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Year-end tax strategies for high-net-worth individuals in 2026
Year-end tax season is here. If you’re a high-net-worth individual, now is your last chance to develop and deploy an effective year-end tax planning strategy to help you reduce your taxable income, maximize your tax-efficient charitable giving or protect your assets on your 2026 taxes. Keep reading to learn how your goals determine which strategies make the most sense, plus key action steps that you and your tax advisor should take. You can also download the top year-end tax action steps as a checklist to review with your tax advisor. What are the top year-end tax planning strategies for high-net-worth individuals in 2026? Individuals with high income or valuable assets can typically reduce their tax exposure by deploying one or more tax planning strategies. The most effective approach depends on your specific tax goals, which may include: Reducing your taxable income: Deploy tax strategies like maximizing pretax contributions, making charitable donations, offsetting capital gains with tax-loss harvesting, shifting assets to younger generations and claiming any applicable tax deductions. Preparing for a future asset sale: Identify tax opportunities well before a buyer is involved, as many of the best strategies won’t work if a sale is already in progress. These may include transferring assets to family members or a trust, as well as leveraging gain-deferral strategies like installment sales. Maximizing your charitable giving: Make your giving more tax-efficient by donating securities rather than cash, bunching several years of giving and taking qualified charitable distributions (QCDs) from your IRA. Taking advantage of a temporary income dip: Turn a lower-than-average income year into a tax advantage by doing a Roth IRA conversion, recognizing long-term capital gains and leveraging tax benefits only available at lower incomes. Let’s explore more about how you can pursue each of these tax goals in greater detail. How to reduce your taxable income If you expect 2026 to be a high-income year — especially if your income reaches $1 million or above — the right year-end individual tax planning strategies can significantly reduce your overall income tax exposure. Here are key action steps to consider: 1. Use tax-loss harvesting opportunities to offset capital gains Review your investment portfolio for tax-loss harvesting opportunities to offset capital gains realized during the year. This may also be a good time to discuss whether tax-focused investment strategies, such as direct indexing or tax-aware long/short investments, could enhance your future tax-loss harvesting opportunities. 2. Reevaluate your tax residency Review your state residency situation, especially if a business sale, liquidity event, retirement or relocation may be on the horizon. Establishing residency in a lower-tax state before a significant income event can produce substantial state tax savings, but proper documentation and advance planning are critical. 3. Shift future income and appreciation to descendants Consider opportunities to shift future income and appreciation to younger generations through gifts of income-producing assets or transfers to trusts . In addition to reducing future estate taxes, these strategies may lower your overall family tax burden by moving income to taxpayers in lower tax brackets. 4. Leverage your charitable giving Accelerate your charitable giving into 2026, particularly through gifts of appreciated securities or contributions to a donor-advised fund. Donating appreciated assets can generate a charitable deduction while also allowing you to avoid paying capital gains tax on the appreciation. 5. Maximize your pretax opportunities Maximize your pretax opportunities such as 401(k) contributions, cash balance plans, HSAs and other deductible retirement contributions before year-end. For business owners and professionals, cash balance plans can often create substantially larger deductions than traditional retirement plans alone, so consider this option if applicable. 6. Explore discretionary deductions Evaluate whether your discretionary deductions can be accelerated into the current year. Such deductions may include business expenses, state taxes (subject to limitations) and certain investment-related costs. 7. Coordinate year-end tax planning with succession and estate planning If you own a closely held business, coordinate year-end tax planning with your long-term succession and estate planning goals . Your highest-income years often present the greatest opportunities to combine income tax savings, wealth transfer planning and future estate tax reduction into one unified strategy. How to prepare for selling a high-value asset Selling a business or other high-value asset creates new tax exposure. However, by starting your tax planning process well in advance of a sale, you can often notably reduce that exposure. Explore these strategies: 1. Start planning before a buyer is involved Before you begin talking to a potential buyer, review your asset’s tax basis and ownership structure now to identify planning opportunities. Coordinate with legal, tax and valuation advisors early, as many of the most valuable opportunities disappear once a sale becomes imminent. 2. Make transfers to trusts or family members before selling If you plan to transfer portions of your asset to trusts or family members, consider doing so before entering into a transaction. For stock that qualifies for qualified small business stock (QSBS) treatment , early gifting (when done as part of an overall estate plan) may create opportunities to leverage multiple Section 1202 gain exclusions and reduce the overall tax burden on a future sale. 3. Evaluate charitable giving opportunities Evaluate whether a charitable planning strategy, such as gifting part of your asset to a donor-advised fund or charitable trust before a sale, could reduce or eliminate tax on a portion of the gain. 4. Consider deferring gains Explore whether installment sale treatment, Opportunity Zone investments or other gain-deferral strategies may fit your objectives. In addition, coordinate the timing of the transaction with tax-loss harvesting opportunities elsewhere in your investment portfolio to help offset a portion of the gain. How to maximize the tax value of your charitable giving If you are charitably inclined, effective tax strategies can boost the tax efficiency of your giving. These strategies often have the added benefit of making your giving more impactful as well. Try options like: 1. Donate securities rather than cash Donate appreciated securities rather than cash whenever possible. This allows you to receive a charitable deduction while permanently eliminating the built-in capital gain. 2. Bunch several years’ worth of giving into a single year Consider bunching several years of charitable giving into a donor-advised fund to maximize deductions while maintaining flexibility over future grants. Beginning in 2026, many taxpayers may receive a reduced benefit from charitable deductions due to the new 0.5% of AGI floor for charitable contributions and additional deduction limitations for high-income taxpayers. By combining multiple years of charitable gifts into a single year, you may be able to maximize the deductible amount, overcome these new thresholds, and then distribute funds to your favorite charities over time through the donor-advised fund. 3. Make qualified charitable distributions from your IRA Individuals over age 70½ may benefit from making qualified charitable distributions (QCDs) directly from IRAs, which can satisfy required minimum distributions without increasing taxable income. Married couples can each make QCDs from their own IRAs, effectively doubling the available benefit when both spouses qualify, making this one of the most tax-efficient ways to support charitable causes in retirement. 4. Name charities as IRA beneficiaries Review your beneficiary designations and consider naming charities as beneficiaries of traditional IRAs. These are often among the most tax-efficient assets to leave to charity. 5. Consider estate planning as a part of this process Align charitable goals with your estate plan to ensure assets are directed in the most tax-efficient manner for both charitable organizations and family beneficiaries. How to take advantage of a temporary income dip From a tax perspective, a year where you earn less income than you typically do can offer meaningful advantages. If you’re having a lower income year, here’s how to make the most of it: 1. Make Roth IRA conversions Consider Roth IRA conversions while your marginal tax rate is lower than normal. A temporary dip in income can create an opportunity to move retirement assets into a tax-free environment at a lower tax cost than may be available in future years. 2. Recognize long-term capital gains Evaluate recognizing long-term capital gains during the year, particularly if you may qualify for a lower capital gains tax rate than in future years. In some cases, intentionally harvesting gains while remaining in a favorable tax bracket can be more tax-efficient than waiting until income increases. 3. Accelerate income into the current tax year Where feasible, accelerate income into the current year, since future tax rates may be higher if income rebounds. Examples may include exercising stock options, accelerating bonus payments, recognizing deferred income, or converting traditional retirement assets to Roth accounts while lower tax brackets are available. 4. Consider additional IRA distributions Review whether it makes sense to take additional IRA distributions beyond required minimum distributions while remaining in a favorable tax bracket. Strategic withdrawals today may reduce future required distributions and help smooth taxable income over multiple years. 5. Claim lower-income tax benefits Take advantage of tax benefits that phase out as income increases. Lower-income years may create opportunities to benefit from provisions such as the qualified business income (QBI) deduction for specified service businesses, the enhanced deduction available to qualifying seniors, education-related credits, or other tax benefits that may be unavailable in higher-income years. 6. Defer charitable deductions Reassess charitable deductions and other itemized deductions as part of your broader tax-bracket strategy. In some situations, it may be advantageous to defer deductions to a future higher-income year when those deductions provide a greater tax benefit. Download the year-end tax planning strategy checklist Get the key action steps from this article as a downloadable checklist. You can use this checklist to guide your year-end tax planning or review it with your tax advisor as you discuss strategies. Get the year-end tax strategy checklist Read more How the higher lifetime gift tax exemption helps estate planning Key benefits of a trust versus a family limited partnership? New 0.5% income threshold adds a wrinkle to charitable deductions
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Carried interest transfers: Coordinating valuation, tax and estate planning
Explore carried interest transfers, valuation and estate-planning considerations, including vertical-slice strategies and potential transfer-tax risks.
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Estate planning: Trust strategies for preserving and transferring wealth
For wealthy families and business owners, estate planning is more than simply determining who inherits your estate. It’s about developing a strategy to preserve wealth, minimize taxes, protect beneficiaries and help ensure your legacy is transferred as you wish. A well-designed trust strategy can be one of the most powerful tools for accomplishing those goals. There are dozens of types of trusts, so finding the right trust, or combination of trusts, to best align with your goals can be tricky. Keep reading for a breakdown of estate planning strategies and scenarios in which each can be most beneficial. The estate tax landscape Due to the increased wealth transfer tax exemptions, individuals can now pass more assets than ever before without triggering transfer taxes. The federal estate transfer tax exemption allows individuals to transfer up to $15 million and married couples up to $30 million before federal estate taxes apply. Any assets exceeding those thresholds are subject to a 40% federal estate tax. For that reason, proactive planning is critical for families with substantial estates. The benefits of a trust Your family has likely spent decades building wealth, but how much time have you spent planning how that wealth will transfer to your children and grandchildren? Without a coordinated strategy, much of your estate could be lost to taxes, family disputes or subject to inefficient transfers. Fortunately, trusts provide a flexible way to reduce estate tax exposure while maintaining control over how wealth is distributed. Whether you’re focused on protecting a family business, providing for future generations, supporting charitable causes or creating financial security for your spouse, there are trust options designed to help achieve those objectives. In many cases, trusts are used to move appreciating assets outside of a taxable estate, helping families lock in today’s value while future growth occurs free of transfer taxes. Trusts also have benefits beyond taxes, including: For liquidity needed to cover estate taxes without forcing a sale of the company. To protect assets from creditors, lawsuits or divorcing spouses. To ensure heirs receive financial support while avoiding unrestricted access to large sums of money. Create a trust strategy that fits your needs The most effective estate plans are customized based on factors such as: The size of the estate The types of assets owned Whether a family business is involved Future liquidity needs Family circumstances and beneficiary maturity Charitable goals Tax planning objectives In many cases, multiple trust structures work together as part of a coordinated estate plan. Different trusts can be used to leverage estate tax exemptions, provide liquidity and preserve wealth for future generations. The key is understanding which tools align with your goals. Irrevocable Life Insurance Trusts An Irrevocable Life Insurance Trust (ILIT) is one of the simplest and most durable tools in estate planning. The trust owns an insurance policy on the grantor’s life, and because the trust is both the owner and the beneficiary, the death benefit is generally excluded from the insured’s taxable estate when structured correctly. One of the main benefits of an ILIT is liquidity. Federal estate taxes are generally due within nine months of death. Since most taxable estates include business interests, real estate or other non-liquid assets, an ILIT can provide cash to cover taxes, debt obligations or other estate-related costs without selling valuable assets under pressure. When an ILIT makes sense An ILIT can be beneficial for an estate that holds largely non-liquid assets, such as a family business, commercial real estate or a large investment property portfolio. Consider a business owner whose company represents most of their net worth. Upon the owner’s death, the estate could face a significant estate tax bill but have limited cash available to pay it. An ILIT can provide tax-free liquidity to help the estate meet those obligations without selling business interests or taking on debt. Additionally, in situations where only certain children participate in the business, ILITs can serve as an estate-planning tool to provide equivalent value to non-participating heirs while preserving ownership and control of the business for the children who are actively involved. Spousal Lifetime Access Trusts Spousal Lifetime Access Trusts (SLATs) are a popular strategy for married couples seeking to transfer assets from their estates while preserving potential access to trust assets through the beneficiary spouse. One spouse creates and funds an irrevocable trust for the benefit of the other spouse and future descendants. Assets transferred into the trust, along with future appreciation, are removed from both spouses’ taxable estates. The appeal is straightforward: The donor spouse uses their estate tax exemption to move the assets out of their estate, while the beneficiary spouse may still receive distributions from the trust if needed. This indirect access can make some families more comfortable transferring substantial assets out of their estate. SLATs do require careful planning. Assets typically must be funded with separate property, and if both spouses establish trusts for each other, the arrangements must be substantially different to avoid IRS scrutiny under the reciprocal trust doctrine. When a SLAT makes sense A SLAT is an attractive choice for married couples with valuable estates, but who are hesitant to permanently part with a large portion of their wealth. For example, a couple may want to transfer a diversified investment portfolio expected to grow substantially over the next decade, while maintaining a safety net should their financial circumstances change. SLATs can also be effective for business owners anticipating significant future growth in their company’s value. By transferring business interests into the trust before a liquidity event, sale or period of rapid growth, future appreciation can occur outside the taxable estate. Because the beneficiary spouse can still receive distributions, the couple retains indirect access to the assets in the event of unexpected expenses. Intentionally Defective Grantor Trusts Intentionally Defective Grantor Trusts (IDGTs) are among the most impactful estate planning techniques available to wealthy families and business owners. An IDGT is irrevocable and designed to remove assets from the grantor’s taxable estate, while grantor trust provisions cause the grantor to remain responsible for the trust’s income tax liability. This means the grantor pays the income tax on trust earnings, allowing the trust assets to grow tax-free. In effect, those tax payments become an additional tax-free transfer of wealth to beneficiaries. IDGTs are especially powerful when combined with a sale transaction. A business owner may sell shares of a closely held business to the trust in exchange for a promissory note. Because the trust is treated as a grantor trust, the sale generally does not trigger capital gains tax and appreciation above the note’s interest rate can transfer outside the taxable estate. When an IDGT makes sense IDGTs are often used by business owners who expect substantial future appreciation in their companies. If a business is valued at $30 million but is projected to double in value over the next decade, selling part of the business to an IDGT can effectively freeze today’s value for estate tax purposes while allowing future growth to benefit children and grandchildren. This strategy can also work well for families who rely on cash flow from a business or investment assets. Because the grantor receives payments under the promissory note, they can continue to generate income while shifting future appreciation outside their taxable estate. IDGTs are particularly useful for individuals planning to sell a business, owners of rapidly growing businesses and families whose wealth is expected to appreciate faster than traditional investments. Dynasty Trusts Dynasty Trusts are designed to preserve wealth for multiple generations. These trusts use the lifetime gift and generation-skipping transfer (GST) tax exemptions to move assets outside of the transfer-tax system, allowing wealth to grow and benefit children, grandchildren and future descendants. There are benefits beyond tax savings. Dynasty Trusts can provide significant asset protection by shielding trust property from creditors, lawsuits and divorcing spouses. They can also help families create long-term structures that help ensure beneficiaries manage their inherited wealth responsibly. When a Dynasty Trust makes sense Dynasty Trusts are ideal for families focused on multigenerational wealth preservation. A family that has built substantial wealth through a successful business, real estate holdings or long-term investments may want assets to benefit children, grandchildren and beyond without triggering transfer taxes for each generation. These trusts are also valuable if you are focused on protecting wealth from mismanagement, lawsuits and creditors after it’s been passed down Charitable Trusts For families with philanthropic goals, charitable trusts can align giving objectives with tax planning. A Charitable Remainder Trust (CRT) provides income to the donor or other beneficiaries for a set amount of time, or until the donor passes away. At that point, the remaining assets pass to a charitable organization. This strategy can be particularly attractive when an individual owns highly appreciated assets and wants to defer or minimize capital gains taxes. A Charitable Lead Trust (CLT) works in the opposite direction. The charitable organization receives payments for a predetermined period and at the end of the term, the remaining assets transfer to family members or other beneficiaries. This structure can help reduce income and/or estate tax liability while supporting charitable organizations during the trust term. When charitable trusts make sense A CRT can be an effective solution for a business owner or investor holding an asset with significant unrealized gains. For example, someone who purchased land decades ago for a relatively small amount may face a large capital gains tax bill upon sale. By contributing the property to a CRT, they may receive an income stream while ultimately supporting causes that are important to them. A CLT may be more appropriate for wealthy families seeking to combine philanthropy with wealth-transfer planning. For instance, a family interested in supporting a university or private foundation for a period of years can use a CLT to make contributions and eventually transfer remaining assets to children or grandchildren at a reduced transfer-tax cost. Trust comparison chart Wealth transfer goal Trust match Why it may fit Example scenario Preserve a family business and provide cash to heirs Irrevocable Life Insurance Trust Keeps life insurance proceeds outside the taxable estate while providing liquidity for taxes, debt repayment or succession needs. A manufacturing company owner has a $50 million estate, but most of the value is tied up in the business. An ILIT provides cash that heirs can use to pay estate taxes without selling company shares. Transfer wealth while maintaining flexibility for a spouse Spousal Lifetime Access Trust Removes assets and future appreciation from the taxable estate while allowing a spouse to receive distributions if needed. A couple transfers a $10 million investment portfolio to a SLAT before retirement. The assets grow outside their estate, but the beneficiary spouse can access funds if unexpected expenses arise. Shift future business growth to heirs Intentionally Defective Grantor Trust Allows appreciating assets to be sold to a trust while future growth occurs outside the taxable estate. The grantor can still receive payments through a promissory note. A business valued at $30 million is expected to double in value after expansion. The owner sells a portion of the company to an IDGT, so future appreciation benefits children and grandchildren rather than increasing estate taxes. Create a multigenerational family legacy Dynasty Trust Helps assets grow for children, grandchildren and future generations while providing tax efficiencies and asset protection. A family with significant real estate and investment holdings wants to preserve wealth for several generations while protecting assets from creditors and divorce settlements. Minimize capital gains tax while supporting charitable causes Charitable Remainder Trust Can convert highly appreciated assets into an income stream while ultimately benefiting charity. An investor owns land purchased for $200,000 that is now worth $2 million. A CRT can help avoid an immediate large capital gains tax bill while providing lifetime income. Support charities today while transferring wealth to heirs later Charitable Lead Trust Provides payments to charitable organizations while potentially reducing transfer taxes on remaining assets passed to family members. A family wants to fund a university scholarship program for 20 years and then transfer the remaining trust assets to their children at a reduced gift- or estate-tax cost. Building a coordinated plan A single trust likely won’t meet all of your estate planning goals. Families and business owners typically combine several strategies that address taxes, liquidity, family dynamics and long-term wealth preservation. The right balance depends on estate size, asset composition, business ownership, retirement income needs and family circumstances. Estate planning is also not a one-time process. Review your plans every few years or whenever significant life events occur, including: Marriage, divorce or remarriage Birth of children or grandchildren Sale or acquisition of a business Major changes in net worth Relocation to another state Significant changes in tax laws Changes in health or retirement plans Read more What are the estate planning benefits of a trust versus a family limited partnership? Finding your North Star: Navigating the human side of estate planning Tax strategy for founder-led exits: Timing is everything
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Private client services FAQ
Private client services are specialized financial planning services offered to high-net-worth individuals to provide personalized solutions above standard tax planning offerings. These services typically include tax and estate planning philanthropy advisory and succession planning.
From international tax considerations to estate planning, Wipfli’s private client services bring seasoned judgment to even the most complex scenarios. With decades of experience serving executives, high-net-worth individuals and business owners, we provide insight and guidance that support confident decision-making and strengthen your legacy for generations.
Our services include:
- Gift and estate planning
- Business succession and transition services
- Family office services
- Philanthropic planning
- International tax
- Tax deferral strategies and reporting
- Tax controversy support
Yes, Wipfli’s private client financial services team includes specialists in trust and estate planning, philanthropic planning and family office services.
From advanced trusts and philanthropic strategies to governance for multi-generational families, our services provide the insight and guidance you need to transfer wealth efficiently and confidently.
Our approach is rooted in the knowledge that successful strategies start by understanding your objectives. We listen first, then help you craft a plan that fits your unique circumstances. We also take a proactive approach, closely monitoring evolving tax regulations so that we’re positioned to help you take advantage of every opportunity to protect your wealth.
Wipfli prioritizes the secure handling of your sensitive financial data. We maintain rigorous internal security protocols and continuously review our systems to safeguard your information. In addition, we carefully vet third-party vendors to help ensure they meet our strict standards.
