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March 2026 FOMC Update

2026-03-18T20:44:41Z

The Federal Reserve (Fed) left its target policy rate unchanged today, maintaining a range of 3.50%–3.75%. The decision passed with an 11-1 vote, with Stephen Miran as the lone dissenter in favor of a 25 basis point cut.

Current conditions: Economic activity is expanding at a solid pace. However, the outlook for the U.S. economy remains uncertain due to developments in the Middle East, and near-term inflation expectations have risen as a result of energy disruptions. Longer-term inflation expectations, however, have remained consistent and within the Fed’s 2% goal. Job growth has remained slow, and the unemployment rate has seen little recent change. The statement referenced the importance of both sides of the Fed’s mandate.

Forward guidance: The Summary of Economic Projections (SEP) was updated at today’s meeting. Members raised their median 2026 GDP projection to 2.4% from 2.3%. They also increased the Core PCE projection for 2026 to 2.7% from 2.4%, although Chair Powell noted that it is standard practice to look through oil shocks during his press conference. The median dot plot for year-end 2026 remains unchanged from the December meeting, still indicating one 25 basis point cut to a target rate of 3.375%.

Policy/Market reaction: Bond yields were drifting higher prior to the meeting and have continued to rise following the announcement. Equities were weaker before the release and have declined further since the press conference. Powell has not made any decision regarding how long he will remain at the Fed but has stated he has no intention of leaving until after the DOJ investigation is fully concluded. If no Fed chair is confirmed by the end of his term, he would serve as Chair Pro Tem, as legally mandated.

Tim Musial, CFA, is head of fixed income for CIBC Private Wealth with more than 25 years of experience. In this role, he oversees the firm’s fixed income team, strategy, trading and policy formulation in addition to focusing on portfolio management and analysis of both taxable and tax-exempt bond investment offerings.

Planning ahead for Medicare and long-term care

2026-03-11T16:44:11Z

As individuals approach retirement and later stages of life, navigating the complexities of healthcare becomes increasingly important. With rising costs, evolving insurance systems and the realities of aging, proactive planning is essential to ensure both financial security and quality of life. Below are some key considerations as you plan for your own healthcare today and in the future.

Understanding Medicare

Medicare is the federal health insurance program that primarily serves individuals who are 65 and older. As a general rule, people sign up for Medicare during a seven-month initial enrollment period that begins three months before the month they turn 65; however, individuals who continue to work after age 65 may have a different enrollment period, which could largely depend on the number of employees at their current employer. With limited exceptions, the failure to enroll in Medicare during the relevant period may result in penalties and lapses in coverage.

To understand Medicare, it’s important to become familiar with the four “parts” that are often referenced. Each part covers different types of healthcare services:

Part A (Hospital Insurance): Covers hospital stays, inpatient mental health, skilled nursing facilities (under specific conditions), hospice and some home health services.
Part B (Medical Insurance): Generally covers outpatient services and supplies considered medically necessary to treat a disease or condition, in addition to preventative services such as doctor visits.
Part C (Medicare Advantage): Typically combines coverage for Parts A and B with prescription drug coverage through an HMO or PPO.
Part D (Prescription Drug Coverage): Adds drug coverage to Parts A and B of Medicare.

Although technically not a part of Medicare, Medigap is supplemental insurance that is a common add-on to help pay costs not covered by Medicare, such as copayments, coinsurance and deductibles.

The rules that apply to Medicare, especially enrollment in Medicare, can be complex and are very fact specific. As you approach 65, it is important to review the rules of Medicare and how they may apply to your particular circumstances.

Long-term care insurance

Medicare and other health insurance generally do not cover long-term care services, so people often look to long-term care insurance to fill the potential gap between their health insurance and the cost of long-term care. Depending on the type of policy and coverage selected, long-term care insurance can provide coverage for long-term care in many settings — at home, in community settings, in assisted living facilities and in nursing homes. Coverage may include care advisory services, home care, adult day care, hospice care either at home or in a facility and respite care services. Some plans have benefits for coverage of informal in-home care provided by family, friends or independent caregivers.

In addition to traditional long-term care policies, there are policies known as “hybrid” policies that combine both a long-term care component and a death benefit based on benefits not used while you’re alive. While a hybrid policy is typically more expensive than a traditional long term care policy, this type of policy may be appealing because it returns money to your heirs if you don’t end up needing care.

Although procedures vary with each policy, coverage is generally triggered when the insured begins needing assistance to perform two out of the six activities of daily living (ADLs): dressing, bathing, transferring (moving in or out of a bed or chair), toileting, eating and continence. This number may vary from insurer to insurer. When the insured person reaches this stage, it triggers a waiting period from 30 to 90 days, also called the elimination period. The policy does not pay any expenses during this period. When the elimination period is over, the policy begins paying for associated living expenses up to the amount covered in the policy.

Long-term care policies, whether traditional or hybrid, can provide individuals with important options and financial support for managing the costs and complexities of extended care needs as they age. However, given how policy specifics can differ and each individual’s needs and ability to pay for healthcare costs, it’s important to carefully evaluate your needs, the cost of this insurance and any policy’s specifics.

Other healthcare considerations

When you plan for your long-term health needs, it is important that you advocate for yourself and stay ready for the unexpected. Keep the below tips top of mind as you navigate the healthcare system and manage your care:

Create a comprehensive personal healthcare file — whether hard copies or electronic — that organizes medical history, prescriptions and important documents for easy access.
Understand your healthcare coverage, including what services are included and any potential out-of-pocket costs, to avoid unexpected expenses.
Build and maintaining strong relationships with your healthcare team to improve communication and ensure coordinated care.
Prepare for doctor visits by listing questions and concerns ahead of time to help maximize the value of each appointment.
Bring a loved one or trusted friend to appointments to help manage your care and concerns.
Review your estate planning documents and beneficiary designations on a regular basis to ensure that your estate plan reflects your intentions and personal circumstances.
Sign, and provide to your care team, a healthcare power of attorney to name an agent for your healthcare decisions and a HIPAA release form to grant access to your medical records to trusted individuals.

Proactive planning for Medicare and long-term care is vital to safeguard both your health and financial future as you age. By understanding your coverage options, considering supplemental strategies and staying organized, you can better navigate the complexities of healthcare and ensure peace of mind for yourself and your loved ones.

John Batterton is a senior wealth strategist for CIBC Private Wealth in New York, with over 15 years of industry experience.

February 2026 Employment Report

2026-03-06T22:25:33Z

The U.S. economy lost 92,000 jobs in February, according to the Bureau of Labor Statistics (BLS) survey of employers. Payrolls were revised lower for the prior two months. February’s drop was well below expectations for a gain of 55,000. The economy added an average of just 6,000 jobs over the trailing three months, versus an average monthly gain of 10,000 in 2025. Private sector jobs fell by 86,000 in February and have increased by an average of 18,000 over the last three months. According to the BLS, health care jobs fell by 28,000 due to strike activity. Sectors like construction and transportation may have been negatively impacted by weather.

The BLS’s survey of households reported an unemployment rate of 4.4%, slightly higher than the prior month and below the recent peak of 4.5% in November. The size of the labor force grew by 18,000, and the number of unemployed individuals was higher by 203,000.

Average hourly earnings — a proxy for wage growth — rose by 0.4% in February, versus consensus expectations for a gain of 0.3%. The trailing 12-month increase was 3.8%, up from 3.7% in the January observation

Source: Bureau of Labor Statistics.

Bottom Line: February’s report was weaker than expected and puts recent stability in the labor market back into question. Should recent trends continue, the Fed could be faced with both softer growth and higher energy prices—similar to last year in the immediate aftermath of tariff increases. Markets expect the Fed will once again wait for more data before acting. Odds of any move at the upcoming meeting remain low.

Gary Pzegeo, CFA , is chief investment officer of CIBC Private Wealth. His responsibilities include chairing the Asset Allocation Committee and overseeing the investment administration, portfolio oversight, and fixed income and equity trading functions.

Special Edition - Iran conflict sparks market volatility

2026-03-02T18:01:09Z

March 2, 2026

Latest developments

The United States and Israel have launched a major combat operation across Iran, prompting retaliatory missile and drone attacks from Iran targeting Israel and U.S. bases. This escalation has driven significant volatility across global markets, especially in energy.

Market reaction and implications

The immediate consequence for capital markets is a repricing of risk, with the magnitude of change contingent on the reaction of other oil-producing nations and the extent of Iran’s response. Iran produces approximately 3.3 million barrels of oil per day (3% of global production)¹ and is the fourth-largest producer in The Organization of the Petroleum Exporting Countries (OPEC). OPEC and other oil-producing countries are expected to increase supply, but not enough to offset a full loss of Iran’s production. The International Energy Agency (IEA) estimates that Saudi Arabia controls most of the world’s excess capacity at 1.8 million barrels per day.

Of greater significance is the Strait of Hormuz, through which roughly 20% of global oil supply passes. Iran sits on one side of the Strait and may look to restrict the waterway following the attack, though its ability to enforce closure may be limited. Any sustained disruption could send crude prices higher, with implications for global growth, inflation, and fiscal and monetary responses. An oil supply shock is now the most likely risk scenario.

Lower energy prices in 2025 were a tailwind for spending growth and sentiment; geopolitical risk has now manifested in actual conflict resulting in higher oil prices and a headwind for business and consumer spending. CIBC Private Wealth, US, is reviewing our commodity exposure and considering tactical positions, while remaining mindful that a broader conflict-driven demand destruction scenario could limit returns. One constraint on the length of the operation and volatile oil prices could be the midterm elections in November. High prices at the pump may weaken public support for the campaign.

Beyond the energy sector, immediate market reactions may include outperformance for defensive assets such as U.S. Treasuries, precious metals, “safe haven” currencies, and defense and aerospace sectors. Conversely, consumer-cyclical, travel, and shipping-related names could experience greater volatility. The situation remains fluid, and the initial market response may differ from medium- or longer-term outcomes. Underlying conditions place the economy in a strong position to absorb the impact of a temporary rise in energy prices, and increased market volatility may also present opportunities.

We will continue to monitor developments and provide timely market updates, as appropriate. If you have any questions, please do not hesitate to contact a member of your CIBC Private Wealth team.

1. Bloomberg

Gary Pzegeo, CFA , is co-chief investment officer of CIBC Private Wealth. His responsibilities include chairing the Asset Allocation Committee and overseeing the investment administration, portfolio oversight, and fixed income and equity trading functions.

Planning for incapacity

2026-02-03T15:44:24Z

While many people believe that estate planning is entirely about distributing assets at death, an equally important aspect is preparing for potential incapacity during life. Here are some steps that may help you or a family member plan for potential capacity issues:

1. Review and maintain your estate plan

Having all of your essential documents in place before any impairment, whether sudden or gradual, can help ensure your intentions are carried out according to your plan and not by default. Below is a description of the important planning documents that are generally useful to address any potential cognitive impairment in the future.

Revocable trust

A revocable trust can provide for management of your assets during your life in addition to the disposition of your assets at death. While you likely would be the initial trustee of the revocable trust, the successor trustees you name can manage any assets held in the trust if you become unable to do so. The trust can include provisions for when and how your incapacity is determined, who will serve as trustee if you are unable to do so, and when trust income and principal should be distributed.

People often believe that having a durable power of attorney (described below) is sufficient for managing their financial affairs in the event of incapacity. While a durable power of attorney is a valuable tool, it has some limitations. Financial institutions and third parties sometimes hesitate to accept durable powers of attorney, which can complicate the agent’s ability to access your assets. The use of a revocable trust, however, allows your successor trustee to seamlessly manage the assets held in the trust if you become incapacitated without the need for additional verification or court intervention.

While a revocable trust is used in conjunction with a will, your will is not operative during your life and therefore does not impact your incapacity planning. However, it is important to have your will in place before any incapacity because only you can execute your will.

Durable power of attorney

A durable power of attorney appoints a trusted individual to act as an agent on your behalf with respect to assets titled in your individual name. The power of attorney may be effective from the moment you sign it, or it may be activated by a specific event such as your incapacity. Your agent under a durable power of attorney may be given the power to handle matters that fall outside the scope of your revocable trust, such as transferring assets to your revocable trust or naming beneficiaries for retirement accounts. Sometimes, durable powers of attorney spell out scenarios under which advisors or lawyers can and should contact family members if cognition concerns are noted.

Healthcare power of attorney

A healthcare power of attorney (also called a healthcare proxy or healthcare directive) appoints someone you trust to make medical decisions for you when you no longer can. This document and other healthcare documents (described below) may be separate standalone documents or combined into a single document depending on your state law and the attorney who drafts the documents.

HIPAA release

Based on the Health Insurance Portability and Accountability Act of 1996 (HIPAA), this document allows your healthcare agent and potentially other fiduciaries the right to access your medical records.

Living will

A living will expresses specific wishes about certain aspects of end-of-life care, rather than simply leaving those decisions to the person named in your healthcare power of attorney. Although it is difficult to address every contingency, living wills typically cover pain relief and whether you would want a ventilator, feeding tube or resuscitation.

2. Keep important information where trusted individuals can find it

It is prudent to keep your estate planning documents, financial information and medical information updated and accessible to the individuals who would care for you if you lose capacity. Many people keep files — whether hard copies or electronic — that include contact information for key advisors, copies of relevant documents, medications and health updates, and lists of accounts and properties. It is common to include passwords for online accounts as well, however you should ensure that information is in a safe place to prevent security issues.

3. Be aware of red flags

Family members, advisors and healthcare professionals need to be aware of changes in a person’s ability to understand and manage financial matters. Red flags may be cognitive, emotional or behavioral. It may not be easy to determine if subtle changes in behavior are serious issues but being alert to the possibility is important. Some examples of red flags include:

A sudden desire to change beneficiaries of a will or trust
A sudden change in spending habits
A sudden change in risk appetite

Advisors and family members should be open and honest about relationships among family members. Sometimes the conversations can be difficult, but it is better to have them earlier, rather than later, so everyone is prepared when red flags pop up. Risks of failing financial capacity include poor financial decisions, unintentional self-impoverishment, exploitation by others and vulnerability to undue influence.

Planning for incapacity allows you to communicate your wishes so that your loved ones can care for you seamlessly. Professional guidance ensures that your documents are properly prepared to reflect your intentions and comply with current laws, providing clarity and peace of mind to you and your loved ones. Taking these steps can help safeguard your plans and minimize the risk of future complications.

For more information on planning for incapacity or for CIBC’s electronic organizer, please contact your CIBC Private Wealth advisor.

Lucy Bickford is a senior wealth strategist at CIBC Private Wealth in Chicago with over 10 years of industry experience.

Bridging borders: An introductory guide to cross-border estate planning

2026-01-21T19:15:57Z

We live in an increasingly global society, which means it is more likely that you have, or will acquire, ties to another country. For U.S. citizens who live or own property in another country, these connections can significantly impact your estate plan. Here are some initial considerations to help guide you as you begin to navigate your cross-border planning:

Engage local professionals: As each country has its own rules, you will want to consult an estate planning professional in each country where you have connections to make sure you understand how those rules will impact you and your property. In some cases, you may need two separate estate plans — one in the U.S. and one in the other country. While this can be more expensive, it can avoid potentially costly mistakes in the administration of your estate. It is also important that your estate planning professionals coordinate with each other to make sure that the documents complement — rather than contradict — each other and neither revokes the other.
Know the citizenship and residency of your beneficiaries: The citizenship or residency of the individuals that you name as beneficiaries may also impact your planning. For example, a beneficiary who resides outside of the U.S. may be subject to additional reporting obligations or taxes in their country of residence as a result of receiving property — either outright or in trust — from you. Additionally, if the beneficiary of your U.S. retirement plan is not living in the U.S. when you die, your retirement plan administrator may require that the beneficiary establish a U.S. address in order to process retirement plan distributions to the beneficiary.
Exercise caution with trust planning: If you are using trusts in your estate planning, be mindful of whether other countries will recognize that trust. For U.S. tax purposes, also consider whether a trust will be classified as a “foreign trust,” as that can trigger certain U.S. reporting and tax obligations. Generally, a trust will be considered a foreign trust if the U.S. is not able to exercise primary jurisdiction over the trust or the individuals with control (including the trustee) are not U.S. persons.
Be aware of forced heirship laws: In the U.S., you generally have the freedom to leave your assets to whomever you wish upon your death. However, other countries have a concept known as “forced heirship,” which can require certain individuals (such as a spouse or children) to inherit property regardless of your intent. The good news for U.S. citizens, though, is that with proper planning you may be able to avoid — or at least mitigate — the impact of forced heirship laws.
Consider international agreements: International conventions and tax treaties can play a significant role in cross-border estate planning. International conventions provide guidance on cross-border planning issues in those countries that have adopted a particular convention and could impact how you choose to structure your will or other estate planning documents. For example, if you have connections in two countries that are both signatories to a convention that provides requirements for a valid will, you may want to include provisions in your will to comply with the convention requirements so that the will is recognized in both countries. In addition to conventions, tax treaties can significantly impact your cross-border estate plan. The U.S. is a party to multiple estate and gift transfer tax treaties with different countries, which are often designed to minimize double taxation. It is important to understand the impact of these treaties on your estate plan.
Prepare before changing your status: If you are thinking about relinquishing your U.S. citizenship or green card, be aware that you may be subject to the U.S. “exit tax” on your worldwide assets. Prior to changing your citizenship or residency status, you should consult your estate planning or tax advisor to understand whether this tax may apply to you.

A cross-border estate plan typically is more complex than a traditional estate plan. By being aware of the additional questions and considerations you will need to think through, you will be better prepared when you meet with your estate planning professionals to establish a plan that meets your goals. For more information on cross-border planning, reach out to your CIBC advisor.

Nicole Hostettler is a senior wealth strategist at CIBC Private Wealth with over 10 years of industry experience.

November 2025 Employment Report

2025-12-16T17:45:50Z

The U.S. economy added 64,000 jobs in November and lost 105,000 jobs in October according to the Bureau of Labor Statistics (BLS) survey of employers. Today’s employment data is unusual in several respects due to the Government shutdown. First, the BLS released two months of payroll data based on their survey of businesses, but only one unemployment rate based on an abbreviated October survey of individuals. Secondly, the shutdown and previously announced layoffs in the Government sector drove a 157,000 reduction in payrolls in October. The November increase was above expectations for a gain of 50,000. Payrolls for August and September were revised lower by 33,000. Overall, employment growth remains very slow. The economy has added 22,300 jobs on average over the trailing 3 months versus a 209,300 average at the end of 2024. Away from the Government sector, private sector job growth is also slower than average and very narrow. Private payrolls have increased by an average 75,000 jobs over the last three months with Health Care & Social Assistance jobs representing over 83% of that increase. The three-month average private sector gain is over 100,000 below the pace generated at the end of 2024.

The BLS’s survey of households reported an increase in the unemployment rate to 4.6% in November from 4.4% in September. The size of the U.S. labor force expanded by 323,000 with new entrants to the labor force representing over 90% of the change. The survey of households revealed an increase in the number of unemployed individuals by 228,000 since September with layoffs of temporary positions up by 171,000.

Average hourly earnings – a proxy for wage growth – rose 0.1% in November and 0.4% in October. The trailing 12-month increase was 3.5% vs. a 4.0% run rate at the end of 2024. November earnings data was below consensus expectations of a 0.3% increase.

Source: Bloomberg, US Bureau of Labor Statistics.

Bottom line: Re-opening of the Government is helping to lift the economic fog for the Fed and markets at the margin despite a few remaining distortions. Employment growth remains slow, but is not as bad as suggested by the headlines once you strip out the adjustments to the Government sector. Wage growth is decelerating at a slow pace. Taken together, the Fed may be inclined to continue easing in 2026 but will likely want to see a “clean” report on December jobs. Market implied odds of a cut at the Fed’s January 28^th meeting were at 25% following today’s release, approximately unchanged since the Fed’s last meeting on December 10.

December 2025 FOMC Update

2025-12-12T16:43:04Z

The Federal Reserve (Fed) delivered a third consecutive 25 basis point cut today, lowering the target policy range to 3.50%–3.75%. There were three dissenters at this meeting, with two members favoring keeping the rate unchanged—an increase from one at the prior meeting. The same dissent for a 50 basis point cut persisted. The Fed also announced it will purchase $40 billion of Treasury bills over the next 30 days. These reserve management purchases (RMP) were described as operational and not part of monetary policy. The purchases could remain elevated through the first half of 2026.

Current Conditions – Economic activity is expanding, but downside risks to the labor market have increased. Layoffs and hiring remain low, and disparities in the employment data persist. There has been a recent uptick in goods inflation that may be tariff-related, while service prices have decelerated. Government shutdown-related effects have slowed the current quarter’s GDP.

Forward Guidance – The dot plot released for year-end 2026 remains unchanged from the September meeting at 3.375%, which calls for one additional rate cut next year. In today’s press conference, Powell stated that monetary “policy is in a broad range of neutral” and that the Fed is well positioned to wait and see how the economy evolves.

Policy/Market Reaction – Bond yields were a few basis points lower prior to the release and have dropped further during the press conference, with the yield curve steepening. Risk markets have reacted positively, as equities are higher and corporate spreads are tighter. The probability of another cut in January decreased a few weeks ago and remains around 25%.

September 2025 Employment Report

2025-12-16T17:41:51Z

The U.S. economy added 119,000 jobs in September, according to the delayed Bureau of Labor Statistics (BLS) survey of employers. The increase was above consensus expectations for a gain of 51,000. The prior two months were revised down by a cumulative 33,000. Employment “continued to trend up in health care, food services…and social assistance. Job losses occurred in transportation and warehousing and in federal government”, according to BLS. Despite the beat vs. expectations for September, payroll employment gains have averaged just 58,000/month over the last six months.

The BLS’s survey of households reported the unemployment rate at 4.4% in September, up from 4.3% in August. The unemployment rate has fluctuated in a tight range between 4.0% and 4.4% since May 2024. Average hourly earnings a proxy for wage growth — rose 0.2% for the month and 3.8% vs. a year ago. Both figures were below consensus estimates.

Source: US Bureau of Labor Statistics

Bottom line: Financial market reaction to the report was modestly bullish. Futures markets had already priced in a less than 50/50 chance of a December rate cut after the release of FOMC minutes on Wednesday, and that remains the case after the jobs data.This report may be of limited value to the Federal Reserve. By the time the next FOMC meeting occurs on December 9^th and 10th, this data will be three months old. The combined October/November jobs report will not be released until after the next FOMC meeting, so policymakers will need to rely on other sources to gauge the health of the job market. What we do know is that through September, trends in both the payroll and household reports point to a job market that has cooled off.

Dave Donabedian, CFA, is co-chief investment officer of CIBC Private Wealth. His responsibilities include oversight of internal investment strategies and the external manager selection platform.

Upcoming changes to charitable tax deductions: What you need to know

2025-12-02T20:43:16Z

The One Big Beautiful Bill Act, signed into law in July 2025, will change the rules for charitable tax deductions starting January 1, 2026. These changes may reduce tax savings many households currently enjoy. As a result, 2025 could be your last chance to maximize your charitable deductions under the current rules.

Why review your charitable giving plans now?

Beginning in 2026, two new rules will apply to charitable deductions for those who itemize their deductions:

Minimum Contribution Requirement : You will only be able to deduct charitable gifts that exceed 0.5% of your adjusted gross income (AGI). Charitable donations below this threshold will no longer be deductible for the current year.
Deduction Cap : If you are in the highest tax bracket of 37%, the value of your charitable deduction will be capped at 35% rather than your actual tax rate of 37%.

Example :

If Henry, a single filer earning $750,000, donates $3,000 of cash to charity in 2025, he can deduct the full amount as part of his itemized deductions, saving approximately $1,110 in taxes.
If Henry instead waits until 2026, the same donation will not qualify for an itemized deduction because it would be below the new 0.5% AGI threshold and the unused deduction will not be carried forward to future years. However, note that under the new rules if Henry does not itemize in 2026, then he would be eligible for a $1,000 above-the-line deduction for this charitable gift (in addition to his standard deduction).

Example 1	2025	2026
Adjusted Gross Income	$750,000	$750,000
Total Contribution to Charity	$3,000	$3,000
Less First 0.5% of AGI	N/A	$3,750
Applicable Tax Rate	37%	35%
Approximate Value of Deduction	$1,110	$0

Tax savings lost in 2026: $1,100

For larger gifts, the itemized deduction may not be eliminated completely in 2026, but there is still a significant impact to the deduction as a result of the 0.5% floor and the 35% cap. If in our example above, Henry made a charitable gift of $150,000 of cash instead:

In 2025, Henry would save approximately $55,500 in taxes.

In 2026, his tax savings would drop to approximately $51,187.

Example 2	2025	2026
Adjusted Gross Income	$750,000	$750,000
Total Contribution to Charity	$150,000	$150,000
Less first 0.5% of AGI	N/A	$3,750
Applicable Tax Rate	37%	35%
Approximate Value of Deduction	$55,500	$51,187

Tax savings lost in 2026: $4,313

What should you consider before January 1, 2026?

The good news is that you still have time to act before these new limitations take effect. As we approach the end of the year, you may want to consider the following:

Accelerate your giving : If you typically make charitable gifts over many years and you itemize your deductions, consider bunching your charitable contributions in 2025 rather than spreading them out over future years in order to take full advantage of the current charitable deduction rules.
- Donor-advised funds : If you’re unsure which charities you want to support in 2025 with those accelerated gifts, a donor-advised fund lets you secure the deduction now and choose recipients later.
- Appreciated assets : One effective option for making large charitable gifts is using appreciated assets to fund that gift. This allows you to avoid capital gains tax because the charitable gift does not trigger capital gain and the charitable recipient can later sell the asset without paying capital gains tax.
Plan ahead for year-end : Planning your charitable gifts and making the actual transfers can take time, so do not wait until the very end of the year to finalize your gifts. Also, be sure to ask your relevant financial institutions what their deadlines are for effectuating any charitable gifts by December 31.
Don’t forget Qualified Charitable Distributions (QCDs) : While QCDs from IRAs aren’t impacted by the new tax law changes, year-end is a good time to consider the use of QCDs to satisfy all or part of your required minimum distribution and achieve your charitable goals.

As you contemplate your year-end charitable giving, it is important that you talk with your qualified tax and legal advisors about the impact of these new rules on your income tax situation as well as your overall wealth planning goals.

For more information on charitable giving, including QCDs, visit our Effective Philanthropy resource page or reach out to your Relationship Manager.

John Batterton is a senior wealth strategist for CIBC Private Wealth in New York, with over 15 years of industry experience.

September 2025 FOMC Update

2025-09-23T19:20:23Z

The Federal Reserve (Fed) lowered its target policy rate to a range of 4.00% to 4.25, the first change in policy in nine months. The change has been anticipated by markets since the release of weaker than expected payroll data in early August. There was one notable dissention among Fed voters with newly appointed Governor Stephen Miran opting for a cut of 0.5%.

Current Conditions – GDP moderated in the first half of 2025, and the Fed projects a marginal increase in growth in the coming quarters. Chair Powell highlighted the ongoing challenges of slow growth and high inflation. The Fed now sees the balance of these risks as having shifted toward weaker growth given recent employment trends and a base-case assumption that inflation could be short-lived.

Forward Guidance – The Fed projects lower interest rates are appropriate given the shift in risks. The median Fed participant projects a short-term rate of 3.6% by the end of 2025, which would imply rates cuts at each of the Fed's next two meetings. The range of Fed rate projections for 2025 remains unusually wide with one voter calling for 2.8% and one voter expecting a rate hike back to 4.3% will be needed.

Policy/Market Reaction – Markets expected the rate reduction but may have been disappointed by a cautious stance by Chair Powell. Powell characterized the move as an "insurance cut" and is keeping an eye out for risks of a persistent increase in inflation. Bond yields were marginally higher following yesterday's announcement.

Legacy planning for grandparents: Navigating the GST tax

2025-09-19T17:06:54Z

September is often recognized as Grandparents Month. As we honor the special role grandparents play in our families, many of you may be thinking about your legacy and how best to provide for your children and grandchildren. If you are considering making gifts to your grandchildren or setting up trusts for their benefit, it’s important to understand a unique tax that could affect your plans: the Generation-Skipping Transfer (GST) tax. In this blog, we will shine a light on the GST tax and how to protect your family’s legacy.

GST tax overview
The GST tax is designed to prevent you from avoiding estate and gift taxes by making gifts that “skip” a generation; therefore, GST tax planning should be considered if you are transferring wealth to or for the benefit of grandchildren or other individuals who are more than one generation younger than you (“skip persons”). Just like estate and gift taxes, the GST tax has its own exemption. For 2025, you can transfer up to $13.99 million during your lifetime or at death to skip persons or trusts for their benefit without paying GST tax. In 2026, this exemption increases to $15 million. Any amount you transfer to skip persons above this exemption is taxed at a 40% rate.

Using the GST exemption
You can use your GST exemption by making direct gifts to your grandchildren or by setting up a trust for their benefit. If you create a trust and allocate your GST exemption to it, the assets in that trust may benefit many generations — even those into the future — without incurring GST tax. For that reason, GST-exempt trusts are a powerful tool for building a lasting family legacy.

Administrative matters
Allocating your GST exemption can be done by filing a gift tax return. Even if you don’t file a gift tax return, there are automatic allocation rules that may apply to transfers in trust that benefit your grandchildren. However, you can opt out of these automatic rules if you wish on a gift tax return. Any unused GST exemption can be allocated on an estate tax return at your death. Because the rules can be complex and the consequences may not arise until many years later, it’s crucial to keep detailed records of all gifts and allocations of exemption.

What if a trust is not GST exempt?
It could be that a trust you create is not GST exempt, either because you don’t allocate GST exemption or you don’t have enough GST exemption to allocate to the trust. If a trust is not GST exempt, GST tax is generally due when all non-skip beneficiaries (like your children) have passed away or when distributions are made to skip persons (like your grandchildren).

Conclusion
Grandparents Month is a wonderful time to reflect on the impact you have on your family’s future. If you are contemplating gifts to your grandchildren or to trusts for their benefit, talk to your estate planning attorney about the GST tax and how to make the most of your exemption. With the right strategy in place, you can celebrate your role as a grandparent by creating an enduring, tax-efficient legacy.

For more information on transfer taxes, including the GST tax, click here or reach out to your CIBC advisor.

Leslie Kehoe is a senior wealth strategist for CIBC Private Wealth Management in Atlanta with 25 years of industry experience. In this role, Leslie is responsible for developing integrated wealth management solutions and providing comprehensive estate and financial planning services to high net worth clients.

August 2025 Employment Report

2025-09-09T17:41:03Z

The U.S. economy added just 22,000 jobs in August according to the Bureau of Labor Statistics (BLS) survey of employers. The increase was below expectations for a gain of 75,000. Job gains in the prior two months were revised lower by 12,000. The economy added 29,300 jobs on average over the trailing 3 months versus a 209,300 average at the end of 2024. The health care sector added 31,000 jobs in August compared to a trailing 12-month average gain of 42,000. Federal government employment fell by 15,000 and is lower by 97,000 since January. Both manufacturing and construction sectors posted job losses during the month.

The BLS’s survey of households reported an increase in the unemployment rate to 4.3% in August from 4.2% in the prior month. The size of the U.S. labor force expanded by 436,000 while the survey of households revealed an increase in the number of unemployed individuals by 148,000.

Average hourly earnings — a proxy for wage growth — rose 0.3% for the month and 3.7% vs. a year ago. August earnings data matched consensus expectations. The 3-month annualized rate of wage growth slowed to 3.4% from 3.9%.

Source: Bloomberg, US Bureau of Labor Statistics.

Bottom line: Data from the BLS’s survey of businesses remained weaker than expected in August, confirming July’s subpar report. The Federal Reserve will likely follow through with an expected rate cut of 0.25% at its September meeting. Markets have begun to lean toward pricing in more cuts in the fourth quarter than previously discounted. U.S. equities, interest rates and the Dollar were all lower in early trading following today’s report.

July 2025 Employment Report

2025-08-01T17:19:34Z

The U.S. economy added 73,000 jobs in July, according to the Bureau of Labor Statistics (BLS) survey of employers. The increase was below consensus expectations for a gain of 104,000. The prior two months were revised substantially downward by a cumulative 258,000. Employment “continued to trend up in health care and in social assistance. Federal government continued to lose jobs”, according to BLS. The number employed in manufacturing dropped to the lowest in more than three years. Over the last three months, payrolls have advanced at a monthly average of just 35,000 — the slowest trend since the pandemic.

The BLS’s survey of households reported the unemployment rate at 4.2% in July, up from 4.1% in June. The household survey showed monthly declines in both the number employed and in the labor force. However, the overall unemployment rate has been stable between 4.0% and 4.2% since May 2024. Average hourly earnings — a proxy for wage growth — rose 0.3% for the month and 3.9% vs. a year ago. Both figures met consensus estimates.

Bottom line: This is an unambiguously soft reading on the state of the U.S. job market. The payroll survey shows a near stall in job growth in recent months, while the household survey indicates declines in both employment and the size of the labor force — a sub-optimal way to keep the unemployment rate low. Market reaction has been swift and decisive. As of 9 am Eastern time, futures were pricing in an 83% chance of a Fed rate cut in September and the 10-year Treasury yield had dropped by 13 basis points to 4.26%. Equity futures were down about 1%, though that was the case prior to release of the jobs report and driven by overnight tariff news.

Dave Donabedian, CFA, is co-chief investment officer of CIBC Private Wealth. His responsibilities include oversight of internal investment strategies and the external manager selection platform.

July 2025 FOMC Update

2025-08-01T17:12:26Z

The Federal Reserve (Fed) left its target policy rate in a range of 4.25% to 4.50%. The vote included two dissentions in favor of a rate cut, which is a rare event in the recent history of Fed meetings. Interest rate markets were not expecting a move at today’s meeting. Expectations for dissention have been growing as the evidence of tariff driven inflation has been slow to develop.

Current Conditions – Current economic conditions were downgraded from “solid” to “moderate”. Chair Powell noted a growth rate of 1.2% in the first half of 2025, down from 2.5% last year. Labor conditions remain solid, and the Chair described labor supply and demand as balanced. Recent inflation data has been little changed since the start of the year with deceleration in services prices largely offsetting an increase in the price for goods.

Forward Guidance – Powell believes there are still “many uncertainties” left to resolve despite the current dynamic period for trade negotiations. Customs revenues are running near a $30 billion monthly rate as a result of trade policy with price increases occurring at various stages of the supply chain and any ultimate rate of increase to consumers likely to be one-time in nature. Powell also believes monetary policy is moderately restrictive and an eventual cut in rates will be warranted with greater clarity on the effects of tariffs.

Policy/Market Reaction – Markets expected no rate change today. Despite the multiple dissents, expectations for a cut in September were marginally lower. Stocks and bonds were lower following Powell’s press conference, and the Dollar was marginally higher.

One Big Beautiful Bill Act: Summary of key tax provisions for individuals

2025-07-27T20:05:24Z

On July 4, 2025, President Trump signed the new law commonly known as the One Big Beautiful Bill Act (OBBBA). This sweeping Act extends or makes permanent many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) while introducing many new tax provisions. Below are some key highlights of the OBBBA’s tax provisions impacting individuals.

Transfer taxes: Estate, gift and generation-skipping transfer (GST) tax exemptions are permanently set at $15 million per individual (indexed for inflation after 2026).

Income tax rates: The ordinary income tax rates of 10%, 12%, 22%, 24%, 32%, 35% and 37% implemented under TCJA are made permanent.

Deductions:

Standard deduction: This deduction increases to $15,750 (individuals) and $31,500 (joint filers) starting in 2025, indexed for inflation after 2025.
SALT cap: The deduction for state and local tax (SALT) is temporarily raised to $40,000, reverting to $10,000 in 2030.
- The increased SALT deduction phases down for adjusted gross income (AGI) over $500,000 for both single filers and joint filers. However, the available deduction will not be less than $10,000.
- The $40,000 deduction and $500,000 phasedown threshold both increase by 1% in each year through 2029. For example, in 2026, the deduction will be $40,400 and phasedown threshold will be $505,000.
Mortgage interest deduction: The $750,000 cap for this deduction is made permanent.
Charitable contributions:
- Individuals who do not itemize their deductions may deduct $1,000 ($2,000 for joint filers) for charitable gifts in addition to the standard deduction starting in 2026.
- I ndividuals who do itemize deductions may deduct their charitable contributions, but only the amount that exceeds 0.5% of their contribution base (AGI without regard to operating losses).
- In addition, the deduction limitation of 60% of AGI for cash contributions to public charities was made permanent.
Miscellaneous itemized deductions: These deductions are permanently repealed. This includes investment advisory fees and tax preparation fees, for example.

New temporary deductions (2025–2028):

Tip income: Workers in certain tipped industries may deduct up to $25,000, with phaseouts starting at income of $150,000 ($300,000 for joint filers).
Overtime pay: Overtime pay may be deducted up to $12,500 ($25,000 for joint filers), with phaseouts starting at income of $150,000 ($300,000 for joint filers).
Auto loan interest: A deduction of up to $10,000 is allowed for interest on loans to purchase American-made passenger cars, with income phaseouts starting at income of $100,000 ($200,000 for joint filers).
Seniors: Individuals aged 65 and older may deduct $6,000 ($12,000 for joint filers) with phaseouts for modified AGI above $75,000 ($150,000 for joint filers).

Other notable changes:

Personal exemptions remain at $0.
The child tax credit will be increased to $2,200 per child (indexed for inflation after 2025).
Tax-free withdrawals from 529 plans are permitted for additional elementary and secondary school expenses and for certain certifications and licensing programs. (Note: Each state may have its own rules that could impact the state tax treatment of these types of withdrawals from 529 plans.)
Trump Accounts:
- Starting in 2026, the government will contribute $1,000 into tax-favored Trump Accounts for U.S. citizens born between 2025 and 2028.
- Additional contributions can be made to those accounts by individuals up to $5,000 annually (adjusted for inflation after 2027) until the child is 18 years old. Employers can also make contributions up to $2,500 per year on behalf of their employees’ dependent children.
The gain exclusion for qualified small business stock was increased to $15 million, adjusted for inflation after 2026, for such stock issued after the date of enactment.
The Section 199A qualified business income deduction of 20% for pass-through entities was made permanent.

These are just some of the provisions included in the OBBBA, and we expect more guidance from the Treasury Department. Due to the complexity of these issues, it is important that you talk with your qualified tax and legal advisors about the impact of the OBBBA on your specific situation.

Lucy Bickford is a senior wealth strategist for CIBC Private Wealth in Chicago, with over 10 years of industry experience.

Love and budgets

2025-06-25T18:23:02Z

Weddings are joyful celebrations, but behind the scenes, they often involve delicate — and perhaps for some, frustrating — financial negotiations.

Whether you are a couple dreaming about your big day or a parent offering support, navigating wedding planning requires coordination, communication and compromise. Kendall Mitnitsky, a financial planner at CIBC Private Wealth who got married last year, and Leslie Kehoe, a wealth strategist at CIBC Private Wealth who is currently helping her daughter plan a wedding, offer the following tips for handling the financial aspects of your family’s big day.

A bride’s perspective — Dreams meet dollars

Planning a wedding is exciting, but it’s also one of the first big financial decisions many couples face. As I approached the planning process, these considerations guided me:

1. Set a realistic budget

Your first and most important step is to determine the total available budget, including any family contributions. Then, allocate your funds according to your priorities. Whether you are already set on tying the knot in a particular area or are open to any venue/location, reach out to a few options for each vendor to get a better feel for a price and package that meets your expectations. Larger, more established venues may include certain vendors (such as catering, alcohol, and linens) in their package but have less flexibility for customization, while smaller venues may offer an a la carte approach that could be more budget-friendly or flexible.

Tip: Set up a wedding email account to serve as a one-stop shop to communicate with all vendors, save all contracts, and inform any other hands involved in the planning (i.e., parents, wedding planner). This can make your life and the lives of those helping you plan worlds easier!

2. Stay true to your values

While it’s important to let yourself dream when setting a vision for your day, remember to weigh decisions through a lens of what matters to you. Take time to research and gather inspiration, whether through wedding magazines, blogs, or social media. Once you have a vision, prioritize the elements that matter most to you. This could be the venue, the apparel, the type of cuisine served, or any other element. By identifying your top priorities, you can allocate your budget more effectively and ensure that your wedding reflects your personal style. By referencing our Wedding Budget Template you can assign a weighting to each vendor that will help you determine how to allocate your overall budget when deciding on vendors.

On the other hand, having an elaborate traditional wedding may not be your cup of tea. Amidst the excitement and pressure of wedding planning, it's easy to get caught up in trends and societal expectations. However, it's essential to stay true to your values. Whether that means opting for a more intimate gathering or choosing a unique theme, prioritize what resonates with you.

Remember: your wedding day is a reflection of your love story, and it should feel authentic to who you are as a couple.

3. Communicate with parents

Actually, clearly communicate with them, or others supporting your special day. If family members are offering to contribute financially, have open discussions about their expectations. Understand what they are willing to provide and any conditions they may have, such as input on the guest list, invitations, or venue choice. Setting clear boundaries and expectations can help prevent misunderstandings and ensure that everyone is on the same page.

4. Remember what really matters

While you can plan every detail, it’s important to remember that there’s no such thing as a perfect day. Yes, these details make the day special to you and to your guests, but if the band didn’t play that song you loved or you got behind schedule, remind yourself that only you know the difference. To your friends and family, you are the glowing couple on the happiest day of your lives. It’s easy to get caught up in the centerpieces and champagne, but the most important thing is your commitment to your partner. No price tag changes that.

Tip: Assign a sibling or bridesmaid to distribute any gratuity on your special day. You and your parents will likely be preoccupied hosting, so it's nice to delegate tasks like this to someone else you trust.

A parent’s perspective — Love with a ledger

As a parent, watching your child get married is an emotional milestone. But for many, it also comes with a financial commitment. Here are some issues I’ve navigated with my daughter:

1. Decide the amount of your financial contribution

It’s important to communicate early the amount you are willing to contribute. This allows for early budgeting by whomever is going to be in charge of the budget process. Some parents set a fixed dollar amount while others offer to pay for specific items like the venue or rehearsal dinner. Remember not to get too caught up in the excitement and spectacle — you shouldn’t bankrupt your retirement fund to pay for your child’s wedding. Plus, if it’s your first child getting married, you are setting a precedent for future weddings in the family.

2. Determine how your financial contribution will be made

Once you know and have communicated your contribution amount, decide how that amount is going to be paid.

One option is to give your total amount directly to the happy couple, and they handle the budgeting and payments. But make sure you are cognizant of any gift tax implications. (Perhaps use the gift tax annual exclusion of $19,000 per person for 2025.) This option allows the couple to have the experience of budgeting and removes you from the middle of every financial decision. It also prevents you from having any awkward conversations with your child’s future in-laws if they are going to contribute — they instead can have those conversations with the bridal couple.

Another option is to make payments to wedding vendors directly from your own account. This allows you to remain in control of the financial reins and to be more involved with the financial planning for the big day.

Tip: Depending on your financial support, it could be worthwhile to use one credit card to fund your contributions. The perks of leveraging one card could lead to a substantial increase in points, miles, or cash back that can be used for other expenses.

3. Respect the couple’s vision

You may have certain expectations, but remember that this is not your wedding. Offer advice respectfully and keep communication open. The money may come from you, but the vision should come from the couple.

4. Plan for hidden costs

Parents and the bridal couple are often surprised by unexpected expenses like extra guests, vendor gratuities, lodging requirements, and last-minute wardrobe changes. It can be helpful to factor in a 10-15% buffer when budgeting.

Finally, read the fine print: Vendors may hide certain costs in the extensive verbiage of the contracts, so be prepared to read through every contract carefully!

Tip: Encourage the happy couple to write handwritten thank-you notes to all vendors, thoughtfully including any day-of gratuities that aren’t already included in the upfront cost. This ensures every vendor feels appreciated through the couple’s kind words while still compensating those who haven’t already received a gratuity.

Weddings are about uniting families — financial squabbles shouldn’t be what lingers after the last dance. Just as every detail of the wedding day is carefully curated to reflect the couple's love story, the financial planning should also be a harmonious collaboration between parents and the happy couple. Think of it as crafting a beautiful bouquet: each flower represents a different aspect of the planning process, from budget discussions to family contributions. When arranged thoughtfully, they create a stunning centerpiece that everyone can admire.

For help with putting together your specific budget, leverage our Wedding Budget Template or reach out to your Relationship Manager at CIBC Private Wealth.

Kendall Mitnitsky is a financial planner for CIBC Private Wealth who works closely with relationship managers and business development officers.

Leslie Kehoe is a senior wealth strategist for CIBC Private Wealth in Atlanta with 25 years of industry experience.

May 2025 Employment Report

2025-06-30T16:24:01Z

The U.S. economy added 139,000 jobs in May, according to the Bureau of Labor Statistics (BLS) survey of employers. The increase was slightly above consensus expectations for a gain of 126,000. However, the prior two months were revised down by a cumulative 95,000. Employment “continued to trend up in health care, leisure and hospitality, and social assistance. Federal government continued to lose jobs”, according to BLS. The diffusion index — a measure of the breadth of job gains across all industries — stood at 50%, down from 61% at the beginning of the year. The same measure for manufacturing industries fell to 41.7%.

The BLS’s survey of households reported the unemployment rate at 4.2% in May, unchanged from April. The labor force participation rate fell, and there were large declines in the number employed and in the labor force. The number of unemployed in the household survey rose for the fourth month in a row. Average hourly earnings — a proxy for wage growth — rose 0.4% for the month and 3.9% vs. a year ago. Both figures were above consensus estimates.

Bottom line: On balance, this report confirms that the job market continues to soften, but has not descended into recessionary territory. In many ways, this data sums up the Federal Reserve’s dilemma. The weakish tinge to the employment data is countered by an acceleration of wage growth and concerns that tariffs may push inflation measures higher in the second half of the year. Futures markets anticipate very low odds of a rate cut at the FOMC’s late July meeting, and slightly more than a 50/50 chance of a rate cut at the September meeting.

Source: US Bureau of Labor Statistics

Dave Donabedian, CFA, is co-chief investment officer of CIBC Private Wealth. His responsibilities include oversight of internal investment strategies and the external manager selection platform.

Estate planning fundamentals: Implementing your estate plan

2025-05-21T20:22:17Z

This is the final installment of a three-part series, designed to help you understand estate planning fundamentals from creating the documents to effectuating the plan. In this final part, we focus on the important follow-up items after executing your estate plan.

Part one: Key documents and fiduciaries Read
Part two: Beneficiary and distribution decisions Read

Finalizing your estate plan and executing the necessary documents marks an important milestone, but it's not the final step in the process. To maximize the effectiveness of your plan, there are several essential follow-up actions you should take to make sure your assets flow through your estate plan as you intend.

1. Inventory your assets

An important part of the estate planning process is documenting what assets you own. While you may be able to recite that information if asked, it can be helpful to you, your fiduciaries and your beneficiaries if there is a comprehensive list that details: asset type, approximate fair market value, and title to the asset (e.g., individual name, joint with right of survivorship). Keeping a current asset list is important both to understand how your estate plan impacts each asset and to ensure that all of your assets can be identified at the time of your death.

2. Fund your revocable trust

If your estate plan includes a revocable trust, retitling your assets into the name of your revocable trust during your life makes certain that the benefits of the revocable trust — e.g., disability planning, avoiding probate and privacy — are available to you and your beneficiaries. Some considerations when funding your revocable trust include the following:

Types of assets: Bank accounts, investment accounts, real estate and business interests are all examples of assets that can be retitled to your revocable trust. Note that retirement accounts — e.g. an IRA, 401(k) — cannot be transferred to your revocable trust during your life.
Joint assets: If you own an asset in joint tenancy with right of survivorship (JTWROS) with another person, then the asset will automatically transfer to the surviving co-owner at the first death. For estate planning reasons, you may want to change that JTWROS ownership to tenants-in-common between the revocable trusts of the co-owners or divide the assets between separate accounts held in the revocable trusts of the co-owners. Further, if the co-owner is your spouse, you may want to title the entire asset in the name of just one spouse’s revocable trust. The best approach will vary depending on your circumstances, so it is important to consult with your attorney before changing the titling of joint assets.
Paperwork: The paperwork required to transfer title to your revocable trust will vary depending on the type of the asset and its current ownership. Your attorney and financial advisors can provide you with the appropriate paperwork to transfer your various assets to your revocable trust.
Access: Retitiling assets in the name of your revocable trust should not change your access to those assets since your revocable trust likely gives you complete control over the revocable trust. In addition, there will be no change in your income tax reporting for the assets in your revocable trust because the trust will be treated as the same income taxpayer as you.

3. Update your beneficiary designations
Certain assets, such as retirement accounts, annuities and life insurance policies, are controlled by beneficiary designations rather than by the terms of your will or revocable trust. Update these designations to ensure they align with your estate plan and reach your intended beneficiaries upon your death. Some important considerations when updating your beneficiary designations include the following:

Contingent beneficiaries: It is important to name both primary and contingent beneficiaries. Without both of these, there is a possibility that these assets could pass to your estate, causing unnecessary probate and loss of potential income tax benefits.
Transfer on death (TOD) / payable on death (POD) accounts: If any of your bank or investment accounts have a TOD or POD designation associated with them, you should discuss with your attorney whether to retain that designation or retitle the account in the name of your revocable trust. Retitling the account in the name of your revocable trust should result in the account passing through your trust rather than pursuant to the beneficiary designation.

4. Create a tangible personal property memorandum

Your will or revocable trust may include a provision allowing you to create a memorandum to dispose of your tangible personal property — e.g., jewelry, furniture, artwork — among your beneficiaries. While state law varies on whether this writing is binding or just guidance to your fiduciary, you should consider creating such a memorandum if you wish to designate specific items to certain individuals beyond what is outlined in your documents. The memorandum can be kept with your original will and revocable trust to ensure that your instructions are easily accessible by your fiduciaries after your death.

5. Manage your digital assets

In today’s digital age, your estate plan should consider not only your traditional assets such as investments and real estate, but it should also reflect your digital assets. To manage your digital assets for estate planning purposes, consider taking the following steps:

Create a digital asset inventory: Compile a comprehensive list of your digital assets, including online financial accounts, electronic communications, social media profiles and digital currencies, along with associated passwords. Be sure your fiduciaries and/or family members know where to find this list.
Access provisions: Ensure your estate planning documents include provisions that grant your fiduciaries access to these digital assets. Some digital service providers allow you to designate a successor account manager, so review and update this information periodically.

6. Communicate your plan

Effective communication is key to ensuring that your estate plan is executed as intended. Consider the following ways to communicate your plan:

Informing family and fiduciaries: Share details of your estate plan with family members and fiduciaries, including contact information for your advisors and medical providers as well as the location of important documents.
Clarifying roles: Ensure that your fiduciaries understand their roles and responsibilities and confirm their willingness to serve in these capacities. This can help prevent misunderstandings and conflicts later on.
Providing context: Consider providing beneficiaries with age-appropriate information about your assets, the structure of your plan, and any specific instructions you wish to convey. This transparency can foster understanding and cooperation among family members, now and in the future.

Conclusion

While comprehensive estate planning documents are critical to ensuring that your wishes are expressed and that your loved ones are taken care of, it is just as important to implement and maintain the plan that is set forth in those documents. Working with a qualified estate planning attorney will help you determine the best path for you and your beneficiaries at each step in the implementation process. In addition, regularly reviewing and updating your estate plan, including how your assets are titled and your beneficiaries are named, will help you and your plan adapt to life changes and maintain clarity.

Our Wealth Strategies team is passionate about estate planning and helping you to engage in these conversations. Given the gravity and emotional delicacy of this topic, you may find it helpful to hear how our experts talk about these strategies. We invite you to listen to their guidance around estate planning fundamentals in this stand-out episode from our Financial Forum webinar series:

Do I need a will? Age and stage considerations for estate planning

Contrary to what you may think, estate planning should be considered at every stage of life. Our experts describe different estate planning scenarios and why it is crucial to have the right documents at the right age.

Judy Saxe is a senior wealth strategist for CIBC Private Wealth in Boston, with over 30 years of industry experience.

April 2025 FOMC Update

2025-05-21T20:14:38Z

The Federal Reserve (Fed) left short-term interest rates unchanged at a target range of 4.25% to 4.50%. The Fed recognized an increase in uncertainty around its economic outlook and greater risks to both higher unemployment and higher inflation.

Current Conditions – Chair Powell noted the resilience of the U.S. economy heading into a period of uncertainty. Labor market imbalances have largely receded. Job openings are in line with the number of unemployed individuals, and wages are unlikely to be a source of inflation pressure. Underlying economic activity expanded at a steady pace in recent months despite the distortions brought about by a surge in imports ahead of changes in trade policy.

Forward Guidance – Powell repeated a theme used over his last several public appearances regarding forward guidance. The Fed is not in a hurry to reduce rates given the level of uncertainty and will require more data before committing to a path for policy. Powell viewed policy as “somewhat restrictive” but stopped short of confirming market projections for lower rates.

Policy/Market Reaction – The Fed delivered very little in the way of new information today given the uncertain situation surrounding trade policy. Stocks, bonds, and the Dollar were marginally improved following the release and press conference. Interest rate futures indicate a higher market implied probability of a rate cut at the next few meetings with July 30 now the most likely date for a move.

Gary Pzegeo, CFA, is co-chief investment officer of CIBC Private Wealth. His responsibilities include chairing the Asset Allocation Committee and overseeing the investment administration, portfolio oversight, and fixed income and equity trading functions.