Year-End Wealth Planning 2026

The final months of the year are a natural time to review your financial plan and make sure it still reflects your goals, priorities, and circumstances.

Year-end planning does not necessarily mean making major changes. Often, it is about identifying a few areas that deserve attention before December 31, coordinating decisions across your investment, tax, estate, and retirement plans, and making sure nothing important is overlooked.

Our 2026 Year-End Financial Checklist provides a practical starting point for that review. Below are several areas worth discussing with your wealth management team as the year comes to a close.

Cash Flow Planning

A year-end review is a good opportunity to look at what has changed in your income and spending and what may be coming in the year ahead.

Consider any significant expenses planned for 2027, whether your emergency fund and liquid reserves remain appropriate, and how upcoming tax payments, charitable gifts, distributions, major purchases, education expenses, or family gifting may affect your cash needs.

Identifying those needs early can provide more flexibility in deciding where funds should come from and help avoid having to make portfolio decisions on short notice.

Investment Planning 

Review your portfolio alongside your long-term investment objectives.

Consider whether your asset allocation still reflects your goals and risk tolerance, whether rebalancing is appropriate, and whether changes in the markets or your personal circumstances have altered the amount of risk you are comfortable taking.

Year-end can also be a useful time to review realized gains and losses, concentrated positions, and potential tax-loss harvesting opportunities. The goal is not simply to make changes because the calendar is turning, but to confirm that your investment strategy remains aligned with the broader financial plan.

Tax Planning

Several tax-related decisions may require action before the end of the year.

Review realized capital gains and losses, tax-loss carry-forwards, charitable contributions, retirement plan contributions, gifting strategies, and whether accelerating or deferring certain income or business expenses may be appropriate.

For individuals age 70½ or older, a qualified charitable distribution from an IRA may also be worth considering. The 2026 QCD limit is $111,000. Annual tax-free gifting remains $19,000 per individual, or $38,000 for married couples, and those gifts may also be used to help fund a 529 plan.

Washington residents should also keep the state’s capital gains tax in mind. Our 2026 checklist notes that capital gains over $278,000 may be subject to an additional 7% state capital gains tax, unless they fall within an exempt category such as real estate. Gains over $1 million may be subject to an additional 2.9% tax. 

Because tax decisions can affect other parts of your financial plan, coordination among your wealth manager, CPA, and other professional advisers can be particularly important at year-end.

Retirement Planning

Before the year ends, review whether your retirement savings and distribution strategy remain on track.

For 2026, the employee contribution limit for most 401(k), 403(b), and governmental 457 plans is $24,500. The general catch-up contribution for participants age 50 and older is $8,000, while individuals ages 60 through 63 may be eligible for a higher $11,250 catch-up contribution. The IRA contribution limit is $7,500, with a $1,100 catch-up contribution for those age 50 and older.

If you are subject to required minimum distributions, confirm that the appropriate amount has been taken for 2026. Owners of inherited IRAs should also review their distribution requirements with their tax professional.

Other considerations may include whether a Roth conversion makes sense, whether your expected retirement date or income needs have changed, and how Social Security fits within your overall retirement strategy.

Insurance Planning

Insurance needs can change as your financial life changes.

Review homeowners and auto policies, deductibles, umbrella coverage, life insurance, disability insurance, and long-term care coverage to make sure they continue to reflect your assets and circumstances. Major home improvements, changes in income, or shifts in family responsibilities may all be reasons to revisit coverage.

If you participate in a health savings account, the 2026 contribution limits are $4,400 for individual coverage and $8,750 for family coverage. Open enrollment also provides an opportunity to review health insurance and other benefit elections for the coming year.

Estate Planning

Estate plans should evolve as families, assets, and priorities change.

Review ownership and titling of assets, beneficiary designations, wills, trusts, durable powers of attorney, and other estate planning documents to make sure they remain current and reflect your intentions. It is also worth confirming that the people you have chosen to serve in important fiduciary or decision-making roles are still the right choices.     

Beyond the documents themselves, year-end can provide a natural opportunity for families to discuss wealth, responsibilities, charitable priorities, and plans for the next generation.

Other Year-End Considerations

Some of the most valuable year-end tasks are also among the simplest.

Make sure important financial and estate documents are organized and accessible. Review your credit profile and identity theft protections, consider upcoming costs associated with caring for an aging parent, and determine whether any material changes in your life require an update to your financial plan.

Year-end can also be a useful time to talk with the next generation about finances and investments, particularly when those conversations are part of a broader family wealth or estate plan.

Looking Ahead

Year-end planning is less about completing every possible task and more about identifying the decisions that matter for your situation.

Our 2026 Year-End Financial Checklist can help organize that review across cash flow, investments, taxes, retirement, insurance, and estate planning.

Getting started before the final weeks of the year can provide more time to evaluate your options, coordinate with your advisers, and address the areas that need attention before January.

If you are already a Badgley Phelps client, your wealth management team can help determine which items deserve attention and coordinate with your CPA, attorney, and other professional advisers where appropriate.

If you are not yet a client, we welcome the opportunity to begin the conversation.