2: The One Big Beautiful Bill Act Explained: How It Changes Legacy Planning in 2026

In this episode, estate planning attorney Kristina Hess breaks down the recent legal updates from the OBBA bill, focusing on how these changes impact estate taxes, gift strategies, and enhanced vehicles for wealth transfer. Whether you're a business owner, parent, grandparent, or simply planning your legacy, this episode provides actionable insights to optimize your estate planning before 2026.Key Topics:- Permanent estate and gift tax exemption increases to $15 million per person in 2026- How portability allows surviving spouses to 'save' unused exemptions (file Form 706)- The importance of the step-up in basis and its current preservation- New accounts for children (Trump accounts) and adjustments to 529 plans for education funding- Charitable giving deductions expanded to non-itemizers and current limits100% bonus depreciation on property acquired after January 19, 2025, including cost segregation benefits- Changes to qualified small business stock (Section 1202) with increased exclusion limits- Practical estate planning checklist for 2026: valuing estate, restructuring trusts, beneficiary updates, and life insurance considerationsMain Timestamps: 00:00 - Introduction to the 2025 legal update & relevance 01:01 - Estate and gift tax exemption changes 03:08 - Major details: estate tax rate and basis step-up 05:11 - New accounts for children & 529 plans 09:54 - Charitable giving for non-itemizers 11:48 - Bonus depreciation & asset acquisition strategies 14:44 - Qualified small business stock exclusion 15:39 - Practical steps for estate planning 19:54 - Final thoughts: proactive estate planning for lasting legacy🎧 Listen and subscribe to the Legacy Maker Podcast on all major podcast platforms.Follow @legacymakerpodcast on Instagram and Facebook, and subscribe on YouTube for updates, clips, and new episodes.