2025 year-end planning considerations

As the year draws to a close, it’s time to review your estate and tax plans — both the items that deserve annual attention and the new opportunities created by the “One Big Beautiful Bill Act” (OBBBA). A thoughtful review now can help you position your financial wealth for both near-term efficiency and long-term effectiveness.

Text of the OBBBA is available here: https://www.congress.gov/ bill/119th-congress/housebill/1/text. 

Key financial planning strategies

Consider the following steps as you prepare for year-end:

  • Accelerate charitable giving. With new charitable deduction rules — including a 0.5% adjusted gross income (AGI) threshold for itemized deductions and a 35% cap for top-bracket taxpayers starting in 2026 — it may be advantageous to make larger contributions before 2025 ends.
  • Revisit your state and local tax (SALT) strategy. The increase in the SALT deduction cap from $10,000 to $40,000 for 2025 through 2029 could create planning opportunities around itemized deductions more generally.
  • Evaluate income and deductions. Explore opportunities to accelerate or defer income, harvest losses, and maximize retirement contributions.

These strategies can help ensure you’re taking advantage of today’s opportunities while preparing for tomorrow’s landscape.

Looking ahead

As you plan beyond 2025, keep in mind several upcoming changes and opportunities:

  • Estate planning. The permanently set lifetime exemption of $15 million per person will shape multigenerational planning strategies.  
  • Qualified Small Business Stock (QSBS). The exclusion cap increases to $15 million, expanding potential benefits for business owners and investors.
  • Qualified Opportunity Zones (QOZ). Deferring certain investment strategies until 2027 may prove beneficial under the new rules.

For more detailed guidance and next steps, see 2025 Year-End Planning Checklist.

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

2025 Year-End Planning Checklist: Guidance for reviewing your financial – and non-financial – wealth

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