The end of the year is a natural pause point. It gives you space to look at what changed over the past twelve months and decide what you want the next year to look like. If you’ve been setting financial goals for a long time, the process can start to feel routine, even automatic. But 2025 brought enough shifts that it’s worth setting your goals with fresh eyes.

Americans are well known for their generosity. In fact, in 2024, charitable contributions across the country totaled an extraordinary $592.50 billion, according to Giving USA. If giving is already part of your financial plan, now is an ideal time to revisit your approach. Beginning January 1, 2026, the One Big Beautiful Bill Act (OBBBA) will make permanent changes to the tax treatment of charitable giving, with the biggest impact on those who itemize deductions.

Key Points:

• The One Big Beautiful Bill Act (OBBBA) ushers in sweeping tax changes in 2026, making this a pivotal year for high earners and business owners to take advantage of 2025 year-end planning opportunities.
• Strategies include accelerating charitable giving, contributing to donor-advised funds, and bunching deductions like state and local taxes (SALT) to benefit from the increased SALT cap in 2025.
• Business owners can also take advantage of reinstated 100% bonus depreciation and higher Section 179 limits to fully deduct qualifying assets placed in service before year-end.

On July 4, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law, a comprehensive tax and spending package totaling nearly 900 pages. This landmark legislation introduces approximately $4.5 trillion in tax cuts, shifts federal spending priorities, and directs substantial resources toward border security and national defense.

Key Points:

• Generational wealth often disappears within a few generations, but teaching financial literacy and involving children in real-world experiences can prepare them to manage wealth responsibly.
• Open communication, clear expectations, and guidance from trusted advisors can help prevent conflict and ensure inherited wealth strengthens rather than strains family relationships.
• By combining financial education, values, and professional support, families can preserve wealth, foster harmony, and build a legacy that lasts for generations.

Key Takeaway: Turning income into wealth requires a strategic approach that transforms what you earn today into lasting financial security for the future.

Earning a high income is often seen as the hallmark of financial success, but income alone doesn’t guarantee wealth. In fact, a recent Bank of America study found that nearly one in five U.S. households earning more than $150,000 a year are still living paycheck to paycheck.