Navigating the One Big Beautiful Bill Act: What It Means for You

In this episode of TFE Talks, Attorneys Jordan Goewey and Matthew Edwards break down the "One Big Beautiful Bill Act," highlighting its major changes to tax law and estate planning. They discuss the permanence of increased estate and gift tax exemptions, the qualified business income deduction, new opportunities with qualified small business stock and opportunity zones, the introduction of "Trump accounts" for children, and updated rules for charitable deductions. Key takeaways include the importance of proactive planning with all advisors, understanding new tax-saving opportunities, updating estate documents to take advantage of the latest law changes, and so much more. 

Topics in this conversation include: 

• Background and Significance of the Big Beautiful Bill (0:33)
• Nature of Permanent Provisions (1:37)
• Estate and Gift Tax Exemption Changes (3:46)
• Qualified Business Income Deduction (QBI) (6:12)
• Qualified Small Business Stock & Opportunity Zone Credits (7:11)
• Temporary SALT Deduction Cap Increase (10:04)
• Introduction of "Trump Accounts" (11:37)
• Charitable Deduction Limits (13:58)
• Planning and Next Steps for Clients (15:10)
• Concluding Thoughts and Wrap-Up (18:43)

TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.

The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.