Digest August 18th

Tax Planning Opportunities Under the “One Big Beautiful Bill” (OBBB)

The newly passed OBBB (effective July 4, 2025) permanently extends key provisions from the 2017 Tax Cuts and Jobs Act, introduces expanded estate tax exemptions ($15M per individual, $30M per couple starting in 2026), enhanced deductions for seniors, and several temporary benefits (e.g., higher SALT cap, auto‑loan interest deductions). Advisors should act proactively to adjust client strategies and leverage these changes while they last.Kiplinger

New Rule Opens Retirement Plans to Alternatives Like Crypto and Private Equity

A recent executive order (signed August 7, 2025) directs federal agencies to revise regulations, permitting 401(k) and other retirement plans to include alternative assets—such as cryptocurrencies, private equity, and private credit. This shift could bring hundreds of billions into private capital, but raises important considerations around volatility, fees, fiduciary duty, and suitability. Financial Times

AI Driving Productivity Gains in U.S. Wealth Management

UBS has ramped up AI integration across its U.S. wealth business, emphasizing operational automation like client onboarding, KYC, compliance, and advisor workflows. Its proprietary AI assistant “Red” is now used by over 52,000 staff, signaling a broader industry trend toward AI-led efficiency gains. F.N. London