Give the Gift of an Estate Plan

The holiday season brings thoughts of giving—carefully chosen gifts that show love, create lasting memories, and sometimes provide practical value for years to come. For families thinking beyond this year’s celebrations, the most meaningful gifts might be the ones that keep giving long after the wrapping paper is cleared away.

Estate planning in 2025 and into 2026 offers unprecedented opportunities to give strategically. With federal exemptions reaching new heights under the One Big Beautiful Bill (OBBB) Act, families at all wealth levels may find relief from estate taxes, but the work of planning remains essential. Beyond exemptions, tools such as trusts, step-up in basis rules, and portability offer meaningful ways to preserve assets, reduce tax burdens, and guide wealth to future generations.

Read what AAFCPAs and AAF Wealth Management advise on estate and tax planning for 2025: 

Top Four Estate Planning Must-Reads of 2025

What OBBB Means for Estate Tax and Wealth Transfer

OBBB raises the federal estate tax exemption to $15 million per individual starting in 2026. For many families, this reduces the likelihood of federal estate taxes, but planning remains essential. Even with higher exemption, tools such as Spousal Lifetime Access Trusts, revised grantor trusts, and step-up in basis provisions continue to shape how assets pass to heirs and preserve flexibility.

Why Complex Trusts Matter for High-Net-Worth Investors

Recent tax law updates, including higher caps on real estate tax deductions, make complex trusts more practical for investment-heavy estates. When paired with careful planning, these trusts can address both income and estate tax objectives while supporting long-term wealth preservation.

Estate Planning Pro Tip for Married Couples: Don’t Overlook Portability

Portability allows a surviving spouse to inherit any unused federal estate tax exemption from their deceased partner, potentially doubling the exemption and reducing estate tax liability. This strategy is especially valuable as exemption levels change, and careful attention is needed to ensure the opportunity is preserved. Beyond estate tax savings, portability interacts with step-up in basis and trust planning, helping families minimize capital gains for heirs. Reviewing existing estate plans ensures strategies align with current law, maximizing tax efficiency and protecting wealth for the next generation.

2025-2026 Tax Planning Guide for Business and Individuals

Proactive tax planning is always important, but this year brings new considerations. OBBB introduced significant changes that may require adjustments to strategies you have used in the past, and they create new opportunities for those who act before year-end. Every major life change—career shift, inheritance, sale of a property—can have tax implications that may influence your short- and long-term financial plan.

Assign a Phone Legacy Contact

While planning your financial legacy, consider your digital one too. Setting up a legacy contact for your phone ensures loved ones can access your iCloud account, photos, files, and phone records without needing a court order—a simple step that prevents unnecessary complications during what may already be a difficult time.

For iPhone users:

• Tap your name in Settings to access your iCloud account
• Select “Sign-In & Security”
• Scroll to “Legacy Contact” and add your chosen person’s information

This small but crucial detail complements your broader estate planning strategy, ensuring your family has access to both your financial assets and cherished digital memories when they need them most.

How We Help

As the holiday season reminds us of the joy in thoughtful giving, consider the most enduring gift you can provide your family—a well-crafted estate plan that protects and preserves your legacy for generations to come.

Our Trust & Estate Planning practice provides strategic guidance to help clients preserve wealth, protect assets, and ensure a smooth transfer of their legacy. Our team of CPAs, consulting tax attorneys, and wealth advisors works collaboratively to develop comprehensive estate plans tailored to each client’s circumstances. We guide clients through the creation and management of their customized estate planning strategy, including wills, powers of attorney, and complex trusts—revocable, irrevocable, and specialized structures designed for business interests, real estate, or unique family needs. Our approach integrates proactive tax planning, leveraging tools such as step-ups in basis, gifting strategies, and federal and state exemptions to reduce unnecessary taxes and enhance the value passed to heirs. By coordinating legal, financial, and tax perspectives, we help clients anticipate future needs, minimize potential disputes, and preserve privacy, delivering an estate plan that reflects their priorities and provides long-term confidence for the next generation.

AAFCPAs and AAF Wealth Management integrate tax planning into holistic personal financial planning, treating it as an ongoing, proactive process rather than a once-a-year filing event. Our integrated approach enables real-time collaboration between your wealth advisor and AAFCPAs’ tax professionals, as appropriate, reviewing tax-sensitive opportunities across multiple areas.

This holiday season, while you’re selecting gifts that will bring temporary joy, remember that the most meaningful present might be the peace of mind that comes from knowing your family’s financial future is secure. After all, the best gifts are those that continue giving long after the celebration ends—and thoughtful estate planning does exactly that, year after year.

These insights were contributed by Joshua England, LLM, Esq., Partner & Tax Attorney.

Questions? Reach out to our authors directly or your AAFCPAs partner.

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