Estate planning has shifted focus. With the federal gift and estate tax exemption now set at $15 million per individual and made permanent under the One Big Beautiful Bill Act, most families no longer face estate tax exposure. That means income taxes, particularly capital gains taxes, have become the more pressing concern. At the center of this shift is the step-up in basis, a powerful rule that can eliminate taxes on a lifetime of asset appreciation when assets pass to heirs. Understanding how it works, and how to plan around it strategically, can make a significant difference for your family.

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