Although many provisions of the One Big Beautiful Bill Act (OBBBA) took effect in 2025, additional changes began in 2026. A significant change for higher-income taxpayers age 50 and older under the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0) also goes into effect this year. Here's an overview of notable changes affecting individuals and businesses.

Year end is here, but there's still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became law in July, provides some welcome certainty for the next few years. It also creates or enhances tax-planning opportunities. Here are some strategies to consider.

An estate plan isn't a static document. As the years roll on after you initial draft your plan, you need to update it as needed. The primary reason for updates is experiencing major life changes such as a marriage, divorce, second marriage or the birth of a child.

A will is a key element of an estate plan. Most people have already drafted their wills, but have you considered adding a letter of instructions? The letter, unlike a valid will, isn't legally binding, but can help your surviving family members follow your intentions. This article explains what a letter of instruction should cover and why it can be a valuable addition to your estate plan.

Many U.S. businesses filed for bankruptcy last year. Through the end of the third quarter of 2024 (the latest available statistics at this writing), formal bankruptcy filings were on track to exceed the 2023 mark and the watershed year of 2020. Here's a look at what's driving the increase and how the process works, including revised rules for small businesses that went into effect in 2022.

The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to revert back to the pre-TCJA level with a cumulative inflation adjustment for 2018 through 2025. If it reverts back to previous levels, it's estimated to be roughly $8 million.