According to the latest report by Cerulli & Associates, $124 trillion is expected to change hands by 2048. Just under 15% is expected to be given to charity and the remaining balance will go to heirs.  

When it comes to saving for college, 529 accounts are a popular choice. These tax-advantaged savings plans are designed to help families set aside funds for future education expenses. You can choose from various investment options and enjoy tax-free growth and withdrawals for qualified education costs. 

In an era of evolving tax laws and shifting estate planning strategies, flexibility has become an important consideration in wealth planning. 

This article was originally published in 2020. As the author, I chose to focus on the Camp Fire in northern California as a case study for fire safety and financial preparedness during disasters. My colleague, Mary Lago, CFP®, CTFA, grew up in Paradise, California, and tragically her mom lost her home in the fire.  

There are two SECURE Acts, both of which were designed to enhance retirement savings and provide more flexibility for savers by updating and introducing new retirement planning rules.

We present our first quarter 2025 issue of Wealth Management Insights titled “Tax Planning in an Ever-Changing Environment.” In it, Wealth Management Chair Samantha Pahlow, CTFA, AWMA®, discusses strategies for increasing tax efficiency in client portfolios, including tax diversification, tax-efficient investing, and tax-efficient withdrawal strategies. Tyler Conroy, CFP®, CPWA®, provides insights into tax-efficient retirement withdrawals, emphasizing the importance of planning the sequence and timing of withdrawals to manage taxes and extend the longevity of assets. Scott Christianson, CFP®, explains the importance of tax diversification in investment portfolios, detailing various account types and strategies to manage tax risk and provide flexibility for tax-efficient distributions in the future.

Wrapping up any tax year results in a flurry of activity. Not just holiday shopping and family gatherings, but also tax strategy implementation and estate planning actions. At Ferguson Wellman, we regularly provide guidance and field questions about appropriate strategies for our clients’ situations.

Casia Chappell, CFP®, CPWA®, discusses the benefits and workings of irrevocable life insurance trusts (ILITs), highlighting their role in estate planning by providing asset protection, estate tax mitigation and efficient wealth transfer.

As the year draws to a close, it's an opportune time to review your financial situation and ensure you meet year-end deadlines to maximize your financial benefits.