The Bill is Law — What it Means for Your Financial Future

July 8, 2025

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As someone who helps in navigating financial decisions, here’s my timely perspective on the “One Big Beautiful Bill Act,” which has now been signed into law after weeks of debate and adjustments.

This tax and spending law brings the most significant tax policy changes in recent years, and it’s important that those near or in retirement understand the impacts. Here are a few of the most important updates:

  • Permanence of 2017 Trump Tax Cuts: The bill extends the 2017 tax cuts indefinitely, locking in lower tax brackets and a higher standard deduction. 1 This creates valuable predictability for your long-term planning and means the tax landscape you know today is here to stay — for now.
  • Senior Bonus Deduction: If you’re 65 or older, you may now qualify for an extra $6,000 tax deduction ($12,000 per couple), available from 2025 through 2028 for many households. 1 This is a unique, time-limited chance to lower your taxable income and potentially free up more for your retirement goals.
  • Estate & Gift Tax Exemption Increases: The lifetime exemption for estate and gift taxes will rise to $15 million (single) and $30 million (couples) starting in 2026. 1 For those considering legacy or family business planning, this could offer significant advantages and more flexibility in how you structure your estate.
  • Growing National Deficit: The new law is projected to add trillions of dollars to the federal deficit. 2 While it’s impossible to predict exactly how this may impact taxes and benefits over future decades, a rising deficit often spurs future policy changes. This is a concern, and a good response is to build agility and resilience into your plan.

A Strategic Opportunity

I believe this can be a window to optimize tax strategies, shore up legacy plans, and position your finances for whatever unfolds in Washington. By approaching these shifts together, we can try to find the smartest ways to protect and grow your wealth, no matter what turns the market or policy environments take.

If you have questions about how this law could affect your future, I invite you to reach out for a conversation. I am here to help you chart a clear, flexible course to reach your financial goals.

Warm regards,

Barry

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“Planning is bringing the future into the present so you can do something about it now.”

– Alan Lakein

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Sources:
1 Kate Dore, Lorie Konish, Greg Iacurci, Jessica Dickler, Annie Nova. CNBC. July 4, 2025. “What Trump’s ‘one big beautiful’ tax-and-spending package means for your money.” https://www.cnbc.com/guide/what-trumps-one-big-beautiful-bill-means-for-your-money/#trumps-2017-tax-cut-extensions. Accessed July 7, 2025.
2 Garrett Watson, Huaqun Li, Erica York, Alex Muresianu, Alex Durante, Alan Cole, Peter Van Ness. The Tax Foundation. July 3, 2025. “‘One Big Beautiful Bill Act’ Tax Policies: Details and Analysis.” https://taxfoundation.org/research/all/federal/big-beautiful-bill-senate-gop-tax-plan/. Accessed July 7, 2025.

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