For this quarter’s Wealth and Wellness webinar, Lena Nebel, CFP®, and Claudia Glover, CFP®, CIMA®, took on the ambitious task of breaking down the recent major legislation, “One Big Beautiful Bill Act.” The goal? To unpack what’s staying the same and what’s changing in your financial world, with a special eye on planning opportunities, not just technical tax filing details.
Whether you’re a client, part of the BFG team, or a member of the public interested in smart financial strategies, this webinar is full of insights and practical direction about navigating new tax law changes and maximizing your wealth.
In this webinar, Lena and Claudia covered:
The foundational elements of the new legislation—what’s staying put and what’s up for change
Insights into tax brackets, capital gains, and key federal vs. state tax aspects
Major expansions and tweaks to deductions and credits, including SALT, charitable giving, and new “above the line” strategies
Planning implications for estate, retirement, education, and family savings (including the debut of the “Trump Account”)
The importance of proactive, multi-year tax planning in light of upcoming phase-outs and temporary benefits
Key Takeaways
1. Major Pieces of Your Tax Foundation Are Holding Steady…For Now
Key provisions like federal tax brackets, standard deductions, capital gains rates, child tax credit, and the qualified business income deduction haven’t changed—for now. But remember, many states have their own rules, so always check both federal and state impacts.
2. Some Deductions and Exemptions Got (Temporarily) Bigger—but Timing and Income Matter
The state and local tax (SALT) deduction cap is raised from $10,000 to $40,000 until 2029, but with income phase-outs starting at $500,000 AGI. This and other benefits depend on your adjusted gross income—meaning strategic timing and planning are essential to fully take advantage.
3. Charitable Giving Requires New Strategy
Beginning in 2026, the first 0.5% of your AGI in charitable contributions is not deductible, and the max deduction rate is now 35% (down from 37%). If you’re a big giver, consider bunching your donations via donor-advised funds or accelerating gifts before these changes hit.
4. New Opportunities for Families and Kids—But Read the Fine Print
The new “Trump Account” (for kids born 2025 onward) is a Roth-style, parent-funded savings vehicle with unique contribution rules and investment restrictions. 529 education plans now cover an expanded list of K-12 and credentialing expenses—great news for planners!
5. Multi-Year, Proactive Planning Is More Crucial Than Ever
With phase-outs, expiring deductions, and shifting thresholds, simple year-to-year planning won’t cut it. Mapping out bonuses, stock options, retirement, and big financial moves over the next 2–4 years can help you maximize deductions and minimize surprises.
Thank you so much to everyone who joined us live, sent in questions, and continues to engage with BFG’s resources. If you’re inspired to dig deeper or want a customized plan for your own situation, visit bfgfa.com.