For American households, 2025 has witnessed its ups and downs. From the economic uncertainty of tariffs to the passage of President Trump’s One Big Beautiful Bill Act (OBBBA), today’s shifting financial landscape significantly impacts our lives.

Whether you are trying to prepare for retirement amidst unpredictable and complex conditions or are working to develop and implement your family’s estate plan, wealth planning has become more important than ever, says Stephanie Strand, Bell Bank Wealth Management’s wealth and fiduciary manager.

“The most important advice we can offer right now is the importance of planning – and planning early,” she says.

Tax Changes

The OBBBA legislation, signed by President Trump earlier this summer, makes permanent the lower individual income tax rates enacted by the 2017 Tax Cuts and Jobs Act (TCJA) that would otherwise have expired at the end of 2025. The law also permanently extends the TCJA’s higher gift and estate tax exemption and generation-skipping transfer (GST) tax exemption, even increasing the exemption to $15 million per individual effective Jan. 1, 2026.

That means, starting next year, married couples can protect up to $30 million from federal gift, estate and GST taxes.

“The extension of the gift, estate and GST tax exemptions provides some clarity for estate planning purposes,” Stephanie says. “If you have a large taxable estate, your advisor can work with you to identify gifting or transferring strategies that may be appropriate for your situation.”

The OBBBA also introduces several new provisions, both permanent and temporary, ranging from tax exemptions for overtime pay and tips to a new $6,000 deduction for taxpayers aged 65 and older.

With so many changes, it can be challenging to understand every aspect of the new law, so reach out to your advisor soon if you have questions about how it may impact you.

“Do not wait to contact us if you have questions about your tax, estate or retirement planning,” Stephanie says. “Even if you are still 10 years from retirement, you should be making sure you have things in order so that you are not surprised by financial events when you retire.”

Family Wealth Changes

Beyond those tax changes, families also are going through a critical period that emphasizes the importance of wealth planning. Generation X – typically defined as those born between 1965 and 1980 – finds itself caring for aging Baby Boomer parents while also trying to save enough to put the next generation through college.

At the same time, those aging Baby Boomers have begun to pass their wealth on to their children and grandchildren. The U.S. is currently in the middle of the largest wealth transfer in history, with more than $100 trillion at stake over the next several decades.

With so many overlapping financial demands, proper planning is essential to make sure family wealth is passed on successfully to future generations.

“What I tell clients is, it’s not just planning for yourself or for your spouse that matters right now,” Stephanie says. “It also is very important to plan for your beneficiaries, such as your children and grandchildren.”

This article was published in the Q3 2025 issue of the Bell Wealth newsletter.