Published on July 15, 2025

Beyond the Portfolio -The One Big Beautiful Bill - Wealth Planning Implications

In this episode, We're recording this on Monday, July 14th, and I'm excited to be joined today by Pratik Patel, U.S. Head of Planning for BMO Wealth, who brings a deep perspective on how clients can align their financial lives with their broader goals.

Written by Pratik Patel

Mike Miranda sits down with Pratik Patel, Head of U.S. Wealth Planning for BMO Wealth Management, to unpack the comprehensive tax changes introduced by the "One Big Beautiful Bill Act" signed into law on July 4, 2025. They explore how this legislation builds on the 2017 Tax Cuts and Jobs Act while reshaping the wealth planning landscape for high-net-worth clients. Pratik breaks down the expanded SALT deduction caps—rising from US$10,000 to $40,000 for qualifying households—and the doubled estate tax exemptions reaching US$15 million per individual in 2026. The conversation covers strategic opportunities for wealth transfer planning and the nuanced changes to charitable giving that require more sophisticated coordination between deductions. With the bill adding nearly US$4 trillion to the federal deficit, Pratik emphasizes the importance of proactive planning as wealth managers help clients navigate this new tax environment while positioning for potential future legislative changes.