Big Beautiful Estate Plan: Impact Of The Big Beautiful Bill (OBBBA)

Originally posted to Forbes.com

The Big Beautiful Bill

We now have the Big Beautiful Bill (BBB), or The One, Big, Beautiful Bill, or OBBBA as law. The House passed the Senate version of the BBB on July 3; President Trump signed the bill into law on July 4^th. The House and Senate each passed the BBB by razor thin margins with most votes on party lines. The bill is massive in terms of spending, tax changes and more. Some of the changes, with a particular focus on estate planning, will be reviewed below. The focus will be on what some of the BBB changes mean to your estate plan.

In very general terms the BBB extends many of the expiring provisions from the 2017 Trump tax cuts contained in the Tax Cuts and Jobs Act. It enacts several Trump campaign promises and tax priorities (e.g., “no” taxes on certain tips and overtime pay). The BBB ends many clean energy tax incentives.

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