What the new tax bill means for your taxes, trusts and estate plan

When Congress passed the “One Big Beautiful Bill Act” (H.R. 1), it solidified and extended key provisions of the 2017 Tax Cuts and Jobs Act (TCJA), while introducing a range of new deductions and credits that will affect individuals, families, and businesses, some retroactive to the beginning of 2025.

Whether you’re a business owner or simply managing your family finances, it’s important to understand which provisions in the new tax legislation remain the same, which are being revised, and how best to position yourself in response. Here are some of the key provisions included in the bill, along with steps you can take to maximize their benefits.

For more information see Richard Pianoforte “What the new tax bill means for your taxes, trusts and estate plan,” Fiduciary Trust International, July 18, 2025.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.