The Big Beautiful Bill’s Impact on Estate and Income Tax Planning
The Big Beautiful Bill (BBB), or The One, Big, Beautiful Bill Act (OBBBA) is now law. The House passed the Senate version of the OBBBA on July 3rd; President Trump signed the bill into law on July 4th. So now practitioners need to understand the impact and advise clients about the consequences or implications thereof. And the implications, especially for estate planning, may be quite different than what many clients assume. The OBBBA is massive in terms of spending, tax changes and more. Some of the changes, with a particular focus on estate planning, are analyzed below. A focus for advisers should be on what the OBBBA changes mean to income and estate tax planning for clients.