Seven Practical Steps to Kick Off Your 2026 Financial Planning

It's time to stop chasing net worth and start chasing real worth. The question to ask yourself is: Does my financial plan support the life I want to live? Here's how to craft a plan that supports your well-being today and in the future.

By Scott H. Levin, J.D., LL.M., MBA, CFP®, ChFC®, CAP®, MCEP®

published 12 November 2025

in Features

Six stacks of coins topped with greenery and round wooden blocks with the year 2026.

(Image credit: Getty Images)

As 2025 winds down, many affluent families are taking stock, not just of markets and account balances, but of what those numbers really mean.

For years, financial success has been measured by numbers, such as beating market benchmarks and increasing net worth.

But with tax laws now clarified under the One Big Beautiful Bill Act (OBBB), inflation still weighing down portfolios and family priorities evolving, people are asking a different question: Do our financial plans support the lives we want to live?

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This moment feels like a turning point. The estate tax exemption is set at $15 million for 2026, removing years of what-if uncertainty.

But clarity on the law has not erased other pressures. Rising costs, unclear borrowing rates and political tensions all make it harder to feel secure about the future.

Add to that generational differences, with some families leaning on tech-driven DIY investing and others relying on long-term adviser relationships, and it's clear the definition of financial success is shifting.

When wealth aligns with life

Financial success goes beyond tax efficiency and investment performance. It's about how money supports a meaningful life. I see this most clearly with families who have complex goals that can't be solved by numbers alone.

I've recently worked with a couple in their second marriage, each with children from prior relationships. Their concern was that their estate could spark conflict, with assets unintentionally flowing to the wrong heirs, or family members feeling shortchanged.

Together, we built a plan with trusts that provided for both spouses during their lifetimes, while ensuring assets ultimately passed to the intended children and grandchildren.

The design offered more than tax benefits; it gave both spouses the confidence that their legacy would reflect their wishes and preserve family harmony long after they were gone.

That peace of mind is often what clients are truly seeking. Many accumulate wealth only to discover that bigger account balances don't bring greater fulfillment.

The turning point usually comes when they pause to ask: What is this money really for? For some, it's creating memorable experiences with family. For others, it's supporting charities or investing in future generations.

When wealth is aligned with purpose, the plan becomes more than financial; it becomes personal.

Money can also strain relationships. Spouses might have different money "scripts," shaped by their upbringing. Children might see their parents' assets as an inheritance rather than resources meant to support the parents' own goals.

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Open conversations, whether around the dinner table or in structured family meetings, can shift that dynamic. By explaining why decisions are being made, families reduce uncertainty and build understanding, even if every detail is not disclosed.

These strains don't stop at family dynamics. Financial stress often spills over into physical and emotional health. Those who overwork to accumulate more, overspend to keep up appearances or stress about markets often find their financial choices eroding their physical and emotional well-being.

By aligning spending with values, such as education, travel, philanthropy or simply enjoying time together, you can create financial stability and a richer quality of life.

Practical steps for 2026

Redefining financial success requires both reflection and action. The following steps can bring clarity to your goals, create alignment with your family and allow you to move into 2026 with a plan that feels both purposeful and achievable.

Step No. 1: Clarify your values. Write down the principles that guide your decisions, whether family security, philanthropy, lifestyle goals or something else. This list becomes the filter for every financial choice.

Step No. 2: Prioritize your objectives. Separate "must haves" from "nice to haves." Paying for children's education might be essential, while a vacation home is a bonus. Ranking goals prevents competing priorities from derailing the plan.

Step No. 3: Define your legacy. Look beyond the question of who will inherit your assets and consider how you want to be remembered. Do you want to create traditions, support charities or establish trusts that last beyond your lifetime?

Step No. 4: Engage a holistic adviser. Look for an adviser who goes beyond investment performance to address taxes, estate planning, insurance and family dynamics. Ask how they incorporate well-being and values into the planning process.

Step No. 5: Schedule a family conversation. Bring your spouse or heirs into the discussion. Even a simple conversation about what matters most can ease tensions and set expectations for the future.

Step No. 6: Check alignment annually. At least once a year, revisit your goals and compare them with your financial plan. Life events, tax law changes or shifting priorities may require adjustments.

Step No. 7: Watch for red flags. Warning signs include strained family conversations, stress that undermines health or an inability to answer the question, "What is this money for?"

These steps don't require perfection, but they do require intentionality. The goal is not to build the largest portfolio, but to create a financial life that supports your well-being today and in the years ahead.

Wealth alone doesn't equal success. As 2026 begins, redefine financial success in broader terms: well-being, family harmony, health and legacy.

By aligning financial strategies with priorities, wealth can become a tool for building a more meaningful life.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Scott Levin is a Financial Adviser and Senior Estate Planning Specialist with Wescott. Committed to designing optimal paths for his clients to live their ideal lives, Scott's expertise focuses on multifaceted, comprehensive charitable and estate planning, along with complex financial and retirement matters. He plays an integral role in the development and implementation of Wescott's estate planning solution, which integrates some of the industry's leading technology with the firm's Life-Minded Wealth^®philosophy.