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Perspectives

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The OBBBA - What Has (and Hasn’t) Changed for Individual Income, Estate, and Gift Taxes

The One Big Beautiful Bill Act was signed into law last week, continuing the applicability of many individual federal income, estate, and gift tax provisions from the 2017 Tax Cuts and Jobs Act, and in some cases increasing deduction and exemption amounts even further.

Our article, linked below, provides a high-level breakdown of what has, and has not, changed under the new law for individual federal income, estate, and gift tax purposes.

One of the most notable changes is the permanent increase of the federal estate, gift, and GST tax exemption to $15 million per person, indexed for inflation starting in 2026. This provides expanded opportunities for wealth transfer planning.

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family wealth, tax, ultra-high net worth, perspectives, private client