Taxes, Estate Planning, and the OBBBA: What You Need to Know

In this episode of the Shares podcast, College Professor of Practice Steve Parrish joins fellow instructor Mark McLennon for a deep dive into the tax planning and estate planning implications of the OBBBA. They cover the see-sawing history of tax policy in legislation, what provisions are out and in this time around, and the at times profound financial planning impacts that this latest incarnation of tax policy can have on estate planning and other elements of planning impacted by tax laws.

Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP®, is a professor of practice and a scholar in residence at The American College of Financial Services’ Cary M. Maguire Center for Ethics in Financial Services, where he also serves as an adjunct professor of advanced planning. He joined the College in 2015, previously serving on the faculty of Drake University Law school where he was an adjunct professor of estate planning and interim director of the Compliance and Risk Management Department. Drawing on more than 45 years’ experience with companies such as The Principal Financial Group, Amerus Life Insurance Company, and his own advisory firm, Parrish is a recognized industry authority, spokesperson, and author. He continues to serve as an ongoing contributor for both Forbes.com and ReThinking65.com, is a contributing author to the 2023 e-textbook Retirement Plans and Retirement Planning, and will be the co-author of The Tools & Techniques of Life Insurance Planning, 10th Edition.

Mark McLennon, JD, CLU®, ChFC®, CFP®, CPA/PFS, is an assistant professor of tax and estate planning at The American College of Financial Services within the CFP® Certification Education and Chartered Financial Consultant® (ChFC®) programs. His private practice experience includes serving as a consultant in the tax division of Arthur Andersen & Co. in Chicago and as an attorney in the estate planning group of a large Milwaukee law firm. After several years as an advanced planning attorney for Allstate, Mark took on a similar role at Northwestern Mutual. In his more than two decades with the company, he was responsible for growth in the firm’s investment advisory and trust business, oversight of the fee-based financial planning program, personal trust administration, and wealth management advisor training.  He also played a key role in numerous enterprise-level initiatives, including the development of life insurance products for the estate planning market, as well as the implementation of trust and private client services.

Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.

More on Tax and Estate Planning

• Learn more about the tax implications of the OBBBA
• Get specialized knowledge in tax planning with the Tax Planning Certified Professional® (TPCP®) designation
• Get more insights into estate planning with the Retirement Income Certified Professional® (RICP®) designation