Looking to minimize risk/downside and protect gains - How do you do it ? What are some of the strategies ?

Many stocks are at record high. Way above their 2020 or 2022 lows. I am both happy and concerned.

Many that I bought over last few years are showing gains that I would like to protect. But by holding I run the downside risk.

I will be happy to sell and book profit in some of those. However, if I sell now, I run into two problems -

1. Short term capital gain on many of the high return positions
2. Will run into higher tax bracket this year

So, ideally, I do not want to sell now(this year). But while doing that, I would like to protect the gains while protecting it against any market down turn.

Can this be done ? How ?

I learnt about collar strategy. Which seems doable with expiration of both options in the next year. It will cap my further gains, but protects from downside with a bit of cost in premiums (it is lower compared to if I only bought puts).

Apart from the Collar options strategy, is there any other way that you are aware of/have successfully used in similar situations? Need not be using options.

Thanks for any suggestions/sharing your experience.

Edit -

The question is no way asking to avoid taxes but to pay it in 2027 (for gains realized in 2026) instead of paying in 2026 (for gains realized in 2025 - some of which will be short term cap gain, but in 2026 will be long term cap gain).