PLANNING FOR
A NEW TAX LANDSCAPE

What tax savings opportunities does the One Big Beautiful Bill Act create for 2026?

The One Big Beautiful Bill Act (OBBBA) indefinitely extended key provisions of existing tax law and brought significant new tax changes for individuals, businesses and charitable organizations. This makes 2026 a critical year for tax planning across several areas:

  • Expanded lifetime gifts: In 2026, the estate tax exemption rose to $15 million for individuals and $30 million for married couples, providing taxpayers who previously exhausted available exemptions the ability to make additional lifetime tax-free gifts. Effective planning will involve in-depth cost/benefit analysis, navigation of new deductions and close coordination among family members and related entities.
  • Changes for business owners and investors: OBBBA enhanced the tax benefits available to business owners and investors, including extension of the qualified business income deduction, an expansion of the capital gain exclusion on qualified small business stock, and the extension of new qualified opportunity zone and qualified rural opportunity zone options.

Explore actionable opportunities for 2026 — from optimizing lifetime gifting and trust strategies to mitigating state and local income taxes and taking advantage of enhanced incentives for qualified investments — in this report from The Northern Trust Institute.

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For actionable advice on the timing of charitable gifts, trust structures and optimizing planning for transactions, download the report today.

© Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, IL 60603. Incorporated with limited liability in the U.S. Member FDIC. This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice. The information contained herein, including any information regarding specific investment products or strategies, is provided for informational and/or illustrative purposes only, and is not intended to be and should not be construed as an offer, solicitation or recommendation with respect to any investment transaction, product or strategy. Past performance is no guarantee of future results. All material has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation cannot be guaranteed.