Guidance for reviewing your financial – and non-financial – wealth
Year-end tax prep
In July, the “One Big Beautiful Bill Act” (OBBBA) was signed into law, permanently extending many of the key provisions of the 2017 “Tax Cuts and Jobs Act” (TCJA).[1] That said, there are some changes to be aware of in your year-end tax planning. (Please note this is not investment advice. Consult with your advisor/CPA before taking any of these actions. Text of the OBBBA is available here: https://www.congress.gov/ bill/119th-congress/housebill/1/text.)
To help you make the most of the remaining weeks of the year, consider the following year-end planning checklist:
- Charitable Giving. The OBBBA made several notable changes to the rules governing charitable deductions. Two of the most significant provisions are:
- 0.5% adjusted gross income (AGI) threshold for itemized charitable deduction. Starting in 2026, people who itemize deductions will only be permitted to deduct charitable contributions to the extent that such contributions exceed 0.5% of their AGI.
- 35% cap on itemized deductions for top-bracket taxpayers. Starting in 2026, the maximum benefit of charitable contributions will be a 35% reduction in taxes, regardless of whether they are actually in the 37% tax bracket.
Based on these new limitations to charitable deductions, it may make sense to accelerate charitable contributions into 2025. Learn more about accelerating charitable giving in 2025.
- Impact of the increase in the SALT cap. The cap on deductions for state and local taxes (“SALT cap”) has been increased from $10,000 to $40,000 for the current year (2025) through 2029 tax years. If you took the standard deduction as a result of the $10,000 SALT cap over the past few years, the increase in this cap may cause itemizing to become more advantageous to you, which may affect the impact of charitable giving on your taxes.
- Tax-loss harvesting. You might want to consider harvesting losses to offset gains to reduce your tax liability for 2025.
- Accelerating or postponing income and deductions. If you anticipate being in a higher tax bracket in 2025 than in 2026, it might make sense to postpone income and accelerate deductible expenses, such as charitable contributions or medical expenses, into 2025. Conversely, if you anticipate your rate declining in 2026, you might consider doing the opposite.
- Retirement contributions. Maximizing contributions to retirement accounts (401(k), IRA, etc.) can reduce your taxable income for the year and provide long-term tax benefits.
- Retirement distributions. Remember to take required minimum distributions from inherited retirement accounts, as well as from your own retirement accounts.
- 2025 gifting. Be sure to complete any planned 2025 gifts, including annual exclusion gifts, before year-end.
- Estate planning[2]. Be aware of the increased lifetime gifting exemption starting January 1, 2026. Review your estate plan accordingly.
Planning ahead for 2026 and beyond
- Estate planning updates: The OBBBA permanently sets a lifetime exemption of $15 million per person starting in 2026. While this provides a more stable planning environment, it does not eliminate the need for planning: Stay Focused on Estate Planning.
- Qualified Small Business Stock (QSBS): The OBBBA enhanced QSBS tax benefits by increasing the exclusion cap to $15m (from $10m), increasing the qualified business asset limit to $75m, and reducing the holding period for a 50% exclusion. Learn more here: Time to Reassess QSBS Planning.
- Qualified Opportunity Zones: If you are interested in investing in Qualified Opportunity Zone Funds to defer capital gains, it may make sense to wait until 2027. Learn why here: Consider Deferring QOZ Investments to 2027.
Use year-end to invest in your non-financial wealth too
As you reflect on what matters most this holiday season, consider these three ideas to help guide meaningful conversations, deliberate action, and thoughtful planning to achieve your preferred life:
- Strengthen connection through communication: The goal isn’t to solve problems, but to understand each other’s motivations, values, and hopes. Meaningful communication is the cornerstone of strong relationships with the focus to replace reactive talk with reflective connection. By engaging in open, thoughtful dialogue, families can deepen understanding, strengthen trust, and align around shared values – creating a foundation that supports living your vision of success.
- Lean into trust and transparency: Much family tension during the holidays comes from unspoken expectations. There is authenticity in transparency so look for meaningful moments, small or large, to open the door to things you have been holding back or things that make you uncomfortable.
- Be intentional about your direction: Instead of doing something because we always do it, do it because it still matters. Take time to reflect on what your vision of success looks like – for yourself, your family, and future generations. Set clear, purposeful goals and make intentional choices that move you closer to that vision, ensuring your wealth supports what matters most.
We expand on these ideas in our recent webinar What Will You Bring to Your Table: A conversation exploring strategies for family thriving this holiday season
Take care of 2026 health insurance & Medicare enrollment
The 2026 Open Enrollment period is the time to review and update your health coverage. Individuals can compare new plan options and pricing, Medicare-eligible clients can adjust or change their coverage, and those nearing age 65 or leaving employer plans should review deadlines and supplemental options.
- Medicare Open Enrollment: October 15th through December 7th
- Individual/Family Market Enrollment: November 1st through January 15, 2026
How we can help
Our team, in partnership with a Healthcare Financial Planning company, can assist clients with:
- Reviewing your current coverage and identifying plan changes for 2026.
- Comparing options across available carriers.
- Coordinating Medicare Supplement (Medigap), Part D, and Advantage Plan evaluations.
Take the next step
Continue the conversation. Reach out to your advisory team to discuss year-end prep across the spectrum of your life.
For more year-end guidance, please see these articles:
What Matters Most to You — This Season and Beyond? Creating a long-term vision and strategy
Head into Year-End with Confidence: 2025 year-end planning considerations
Protect Your Digital Life: Guidance for managing cybersecurity risk
Strengthen Relationships for Today and Tomorrow: Setting the table for success
Will You Do More with Your Philanthropy This Year? Check gifting plans before year-end
Strategic Business Planning Opportunities: New possibilities for proactive and strategic planning
What Is the Value of Time? Pause to rethink how you spend this precious commodity
Keeping Yourself—and the Season—Merry and Bright: Prepare for the holidays with a focus on health
