2026 Year-End Wealth Planning Checklist

Important legislation impacts: What to know

The One Big Beautiful Bill Act (OBBBA) and Secure 2.0 continue to have important implications for tax and financial planning. Some of the key 2026 considerations include:

• Enhanced senior deduction: Adults age 65 and older may qualify for an additional $6,000 deduction per person, subject to income limits.
• Charitable giving: New 2026 rules affect deductions for both itemizers and non-itemizers, making timing and strategy more important.
• SALT deductions: The 2026 State and Local Tax (SALT) limit is $40,400, with phaseouts for higher-income taxpayers. AMT remains an important consideration.
• Estate planning: The federal estate and gift tax exemption is $15 million per individual in 2026, creating additional planning opportunities.
• Retirement planning: SECURE 2.0 increases catch-up contributions for ages 60–63 and requires certain higher-income employees to make catch-up contributions as Roth.

With valuable insights from Michelle Slawny, Director of Wealth Planning at Associated Bank, we’ve outlined the areas to focus on as you prepare for year-end.

Tax planning

OBBBA, also known as Working Families Tax Cuts, has reshaped parts of the tax landscape for individuals and businesses. Year-end is a good time to assess how these changes affect you.

Slawny shares, “I always encourage people to get an idea of what their income looks like year to date and if they anticipate being in a lower tax bracket before December 31.”

A suggestion from Slawny to potentially accelerate income, “Look to see if there's a bonus that can be paid in 2026 instead of 2027. Or a Roth conversion is another way to fill up their tax bracket. Keep in mind there's timing there—you can't do a Roth conversion that's effective in 2026 after December 31, so be mindful of the deadline.”

For clients age 65 and older, the enhanced senior deduction may provide an additional $6,000 per person, subject to income-based phaseouts. States may have additional opportunities as well. For example, Wisconsin residents age 67 and older may also qualify for a separate retirement income subtraction of up to $24,000 per qualifying individual, or $48,000 for a married couple, when both qualify.

For those trying to take full advantage of their 401(k) and/or HSA accounts, Slawny reiterates the importance of having them fully funded. “The 401(k) has to be through payroll deduction, and it’s important to max that out. But HSAs don't have to be through payroll. Sometimes people don't realize that they can write a check, even in January or February, to make up for any missed contributions.”

For 2026, the 401(k)-contribution limit is $24,500, with an $8,000 catch-up for most participants age 50 and older. For those ages 60-63, the higher SECURE 2.0 catch-up limit is $11,250. The IRA limit is $7,500, with a $1,100 catch-up for those age 50 and older. HSA limits are $4,400 for self-only coverage and $8,750 for family coverage, plus a $1,000 catch-up for eligible individuals age 55 and older.

SECURE 2.0 also requires certain higher-income employees to make catch-up contributions on a Roth basis beginning in 2026, making it important to review workplace retirement plan elections before year-end.

Slawny says one of the silver linings of OBBBA “is the increase in the SALT deduction from $10,000 to $40,000. For clients in high-tax states like Wisconsin, Minnesota and Illinois, this can make itemizing worthwhile again. But the catch is under AMT, those SALT deductions are limited, so the benefit could be offset.”

For high-income taxpayers, SALT, itemized deductions and AMT should be considered together.

Per Slawny, when it comes to proactive planning, “For high-income individuals who may fall into AMT in 2027, there’s real value in accelerating deductions into 2026. That could mean paying property taxes or state income taxes early, effectively doubling up this year to maximize the benefit before AMT changes take hold.”

Charitable giving also deserves a year-end review. In 2026, taxpayers who do not itemize may be able to deduct up to $1,000 of qualifying cash gifts, or $2,000 for married couples filing jointly. For itemizers, charitable contributions must exceed 0.5% of AGI before the excess is deductible. Strategies such as Qualified Charitable Donations (QCDs), which transfer funds from IRAs, donor-advised funds and gifts of appreciated securities may also help align charitable goals with tax planning.

For clients age 70½ or older, QCDs can be a tax-efficient way to give to charity while potentially satisfying required minimum distributions (RMDs).

Estate and gift planning should be part of the year-end conversation too. With the federal exemption at $15 million per individual in 2026, families with significant assets should consider revisiting their gifting and wealth-transfer strategies.

Families with children or grandchildren may also want to consider Trump Accounts, a new type of IRA for eligible children under age 18. Eligible children born between January 1, 2025, and December 31, 2028, may qualify for a $1,000 federal contribution.

As you review these considerations, ask yourself: Have recent life changes—or OBBBA itself—shifted my tax situation?

• Assess whether OBBBA and SECURE 2.0 affect your tax and retirement planning.
• Confirm charitable giving strategies and timing.
• Review SALT and AMT exposure.
• Maximize contributions to tax-advantaged accounts: 401(k), IRA, HSA, where appropriate.

Investing

Markets can be unpredictable, driven by inflation, shifting interest rates, economic conditions and global uncertainty. Rather than trying to anticipate what markets will do next, year-end is a good opportunity to focus on the fundamentals—whether your portfolio remains aligned with your goals, time horizon and risk capacity.

When it comes to investments and individual portfolios, Slawny says to celebrate the wins, but to be smart with your next move. “If people have not been rebalancing, that might mean the stock portion of their account is a little overweighted. They may find themselves at 55/45 versus a 50/50 portfolio.”

Rebalancing can bring a portfolio back in line with its intended asset allocation while providing an opportunity to review diversification, concentrated positions and overall risk.

Tax-loss harvesting may also be worth considering before year-end. Selling investments that have declined in value can potentially help offset capital gains, depending on your circumstances.

Ask yourself: Is my portfolio still aligned with my goals and risk tolerance?

• Review the level of diversification in your portfolio, considering any concentrated stock positions, and rebalance where necessary.
• Evaluate your risk capacity—not just willingness, but financial ability to weather losses.
• Explore tax-loss harvesting opportunities before year-end.
• Consider coordinating investment gains, losses and charitable giving.

Cash & liquidity

Short-term interest rates may trend higher into 2027, while the long-term outlook remains clouded by inflation and rising federal debt. If you’re nearing retirement or simply value flexibility, it may make sense to increase your cash cushion. This can give you the confidence to spend a little while staying prepared for life’s surprises.

Slawny encourages, “I would say now is the time to sell some investments, raise that cash while the market is high, even if that means capital gains may be due.”

“More recently, I've heard something from newer retirees,” shares Slawny. “And that is they wish they would have had more cash in their early retirement years.”

She continues, “I think if someone is within five years of retirement, it probably makes sense to reevaluate their portfolio and see how much they have in checking, savings, money market, deposit accounts—and bump that up.”

At the same time, holding too much cash can mean missing opportunities for higher returns, particularly if rates decline. The goal is to make sure your cash strategy matches your needs.

Ask yourself: Is my cash strategy still a good fit?

• Identify any large upcoming expenses or liquidity needs.

• Review emergency reserves (12–18 months of expenses is a strong guide).

• Assess reinvestment risk from falling short-term rates and explore opportunities to increase returns on cash.

• As you approach retirement, evaluate whether your cash reserves can cover near-term spending needs without requiring portfolio withdrawals during a market downturn.

Wealth planning

Beyond taxes and investments, year-end is also the time for a holistic financial check-up. Think of it as a pulse check to confirm that your plan continues to protect you and your loved ones.

Estate planning and insurance are important components of a complete financial plan.

Taking time to review your will, trust documents and other key records helps ensure your assets are passed on as intended. Life changes are a natural trigger for an update, but year-end is also a timely opportunity to make sure everything is current.

The same goes for insurance. Your needs shift as life evolves, so revisiting your coverage each year can help ensure your plan continues to protect you and your loved ones.

Ask yourself: Am I confident my plan still supports my top priorities?

• Review and update estate documents (wills, trusts, powers of attorney and healthcare directives).
• Confirm beneficiary designations across accounts.
• Reassess your estate and gifting strategy, in light of the 2026 $15 million federal exemption.
• Review insurance coverage (life, disability, liability, long-term care).
• Ensure your financial plan reflects your current goals and values.
• Consider whether Trump Accounts may be relevant to your long-term savings strategy, if you have children or grandchildren.

Looking ahead

With the OBBBA and SECURE 2.0 shaping 2026 planning, this is a year to prepare rather than react. The senior deduction, higher estate and gift tax exemption, charitable giving changes, SALT rules and retirement plan changes can each have an impact. Considering them together as part of a coordinated financial plan can help you make more informed decisions.

The more proactive you are in 2026, the more freedom you’ll have to navigate uncertainty with confidence in 2027.

Would you benefit from the support of a wealth professional?

Year-end planning doesn’t have to feel overwhelming. Our role is to help you evaluate, prioritize and act with clarity. Together, we can ensure your 2026 ends on a strong note and your 2027 begins with confidence, direction and opportunity.

Reaching out is “an opportunity to sit down with someone, to talk about all the numbers, charts and graphs, and to ask questions,” reassures Slawny. “I spend a good part of my time talking with clients, helping them understand the why. How does this work? Why does it affect me? Why is it important?”

“Ultimately, it's a combination of having that plan and having the road map to get you there. Because if you understand the why, then the plan means something.”

To start your year-end planning process, get in touch with our team or find an advisor to schedule a conversation today.