With the recent tax bill raising the cap on state and local tax (SALT) deductions from $10,000 to $40,000, a new planning opportunity has opened for high-net-worth individuals and couples. For nearly a decade, many households found themselves unable to benefit meaningfully from itemized deductions. The high standard deduction meant charitable gifts often provided no additional tax benefit. But now, deduction stacking has entered the conversation as a way to maximize both your generosity and your tax efficiency.

While some investing wisdom is timeless and can be as simple as “save early and often,” behavioral finance shows us that the best advice is one that can be followed and adhered to long enough for it to deliver. 

Priorities in one's 20s are and should be different than those in one's 40s and beyond. 2020 has put a wrinkle in even the best laid plans and added other layers of uncertainties to be taken into account for both short- and long-term financial decisions. Here are some steps to consider in the different phases of financial life.