The signing into law of the One Big Beautiful Bill Act (H.R. 1 of the 119th Congress) on July 4, 2025 has a few very important implications for estate planning. Here’s a brief look at them.
Contact your own CPA and/or estate planning attorney to discuss if and how you are personally affected.
The Combined Exclusion Amount is $15 Million, Permanent and Tied to Inflation
Each individual may transfer up to $15 million, and married couples up to $30 million, tax-free during life or after death, starting in 2026. This $15 million combines exclusions for federal estate taxes, lifetime gift taxes, and generation-skipping taxes (GST) into one.
Read more about this and the history of the applicable exclusion amount / unified credit in our blog here.
1031 “Like-Kind” Exchanges Are Fully Preserved Without Limits
Individuals and real estate investors can defer capital gains taxes by exchanging one investment property for another of “like kind.” The OBBB did not include any caps or restrictions on 1031 exchanges.
Read more about 1031 “Like-Kind” Exchanges here on our blog.
Get Help with Estate Planning in South Carolina – Call Gem McDowell
If you need help with wills, trusts, or estate plans for estates large or small, call the Gem McDowell Law Group. Gem and his team help individuals and families create personalized wills and estate plans that reflect their unique circumstances and wishes. With offices in Myrtle Beach and Mt. Pleasant, SC, we’re here to help. Call us at (843) 284-1021 today to schedule a free consultation.
