.”

“We didn’t expect the amount of volatility that we had, but we did expect a little bit of a pullback.”

Jeff Liguori, executive vice president and senior portfolio manager at Bradley, Foster & Sargent in Hartford, Conn., had similar feelings as the calendar turned.

“At the end of 2024, the optimism was pretty excessive. Everything had gone up. People were feeling really good about the market; it was up 20-odd percent from previous years. There was almost too much enthusiasm.”

So a correction was likely, even if some of the forces generating it were questionable, he added. “Economically, tariffs can be so excessive that it’s not healthy for the economy. But when we were in the throes of that, we told clients, ‘this is a manufactured crisis; it can easily be turned around with a stroke of a pen, or with potential legal roadblocks.’ And that’s how it played out.

Jeff Liguori

Jeff Liguori

“The data is 100% in your favor. Nothing ever goes straight up. We’ve lived through most of these crises — the housing crisis, the tech bubble, the Great Recession. All of those, time and again, have been incredible buying opportunities.”

“After a while, it’s been less of what we consider a headline risk. Before, when every headline came out, stocks reacted instantaneously. Over time, we’ve come out of that, and now people are asking how much of this is really going to materialize.”

That said, taking a sanguine view of the long-term health of the markets is much easier when the tides are calm than when they’re volatile, Liguori noted.

“But the data is 100% in your favor. Nothing ever goes straight up. We’ve lived through most of these crises — the housing crisis, the tech bubble, the Great Recession. All of those, time and again, have been incredible buying opportunities. It’s almost like, if there’s no pain, there’s no gain.”

 

Risks and Rewards

Tim Suffish, senior vice president and head of equities at St. Germain Investment Management in Springfield, said it’s important that investors understand the long-term nature of the firm’s strategies and how it approaches the market — and its inevitable shifts.

“If we’re doing our job well, we have a conversation with our clients up front about the risks and rewards of various asset classes,” Suffish explained. “Cash is the only asset that does not go down, but cash yields very little. Your checking or savings account is guaranteed by the FDIC, and you might get half of 1% a year. But it’s not going anywhere.

“On the other end of the spectrum, stocks are for the long term, and by looking back a few years, you can see what can happen with stocks. Right after COVID hit, stocks were down 35% in one month. It was one of the worst months ever for the markets. Of course, the economy got flooded with stimulus and low interest rates and bounced back.”

Tim Suffish

Tim Suffish

“We’ve been through it before, and the volatility and the drawdowns happen. The reasons may be different each time, but the global economy is resilient.”

That said, “when you talk about volatility, people need to know what to prepare for. If you can prepare for it, history shows you’ll be rewarded by taking on some risk.”

To explain, Suffish took a quick tour through the past 25 years of market-jarring events, and why risks tend to be short-term and rewards longer-term. The dot-com crash of 2000-01 saw the market down 50%, as did the housing boom and bust and resulting global financial crisis in 2008-09. China-related trade concerns in 2018 caused another 20% drawdown, followed by that 35% COVID-driven drop in 2020, and another 18% hit in 2022 caused by inflation concerns.

“Even with all that volatility and scary drawdowns — and these are not 5% moves in the market that, if you squint at your monthly statement, you don’t notice it; these are big numbers that you do notice — the stock market still averages, over that time frame, going back to 2000, about 7% a year.

“So the market historically rewards you for taking risks,” Suffish went on. “Taking risks is really the only way you’re going to get those rewards, and the rewards tend to be proportionate with your risk. So part of our counsel to clients who are nervous in a time like this is that it’s more than likely a repeat of what we’ve seen over the past 20, 25 years. We’ve been through it before, and the volatility and the drawdowns happen. The reasons may be different each time, but the global economy is resilient.”

Liguori agreed. “We have this philosophy that, when the market gets rocky and volatility increases, there’s always a reason for it, whether it’s something macroeconomic or, in this case, a combination of political and macroeconomic factors. We’ll hear clients say, ‘this time, XYZ is different than the last time.’ Yes, whatever is causing the volatility might be different, but the reaction is always the same. Economic decisions are being made by humans, and humans always act the same way.”

That said, he continued, it can be beneficial to be more aggressive when the market drops.

“No one wants to lose money, even if it’s just on paper. But if I’ve done my job and the market is down 20 but you’re down 10, maybe increase your exposure a little. If we look at the stock market in a broad sense, the time to be more aggressive on equities or stocks is at the point when humans feel really uncertain. It’s a contrarian way to look at it.”

 

Planning for Life

That long-range view of investments plays into how those we spoke with handle clients; they’re plotting out a path where investments will meet the various needs of life — a home purchase, college education, retirement — both now and well into the future.

“We have to know the client really well,” Grenier said. “Sometimes we know them better than their own family knows them. We have to know what makes them tick, what their goals are, what their aspirations are, what they want from a value perspective, what their values are, so that we can kind of guide them and use the investments as a tool to get them where they want to be. We do so much hand-holding for clients.”

A client’s portfolio can employ a range of vehicles, from mutual funds to stocks, bonds, and annuities.

“When somebody comes here, we want to make sure that they’re well taken care of and that the risks that they face are minimized,” Grenier went on. “And you have to acknowledge that they are nervous, and it is nerve-wracking, when you see the market gyrate the way it has. Nobody likes to see the value of their portfolio come down. So what I try to do is acknowledge that, ‘yes, I get it,’ and then I try to put it in perspective for them.”

Like Liguori, she said those nervous times can be an opportunity.

“We know the market is resilient. And when the market is down the way it was at the beginning of April, I used it as an opportunity to add because we were buying good companies on sale. We added in where we could.”

That said, clients who are closer to retirement — or already there — will be less likely to tolerate risk.

“If they are going to depend on their investments for a good portion of their living expenses, their livelihood, then you have to be more conservative with their investments,” Grenier said. “We’ve been using some buffer programs that kind of make sense — it does cap the upside, but it protects the downside.”

Suffish said portfolio diversification is the best path to enhanced returns while reducing risk.

“When you have diversity in asset classes that are not perfectly correlated, you can build that portfolio,” he explained. “Last year, large cap U.S. stocks were up 20%, but bonds were about flat on the year. But by mixing the asset classes — U.S. equities, foreign equities, bonds, cash, maybe some precious metals — these assets are not perfectly correlated with each other, so you get the blended return. But you also get the blended volatility or risk, which benefits the portfolio.”

Whatever the circumstances in the market, all those we spoke with said that those who start investing early in life — in their 20s and 30s, as opposed to 40s, 50s, or later — can exercise a greater degree of risk taking.

“A younger investor can afford to be more aggressive, can afford to be more speculative. They’re not going to feel the consequences for a long time,” Suffish said. “Our typical client is close to retirement or in retirement, so they need to be diversified and take the sharp edges off off the market downturns.”

Grenier agreed. “The earlier you start, the better, because you have time on your side. If you look back at the market throughout the years, there have been so many gyrations, and you might be caught in a point where the market is down. But if you’re looking at it long-term, it has only gone up.”

 

In Monson, Things Are Percolating

By
Amanda Roy, center, with several staff members at the Better Bean coffee shop on Main Street in Monson.
Community Spotlight Special Coverage

Community Spotlight

Amanda Roy, center, with several staff members at the Better Bean coffee shop on Main Street in Monson.

Amanda Roy, center, with several staff members at the Better Bean coffee shop on Main Street in Monson.

 

Amanda Roy likes to say the devastating ankle injury she suffered in 2021 when she missed the last step at her house didn’t happen to her; it happened for her.

That mishap left her in a wheelchair and facing a lengthy recovery period, which she chose to spend with her parents, in the Monson home where she grew up. And while recovering, she spent a lot of time thinking about what the next chapter in her life would look like and where it would play out.

She ultimately decided it would look somewhat like a previous chapter, when she spent 10 years operating a coffee shop in Plymouth, but with some real changes (more on those later). As for the place … she chose downtown Monson with the thought that this would be a short-term gig.

But things changed, and quickly.

“I thought, ‘I’m going to open a coffee shop, and when I get better, I’m going to sell it, move back to Plymouth, and get on with my life,’” said Roy, who opened the Better Bean in the summer of 2023, when she thought she was recovering from that ankle injury. Instead, she was told she would need a replacement. And while getting it and some subsequent surgeries, she made the decision to get on with her life in her hometown. She’s making the Better Bean one of the more intriguing business stories in this community, while she and her boyfriend build a house there.

These developing stories are just a few of many in this town of just over 8,000 people. Others include:

• Progress with the redevelopment of the sprawling Monson Developmental Center (MDC) site. The board of Westmass Area Development Corp. is expected to vote soon on a proposal to acquire a 100-acre portion of the site with the intention of redeveloping it for housing and related purposes;

• Renovation and expansion of the town’s fire station;

• A town meeting vote to move from three selectmen to five;

• Continued growth of what would be called agritourism, with businesses such as Silver Bell Farms, Echo Hill Orchard, Westview Farms Creamery, and others, which grow and sell everything from apples to Christmas trees to wine to ice cream, and draw people from across the region and beyond; and

• Anticipation and excitement concerning the planned east-west rail station in Palmer, which has the potential to make Monson a more popular place to live for those who work in Greater Boston but can’t afford home prices in the capital area.

“It’s still costs a lot to build a house, but from a value standpoint, this is an opportunity to bring people here, and when individuals move in, now you have an opportunity for another restaurant or two, and then businesses will look at Monson as a vibrant place to move to.”

Westmass President and CEO Jeff Daley said the board is expected to vote by the end of this month on a proposal to acquire a section of the MDC property, on which he envisions a ‘village concept’ for the parcel, which represents a new and intriguing opportunity for the agency.

“What we’ve done in the past has been mostly commercial and industrial-type projects,” he said, noting industrial park projects in cities like Westfield, Agawam, and Chicopee, as well as redevelopment of the massive Ludlow Mills complex in Ludlow, which includes large housing components. “We’ve worked with partners on housing in the past, and housing is definitely a need, and the demographics of Monson have been changing; housing would be a good fit at that location.”

The MDC was among many state-owned properties featured in a recent showcase of parcels available for housing development that hosted the Healey administration, said Jenn Wolowicz, Monson’s town administrator, noting that, while there are several potential future uses, housing, especially affordable and 55-and-over housing, are critical needs.

One of the long-shuttered buildings at the Monson Developmental Center, which is moving closer to redevelopment, with housing as one of the likely new uses.

One of the long-shuttered buildings at the Monson Developmental Center, which is moving closer to redevelopment, with housing as one of the likely new uses.

“As of April 30, our population of seniors is 33% of our overall population,” she explained. “We have a lot of people living in single-family homes, their children are grown, and they’d love to be able to downsize to a townhouse-type unit, and we’ve made sure that this is something that’s being heard by Westmass.”

As for east-west rail, Jim Przypek, CEO of the Quaboag Hills Chamber of Commerce, which serves 15 communities, including Monson, said that service will benefit many of the communities in the Quaboag region simply by making them more accessible.

“The trend of people moving out of Eastern Mass. and migrating farther and farther west will continue and be accelerated by east-west rail,” he said, adding that rail service will make it easier to live in those towns but still work in Boston or Hartford.

For this latest installment of its Community Spotlight series, BusinessWest turns its lens on Monson, the picturesque town roughly halfway between Springfield and Worcester that has established its own identity.

 

Developing Stories

Mike Rouette grew up in Monson, and it has remained his home. He described it as the “perfect place to raise a family,” and a community where people team up to get things done, right down to planning and executing the Fourth of July parade and fireworks.

“Everyone pitches in and does what needs to be done to keep the town vibrant,” said Rouette, executive vice president and chief operating officer at Monson Savings Bank, who, as he surveys the landscape, sees both challenges and opportunities for the town.

The challenges are similar to those facing other rural communities in that area, including the loss of manufacturing jobs — plants once made everything from hats to toilet seats here — as well as retaining existing businesses and grappling with declining enrollment in local schools stemming from school choice and other contributing factors.

“It’s not easy to access Monson,” he explained. “Sometimes, people tend to look at Monson, from a Springfield standpoint, as if Wilbraham Mountain is almost like a Great Wall of China — it’s ‘over there.’”

As for opportunities, they mostly involve abundant land (although much of it is on hillsides) and still-affordable buildings lots, at least when compared to towns to the west (like Wilbraham, Hampden, and East Longmeadow) and to the east (Sturbridge and Auburn).

“There’s an opportunity there that the town should take advantage of,” Rouette said of lot prices. “It’s still costs a lot to build a house, but from a value standpoint, this is an opportunity to bring people here, and when individuals move in, now you have an opportunity for another restaurant or two, and then businesses will look at Monson as a vibrant place to move to.”

Meanwhile, the MDC site provides a wealth of opportunities — much like the site of the former Belchertown State School has — for creative reuse, everything from housing to commercial sites to Rouette’s vision of a regional high school that would serve Monson and Palmer and help keep students in those communities.

The MDC, which closed in 2012, was spread over more than 650 acres. A large portion of the property will be transferred to the Massachusetts Department of Fish and Game to become a wildlife management area, said Wolowicz, adding that Westmass could become the developer of the remaining 100-acre parcel, where the hospital buildings and other facilities still stand.

“We would be demoing the hospital buildings and doing a mixed-use development with quite a bit of housing,” said Daley of plans that are still being formalized and, of course, contingent on the upcoming vote of the board. “We’re proposing that it would be affordable, market-rate, and workforce, to make sure that people can come into town if they want, or upsize or downsize in the town of Monson, as well as potentially some retail and commercial use to create a village atmosphere, as opposed to just coming in and putting some buildings up.

“We really want to respect the town of Monson and the surrounding communities, and that’s why we’re proposing something with more of a village feel rather than just putting up ranch homes or duplexes,” he went on. “This would be more strategically thought out … a village concept where people could still enjoy that rural farm life, if you will, in Monson, while also creating a new development for housing upgrades for people who want to get out of their homes, as well as workforce housing. This could be a game changer for Monson, Palmer, and the surrounding communities.”

 

Bean Optimistic

The staff at the Better Bean likes to get creative and theme its specialty drinks and other fare.

Such was the case last fall, with a two-month salute to Gilmore Girls and the small, fictional Connecticut town called Stars Hollow, where the show takes place.

“Stars Hollow looks a lot like Monson,” said Roy, referencing both her coffee shop and Dan Grieve Park, across the street from the shop, and its gazebo, which is very similar to the one in the show.

Monson at a Glance

Year Incorporated: 1775
Population: 8,150
Area: 44.8 square miles
County: Hampden
Residential Tax Rate: $14.87
Commercial Tax Rate: $14.87
Median Household Income: $52,030
Median Family Income: $58,607
Type of Government: Select Board, Open Town Meeting
Latest information available

The park, complete with several Adirondack chairs and benches, is quite popular with Better Bean clients, most of them regulars, said Roy, who chose a grab-and-go format rather than seating, one of many lessons she took from her time in Plymouth, which was split between two locations.

The first was a kiosk inside a Registry of Motor Vehicles office, and the second was a much larger space in the same industrial park, “with seats and a public bathroom and a big menu … and I burned myself right out,” she said, adding that she sold that enterprise six months before COVID arrived.

“Someone was looking out for me big time, because I can’t imagine being that burned out and having to deal with COVID,” she said, adding that her ankle injury brought her back to Monson and, eventually, to a storefront — the same one her father operated a realty office out of when she was young — on Main Street.

Learning her lesson from Plymouth, she created a place that’s not too big or too small, although it’s been cramped since she opened, so she will soon take over the space next door (the former Petal and Wren flower shop, which relocated) and will use the back for storage and the front for a small gift shop, something she said the town needs.

Overall, Roy told BusinessWest, the downtown has lost some storefronts — a cannabis shop closed recently, for example — but it remains an emerging destination.

Wolowicz agreed, but noted that the town’s business community is diverse, with many ventures existing in the agritourism and hospitality spaces.

“We have quite a few people who are being very creative when it comes to what their land is used for, be it what they’re growing or their animals,” she said, adding that one of the priorities for town officials has been to promote the preservation of farmland and, overall, a healthy rural community.

The Monson Agricultural Commission goes about this work in many ways, she said, listing everything from Right to Farm bylaws, which protect farms from noise, odor, and other complaints, to a farmers market event with live music and more than a dozen local vendors, including farms, bakeries, and artisans; the next such event is slated for Sept. 13.

“The town of Monson supports its commercial farms,” Wolowicz said, “and wishes to ensure their continued existence and positive impact on the town economically, ecologically, and socially.”

Przypek, who came to the chamber after a lengthy stint with the Basketball Hall of Fame in marketing and sponsorships, and then several years as general manager of the Three County Fairgrounds, agreed, noting that agritourism has become a large part of Monson’s identity as it transitions away from its manufacturing heritage.

“Businesses like Silver Bell Farms and Echo Hill and Westview Farms Creamery are thriving, and they bring people from all over to Monson,” he said, adding that new businesses downtown, like the Better Bean, do the same.