New tax legislation has been passed and signed into law. The act, known as the “One Big Beautiful Bill,” includes changes to federal income, estate, gift, and generation-skipping transfer taxes.
Below are key provisions that affect federal estate, gift, and generation-skipping transfer tax planning as of January 1, 2026.
What you need to know:
What should you do now?
If you haven’t reviewed your estate plan recently—or if your plan was built around the possibility of a lower exemption in 2026—now is an ideal time to schedule an estate planning checkup. We can help you assess how the new tax law will impact your long-term goals and ensure your plan maximizes the benefits of the new law.
There are many other changes in the bill that are likely to affect your taxes. We recommend that you speak with your wealth advisor and your accountant, too.
To stay up-to-date on changes in estate planning law and regulations, connect with Jessica on LinkedIn.
This post was created by Jessica Marchegiano, founder of JM LAW and senior estate planning attorney.
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Disclaimer: Materials prepared by JM LAW, PLLC are for general informational purposes only. Educational material does not create an attorney-client relationship and is not an offer to represent you. You should not act or refrain from acting based on information provided.