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Through 2048, an estimated $124 trillion in wealth is expected to pass from older to younger generations in the U.S. Additionally, $50 trillion will pass laterally to surviving spouses, the large majority of whom will be women, before making its way down to children. Known as the Great Wealth Transfer, it comes with responsibility for both the owners and inheritors of wealth. Here, five steps are outlined to help you and your family prepare for the change that also represents a shift in power with younger generations stepping into their financial strength.

Understanding the nuances between retirement plans can be challenging. This Quick Reference Guide to Retirement Plans compares and contrasts features such as account establishment, account contributions, and accessibility.

For income earned in 2025 and tax returns filed in 2026, this tax planning reference guide provides information on the tax rate schedules, exemptions, and contributions to savings plans. As a planning tool for you and your advisors, it can help you see if you need to make any adjustments regarding your tax efficiency, wealth planning, retirement planning, philanthropic strategics, and business and estate planning.

To clarify the inherited IRA distribution requirements that were first laid out in the 2019 SECURE Act, the IRS issued proposed regulations in 2021 that impacted IRA beneficiaries. While investors and wealth owners may perceive the taxes they’ll incur as unfavorable due to the requirement of minimum distributions, the new regulations may benefit investors by enabling them to spread income over multiple years. This paper, with a case study, examines the tax consequences of different withdrawal strategies.

With the U.S. election results in 2024 setting the stage for significant changes in tax legislation, the administration is expected to prioritize extending the Tax Cuts and Jobs Act of 2017 (TCJA) and potentially repealing parts of the Inflation Reduction Act, which may lead to adjustments in corporate taxes and individual tax provisions. As we navigate these changes, it is important for individuals and businesses to stay informed and proactive in their planning approach.

State legislatures faced a growing number of budget shortfalls to begin fiscal year 2025 as lower tax collections and a slowing economy curtailed the pandemic-era revenue boom. However, tax increases were rarely in the discussion. Budgets were balanced, and some states still have managed to cut taxes. Regardless of what occurs in statehouses, taxpayers need to prepare for both unforeseen economic changes and the potential for federal tax reform to trickle down to the states.