A New Era in Tax and Estate Planning
The recently enacted One Big Beautiful Bill is one of the most sweeping tax reforms in decades, touching scores of provisions that directly and indirectly affect estate planning. While its $15 million federal estate and gift tax exemption per person may appear to eliminate estate tax concerns for most families, the reality is far more complex.
In this webinar hosted by Shenkman Law, estate planning experts Alan Gassman, Jonathan G. Blattmachr, and Martin Shenkman explain why estate planning remains essential in this new environment, and how advisors and clients can adapt to maximize benefits, protect assets, and remain prepared for future changes.
Beyond the Estate Tax Threshold
A common misconception in the wake of The One Big Beautiful Bill is that individuals and couples under the exemption threshold can drastically simplify their planning. The panel cautioned against this thinking, noting that meaningful opportunities still exist to reduce income taxes through strategies such as non-grantor trusts, optimizing charitable contributions, and managing capital gains. They also stressed the ongoing importance of trust structures in protecting wealth from creditors, divorce, and liability risks — protections that remain vital regardless of estate tax exposure. Above all, they reminded viewers that so-called “permanent” exemptions can change with a new administration, making flexibility a critical feature of any well-crafted plan.
Key Provisions and Planning Opportunities
Alan Gassman highlighted several major elements of The One Big Beautiful Bill, including increased standard deduction amounts, adjustments to charitable contribution rules, permanence of the 20% Section 199A deduction for qualified business income, an increase in the estate and gift tax exemption to $15 million per person, and a temporary boost in the SALT deduction cap to $40,000 through 2029. He also reviewed changes to the mortgage interest deduction, repeal of personal exemptions, and modifications to various credits and deductions.
These provisions open the door to a range of planning strategies. The panel discussed how powers of appointment can be used to secure basis step-ups, how revisiting old irrevocable trusts can add valuable flexibility, and how community property trusts can help achieve a double basis step-up at the first spouse’s death.
Practical Steps for the New Landscape
Effective planning after The One Big Beautiful Bill requires a broader lens than simply minimizing estate tax. The speakers encouraged reviewing and updating older trusts to ensure they reflect modern flexibility, exploring the use of community property trusts where appropriate, and enhancing trust protector powers to respond to changing laws and family needs. They also recommended evaluating existing life insurance policies to confirm they still align with current goals and tax advantages, and considering simplified charitable giving methods such as non-grantor trusts or qualified charitable distributions from IRAs.
Planning with Purpose
The panelists agreed that the most important shift after The One Big Beautiful Bill is recognizing that estate planning now demands a wider perspective — one that balances income tax efficiency, asset protection, family goals, and the inevitability of legislative change.
As Martin Shenkman summarized, “Estate planning isn’t just about taxes. It’s about protecting assets, creating flexibility, and giving families the tools to thrive under whatever laws the future brings.”
Watch the full webinar above to explore how The One Big Beautiful Bill is reshaping estate planning and learn practical strategies you can implement now to safeguard your financial future.