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PwC’s 2026 guide to tax and wealth planning
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  • December 2025

A trusted resource for navigating what’s next in your financial future, with practical insights on tax and wealth planning for individuals, families and business owners.

Taxpayers are entering 2026 with a more predictable tax environment and renewed planning opportunities. Following several significant federal tax changes in recent years, the One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, introduced a number of updates to the tax landscape, providing a clearer framework for high net worth individuals, families, and business owners to plan under enacted law with greater clarity.

This year’s guide shares insights to help you evaluate the implications of these changes on your long-term financial strategies and support proactive, ongoing planning discussions with your advisors. Our goal is to equip you with information that can help you make thoughtful decisions aligned with your personal and family objectives—at a time when tax policy, economic conditions, and global markets continue to evolve.

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Key tax planning considerations for the 2026 tax season

Consult your financial and tax advisors to explore tax planning strategies based on your unique circumstances. Our guide can be used as a reference for these conversations.

When structured appropriately, lending funds as a loan rather than a gift can support family wealth transfer goals. Loans using the IRS Applicable Federal Rate (AFR) may offer favorable terms compared with commercial lending rates. Maintaining proper documentation, charging at least the required interest, and making regular payments can help support appropriate tax treatment.

An intentionally defective grantor trust (IDGT), also referred to as an intentionally defective irrevocable trust (IDIT), is an irrevocable trust that is treated as a grantor trust for federal income tax purposes. A grantor may transfer assets to the trust through a gift or a sale in exchange for an installment note bearing interest at the applicable federal rate (AFR). Where permitted, the grantor may also exchange personal assets with trust assets to help maintain the desired asset mix.

A grantor retained annuity trust (GRAT) transfers the appreciation of assets in excess of the Section 7520 interest rate to the next generation. GRATs are particularly relevant for assets with strong growth potential, especially in a stable or moderate interest rate environment.

A charitable lead trust (CLT) provides recurring payments to one or more charitable organizations for a specified period. At the end of that term, the remaining trust assets pass to noncharitable beneficiaries. CLTs are commonly used in planning strategies designed to transfer future asset appreciation above the Section 7520 rate to the next generation while supporting charitable giving objectives.

A private annuity involves transferring property in exchange for an unsecured promise of lifetime payments to the transferor. The payment amount is determined using the property’s fair market value, the transferor’s life expectancy, and the AFR in effect at the time of the transaction.

Several business tax provisions were modified by the OBBBA. The limitation on excess business losses under Section 461(l) is now permanent, with inflation-indexed thresholds beginning after 2025. The business interest limitation under Section 163(j) continues to apply using the EBITDA standard, and domestic research and experimental costs under Section 174 may be expensed immediately for tax years beginning after 2024.

Converting a traditional individual retirement account (IRA) to a Roth IRA results in income tax being due in the year of conversion on the portion of the assets that has not already been taxed. These conversions are often considered when account values are relatively low compared to expectations for future growth.

Managing wealth and preserving the family legacy

Effective tax planning is a foundation of long-term wealth management, but managing and protecting wealth in today’s complex environment is far from simple. Many families rely on a family office structure to centralize estate and tax planning, investment oversight, legal support, and administrative needs—often enhancing privacy, efficiency, and coordination across advisors.

As family offices grow in popularity, institutions have expanded their offerings to meet rising demand. With more options available, selecting the appropriate services and the right provider can be challenging. A practical starting point is a clear understanding of your family’s unique personal and financial goals.

Business continuity and succession planning for a family business

Preserving a family enterprise across generations requires thoughtful, forward-looking planning. While there are many ways to transition a family enterprise, an enduring legacy begins with understanding family values and defining a shared purpose. This alignment can help unify family members involved in—and outside of—the business.

Planning for a smooth transition can play an important role in long-term success. When families ground decisions in a shared vision, they may be able to navigate succession in a way that helps address both personal legacies and the overall health of the business.

About PwC’s guide to tax and wealth planning

PwC's trusted guide to tax and wealth planning is updated annually to provide tax planning insights that may help you manage your wealth, understand key tax considerations, and explore planning opportunities. The guide covers a range of tax-related topics and policies and offers information on setting up and maintaining a family office, along with strategies that may support business continuity and succession planning in family businesses.

Stay informed and ahead with our latest tax insights

We continuously monitor tax policy developments in Washington, D.C. and share updates as they evolve. For the latest insights, please visit PwC’s tax research and insights webpage.

We invite you to engage with us as you explore the content presented in our guide. Our specialists are available to discuss how the strategies described may be tailored to your specific needs and goals.

PwC wins ‘Solutions for International Americans’ award at Family Wealth Report Awards 2023

PwC is recognized for helping individuals and families to manage various complexities and country jurisdictions as cross-board liaisons, thanks to our global network of firms and experience covering 150+ jurisdictions.

Guide to tax and wealth planning

Insights for individuals and families

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Continuity and succession planning Family office services Governance Individual tax services Managed services Private company tax services Sustainability, purpose and values Ultra high net worth solutions

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Sheryl Eighner

Sheryl Eighner

Personal Financial Services Leader, PwC US

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Jonathan Flack

Jonathan Flack

Global & US Family Office & Family Business Leader, PwC US

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Danielle Valkner

Danielle Valkner

Family Office Leader, PwC US

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