Ward and Smith attorneys Virginia S. Carter and Matthew W. Thompson were recently featured in North Carolina Lawyers Weekly, sharing their insights on the wide-ranging impacts of the “One Big Beautiful Bill Act.”
Formally designated Public Law 119-21, the legislation reshapes federal tax planning and compliance nationwide, making permanent several provisions from the 2017 Tax Cuts and Jobs Act while introducing new deductions, reporting requirements, and compliance rules.
In the article, Carter highlighted the significance of the permanent increase in the federal estate and gift tax exemption to $15 million per person, noting how this long-term stability offers clarity for families planning for future generations. She emphasized, however, that estate planning remains essential regardless of wealth level, cautioning that “thinking that you don’t need to do planning if you’re under the estate tax exemptions, which are very high now, is kind of a dangerous misunderstanding.”
Thompson expanded on how the new law could affect Medicaid planning and long-term care strategies, noting that changes to eligibility rules and reduced federal funding may require clients to revisit their existing plans. He added that, even with the higher exemptions, the fundamentals of estate and tax planning remain unchanged: “There are all these underlying considerations that clients need to address … [that] are always going to be something that needs to be discussed.”
Together, their commentary underscores Ward and Smith’s deep bench of knowledge in estate planning, tax law, and elder law—helping individuals, families, and businesses navigate evolving legal and financial landscapes with confidence.
Read the full article behind the paywall in North Carolina Lawyers Weekly: “Attorneys Left to Assess the Effects of the ‘One Big Beautiful Bill Act.’”
