Future Preparedness Building resiliency and multigenerational legacy. Looking ahead, the greatest threat to generational wealth is not wildfires or hurricanes, but the younger generation’s awareness of the importance of assessing and proactively mitigating the many risks they will face. This begins with age-appropriate education, as early as elementary school when it comes to personal safety and privacy. As kids get older, increasing participation with family advisors can help make risk management a part of becoming a responsible adult. There is also a more immediate issue on the horizon. The temporary U.S. federal gift and estate tax exemption, established in 2018, is set to expire in 2026. If no legislative changes occur before then, the exemption will return to its 2018 limits: $6.03 million for individuals and $12.06 million for married couples. This change could affect over a million American households by subjecting them to increased federal wealth taxation. Families planning to transfer assets exceeding these limits should seek advice on minimizing tax liabilities through strategies such as trusts, family LLCs and other financial tools. This is particularly relevant for owners of privately held businesses who can significantly reduce their tax burden with proper pre-sale planning. Wealthy families should also account for environmental risks in their long-term financial planning. Those wishing to retain primary or vacation properties for future generations should consider how climate-driven losses might affect the cost to maintain prominent homes, as well as their future value. 6