Richey May’s Inside the One Big Beautiful Bill Act video series is designed to help mortgage lenders and other industry-affiliated businesses understand what this sweeping legislation means in practice, not just in theory. Hosted by Kenny Burch, Director, Mortgage Banking Tax, the series features focused conversations with experts from Richey May’s Mortgage Banking Tax team, each examining a specific provision of the Act and its implications.
In this episode, Kenny is joined by Karly Hurley, Senior Tax Associate, to discuss updates to the estate and gift tax exemption, including both the annual and lifetime components. While these rules are often associated with individual planning, changes under the One Big Beautiful Bill Act have meaningful implications for owners, executives, and family-owned lending organizations thinking long-term about wealth transfer and succession.
Key Takeaways from the Episode
- Annual gifting rules remain intact but more predictable: The One Big Beautiful Bill Act extends existing inflation-adjusted rules, preserving the ability to make annual gifts without triggering reporting requirements.
- Lifetime exemption uncertainty has been removed: Prior sunset provisions that would have significantly reduced the lifetime exemption have been eliminated, providing greater long-term planning clarity.
- Gift and estate planning are closely connected: Gifts made during life directly affect what can be transferred at death, making consistent tracking and reporting an important part of estate planning.
- Filing gift tax returns still matters: Even when no tax is due, proper filing ensures cumulative gifts are accurately tracked, and exemptions are preserved.
- Stability supports proactive planning: By extending and enhancing prior rules rather than replacing them, the Act encourages earlier, more intentional estate and succession planning.
Taken together, these updates reinforce the importance of viewing estate and gift tax considerations as part of a broader, forward-looking planning strategy—not a last-minute exercise.
Watch the full episode below to hear Kenny and Karly explain how the estate and gift tax exemption works under the One Big Beautiful Bill Act and why tracking and planning matter over time.
Continue the Conversation
This episode is part of the Inside the One Big Beautiful Bill Act series, which explores additional provisions shaping the mortgage banking tax landscape. Visit the series page to watch other episodes and stay current as new guidance continues to emerge.
If you have questions about estate and gift tax planning or any aspect of the One Big Beautiful Bill Act that may impact your organization, the Richey May Mortgage Banking Tax team is available to help.
