The recent enactment of the One Big Beautiful Bill Act (OBBA) on July 4, 2025 represents one of the most significant changes to federal tax policy in decades, with profound implications for estate planning strategies across all wealth levels. As an estate planning attorney with extensive experience navigating complex tax legislation, I can confidently say that this comprehensive law fundamentally alters the landscape for wealth transfer and estate tax planning, requiring careful attention from families, advisors, and fiduciaries alike.

Estate tax remains one of the most significant wealth-eroding factors for high net worth individuals and families. With federal estate tax rates reaching 40% and some states (such as Massachusetts) imposing additional estate or inheritance taxes, strategic planning becomes not just beneficial but essential. Strategic gifting programs represent one of the most powerful and flexible approaches to mitigate these taxes while accomplishing broader family wealth objectives. When properly structured, these programs can transfer substantial wealth to future generations while minimizing tax exposure, ideally across multiple generations.

In the realm of estate planning for high net worth individuals, few strategies offer the transformative potential of generation-skipping transfers (GSTs). When properly structured, GSTs can dramatically reduce tax burdens while ensuring wealth cascades meaningfully through multiple generations.