After President Donald Trump’s Republican allies raced to meet their July 4 deadline to pass the One Big Beautiful Bill Act, the legislation is on its way to be signed into law. Financial advisors and their clients can now take the rest of the year to plan for 2026 and beyond. The legislation extends and expands many provisions of the Tax Cuts and Jobs Act and will have a massive impact on the rules for federal income taxes and estate planning, alongside other Trump administration priorities such as defense and border security appropriations, work requirements for Medicaid beneficiaries and an increase to the debt ceiling. Trillions of dollars in additional federal debt as a result of the newly passed legislation pose further questions for investors. Over the next decade, the bill will expand deficits by $3.2 trillion, after savings of $1.4 trillion on the overall cost of $4.6 trillion, according to the Penn Wharton Budget Model. Beyond the political upshot and inevitable arguments around the economic impact of the legislation, advisors and their clients will likely want to prepare for an array of new tax rules coming into effect as early as this year. No matter their political bent or opinion on the law, it is “exciting that they can take advantage of something like that,” said Mike Byrnes, founder of advisor growth firm Byrnes Consulting. Since clients will no doubt be asking advisors’ thoughts, it makes a great topic for, say, a client or prospect event, he noted. “It just gives advisors another thing to be really proactive with their clients about,” Byrnes said. “Whether the client leans left or leans right, I think it’s a great opportunity to strengthen their relationship and just be in front of them.”