Ethan Robinson

National Caregivers Appreciation Month is an annual observance dedicated to recognizing the diligent efforts, significant sacrifices, and commitment of caregivers worldwide. These individuals make a positive contribution to our communities by providing care for those who cannot care for themselves independently and by improving the lives of their care recipients.

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One of the values embedded in many Indigenous cultures worldwide is something known as Seven Generation Thinking. This philosophy invites individuals to consider the impact of today’s decisions far into the future—potentially offering a complementary perspective to traditional retirement planning models.

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Retirement often brings with it an opportunity to reassess not only one’s lifestyle choices, but also one’s financial strategies. At the heart of these decisions is the concept of ethical investing.

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The recent tax legislation, known as the ‘Big Beautiful Bill,’ introduces a number of changes that may affect various aspects of personal finance. This reform impacts various aspects of personal finance, from income tax rates and brackets to modifications in deductions and exemptions. Here’s what investors need to know about the “Big Beautiful Bill,” which is now law.

Changes in tax brackets

One of the most significant changes under the “Big Beautiful Bill” is the restructuring of the federal income tax brackets. While there were previously seven tax brackets, the new system also maintains seven, but at different rates.

For many taxpayers, these lower rates may result in reduced tax liability, depending on their individual circumstances. This could potentially free up funds that might be redirected toward other financial priorities.

Standard deduction and personal exemptions

Another critical aspect of the tax reform is the changes to standard deductions and personal exemptions. The “Big Beautiful Bill” has now nearly doubled the standard deduction.

However, it eliminates personal exemptions. For individuals who traditionally itemize deductions, this means reassessing whether it’s beneficial to continue doing so. In some cases, taking the increased standard deduction could lead to more significant tax savings.

Changes to estate and gift taxes

The reform has implications for estate planning, too. The “Big Beautiful Bill” has effectively doubled the federal estate and gift tax exemptions.

This change increases the amount of wealth that may be transferred free of federal estate or gift tax, which could influence estate planning strategies for some individuals.

Financial and tax professionals can provide guidance regarding how estate and gift tax changes may impact your estate and gift tax situation.

Impact on the mortgage interest deduction

The bill includes changes to the mortgage interest deduction, including a reduction in the cap from $1 million to $750,000 for new mortgages.

Social Security taxes

The Big Beautiful Bill temporarily increases the standard deduction of up to $4,000 for individuals 65 and over, from 2025 to 2028.

Child tax credit

The current $2,000 child tax credit, set to return to the pre-2017 level of $1,000 in 2026, now permanently increases to $2,200 under the bill.

Working with financial and tax professionals can help you navigate this landscape and work toward your goals under the new tax environment.

SWG4708884-0825a This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed.

Rooftop Financial Solution intends to utilize our gifts and nearly 30 years of financial and business experience to assist more individuals and families. We help you to create, grow, and transfer your wealth. This is our purpose and mission, and we look forward to serving you! Contact us today to get started.

As the world advances at a rapid pace, our lives are becoming increasingly digitized. The digital age has seen remarkable advancements that have intrinsically changed how we navigate our daily lives, especially in financial matters. Financial wellness now extends beyond balancing checkbooks- it involves understanding and utilizing digital tools to manage, save, and invest for goals.

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