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The One Big Beautiful Bill Act aims to maintain the income tax status quo with some key updates, including changes to the SALT deduction cap, estate tax exemptions, and charitable giving limits. These adjustments could have significant implications for high-net-worth individuals and business owners. Starting in 2025, the SALT cap increases to $40,000 but will be subject to phaseouts at high-income levels through 2029. Federal estate tax exemptions will rise to $15 million per person in 2026 with inflation adjustments. Charitable deductions also will see new AGI limits and potential layering opportunities for maximization. Each provision in the OBBBA presents opportunities to make tax-efficient decisions. Learn more about how these changes may reshape planning strategies in this article, which includes important disclosures. https://nyl.co/4obZMVO

Just like your primary residence, a vacation home is an asset that should be considered in your overall estate plan, and, depending on the location, it may even require specialized planning. Read this article by Patricia Annino and Dara Factor from Rimon PC to learn about the relevant planning considerations and options for your vacation home. https://nyl.co/4kRisbf

The Tax Cuts and Jobs Act was one of the most significant tax legislation acts signed into law since the Tax Reform Act of 1986. This historic timeline illustrates the fluctuations in US estate tax laws and provides an understanding of the different reasons the law has changed over the past 220+ years. Check out the full timeline for more information and important disclosures, and work with your financial professionals to keep your estate plan updated. https://nyl.co/4kTEOsG

Learn how using trusts in business planning can provide clients with informed solutions and help them achieve peace of mind and financial security in this article from Jeff Chadwick. See the common reasons clients need trusts, learn about key trust types, and gain a deeper understanding of the strategies tailored specifically for entrepreneurs. With proper trust planning, clients can protect their assets, secure their legacy, and ensure the smooth transfer of their business interests to the next generation. https://nyl.co/3HUTEk6

Navigating the complexities of running a family business is no easy feat, and with the added layer of family dynamics, the stakes are even higher. From sibling rivalry to shifting generational risk appetites, family business owners face unique challenges.  Succession planning is more than just deciding who will take over the reins. In this article from estate planning attorney Patricia Annino, you’ll learn how addressing family dynamics and making informed, transparent decisions can preserve both family harmony and business longevity. https://nyl.co/3T71k5d

In today’s dynamic job market, keeping top talent is crucial for business owners. The “Great Resignation” reshaped the workforce, but Robert Keebler says it’s also a “Great Upgrade” – an opportunity for employers to elevate their employee retention game. In this article, Keebler describes various strategies, such as non-qualified deferred compensation plans, that can help business owners keep their key employees onboard. https://nyl.co/46b4DQp

According to the Exit Planning Institute, 83% of businesses have no written transition plan and 66% are owned by Baby Boomers who will transition out in the next ten years, one way or another. If you are considering a buy-sell agreement for your business, this article from Rimon, PC estate planning attorney Patricia Annino can help you understand the functions and benefits of this important business succession planning tool. https://nyl.co/4ldwnbs

According to the Exit Planning Institute, 83% of businesses have no written transition plan and 66% are owned by Baby Boomers who will transition out in the next ten years, one way or another. If you are considering a buy-sell agreement for your business, this article from Rimon, PC estate planning attorney Patricia Annino can help you understand the functions and benefits of this important business succession planning tool. https://nyl.co/4ldwnbs

Historically, many wealthy clients made lifetime gifts to minimize federal transfer taxes, but with drastic increases to the federal gift and estate tax exemption amount, the estate tax is no longer relevant to most taxpayers and significantly less relevant to the remaining few. So for 99% of taxpayers, it’s now more important to reduce income tax rather than transfer tax. In this article, attorney Jeff Chadwick describes how to maximize wealth transfer strategies by focusing on flexible gifting approaches to help navigate changing tax laws and family dynamics and utilize the federal gift and estate tax exemption. https://nyl.co/40fHtEM

Business entities come in all shapes and sizes, but no matter the type, each one should have a buy-sell agreement in place. This important tool helps business owners effect a smooth transition in the event of death, disability, retirement, or other circumstance that triggers a change in ownership. In this article by Rimon, PC estate planning attorney Patricia Annino, you’ll learn about the benefits and pitfalls of buy-sell agreements and how you can help your clients better protect their businesses. https://nyl.co/44mPZDs