THE OBBB ERA: WHAT IT MEANS FOR NAPLES FAMILIES
plan now reflects both today’s law and their current family situation.
On July 4, 2025, the One Big Beautiful Bill (OBBB) became law. Most people have heard about the record-high $15 million estate tax exemption, but that is only part of the story. The new law includes hundreds of changes that affect how income taxes, capital gains, charitable giving, and estate planning all work together. At Wollman Gehrke & Associates, we view this moment as both an opportunity and a responsibility. The OBBB has created a planning environment that rewards foresight and coordination. Understanding how these changes connect to your family’s goals is the key to protecting and preserving wealth for decades to come. 1. A GOLDEN OPPORTUNITY The OBBB raised the federal estate-tax exemption to $15 million per person ($30 million per couple) beginning January 1, 2026, dramatically changing the focus of planning for most families. This change is permanent and will be indexed for inflation, a welcome shift from the temporary increases we’ve seen in the past. While this exemption is not scheduled to sunset, history reminds us that Congress can change tax laws at any time. Families who act now can take advantage of this favorable environment while decisions can still be made calmly and deliberately. We recently met with a Naples family whose estate plan was drafted more than ten years ago. Their trusts were sound, but several provisions no longer fit under the current law. With a few careful updates, we reduced their future tax exposure and gave them peace of mind knowing their
Who should be thinking about updates? Even well-crafted documents can produce unintended results when laws change, and a short review can confirm what still fits and what deserves adjustment. For larger estates, the goal may be to take advantage of new exemption amounts or gifting opportunities. For estates below the $15 million threshold, the focus is often on preserving step-up in basis, maintaining asset protection, and ensuring the plan still reflects family and financial goals. For more specific information about when to see your estate planning attorney, read Part II of our series here. 2. THE BIG SHIFT: FROM ESTATE TAX TO INCOME AND BASIS PLANNING For decades, estate planning focused on minimizing federal estate tax. Under the OBBB, that focus has shifted. Most families will not face estate tax liability, but income tax, capital gains, and step-up-in-basis planning now play a much larger role in protecting wealth. For example, a Naples couple who purchased property for $200,000 that is now worth $2 million could eliminate the $1.8 million capital gain at death through proper basis planning. Likewise, business owners preparing for a sale should review new capital-gains rules that expand opportunities for small- business stock and long-term holdings.
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