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With the passing of the One Big Beautiful Bill Act (the BBB), there are both risks and tax planning opportunities. In this 10-minute interview, Brian Lucareli, director of Foley Private Client Services and co-chair of the Family Offices group, sits down with Jason Kohout, partner and fellow co-chair, to discuss the BBB. During this session, Jason focused on the estate gift tax exemptions and other planning opportunities.

Agentic artificial intelligence (AI) is more than a technological upgrade—it’s a fundamental shift in operations, with the potential to impact every facet of business, from customer interactions to internal workflows. Unlike traditional automation, agentic AI employs a more sophisticated “understand-decide-act” process, making autonomous decisions based on data analysis and defined objectives.

For centuries, sophisticated families with significant resources have used a formalized family office structure to manage their assets. Additionally, family offices have become increasingly popular as more and more families have amassed resources. Along with that trend, the complexity of the investment landscape and the range of issues and responsibilities associated with significant wealth has grown—including risk management, governance, and cybersecurity.

According to the Digital Transformation Survey of 550 executives, 93% of business leaders are investing more in technology, but only 27% say their technology is fully aligned with business goals. While almost everyone is investing in technology initiatives, the resulting technology is often ill-suited to meet business needs. To fix that disconnect, companies must approach their tech strategy with discipline where AI, blockchain, quantum, and other digital transformation initiatives are in alignment customer needs that can convert technology investments into revenue growth.

Structured as a budget reconciliation package to circumvent traditional filibuster requirements, the One Big Beautiful Bill Act (the BBB) has passed. The extraordinary breadth and ambition of this package make it one of the most consequential pieces of legislation in recent U.S. congressional history. With its expansive scope spanning 870 pages, this landmark legislation will impact virtually every industry and household in the U.S. through significant policy shifts, funding reallocations, and regulatory changes.

Looking at the data and macro trends, the quantitative insights suggest the conditions underpinning more than a decade of non-U.S. equity underperformance may be starting to shift. The three drivers behind it are (1) tariffs are weighing on U.S. household income and may curb consumption; (2) fiscal and economic policy abroad is becoming more proactive; and (3) macro conditions are reshaping relative growth prospects. As growth differentials narrow, there are compelling valuations—and potential capital flows—outside the United States.

The future is human. With all the talk about how the newest generation of technology is going to change our world, this research clarifies that it’s the human factors that are most important. Across nearly every dimension of this survey, business leaders identify the “people side of business” factors as central and essential to their competitiveness now and well into the future.

Portfolio management for families of significant wealth is distinctly different than those with traditional wealth management needs. For these families, wealth typically exists in a much more complex ecosystem—among real estate investments, operating companies, or multiple generations, by way of example. These factors and other considerations are key to successful portfolio construction for private investors and wealthy families.

As a common form of investment governance, an investment committee (IC) plays a crucial function in the ability of families to define their financial objectives and formulate a strategy for a diversified portfolio. The IC also can be effective as a gatekeeper and to oversee the implementation of investments while providing critical input about the program on an ongoing basis. However, without careful planning and execution, it is not easy to unlock an IC’s potential and benefits.

For entrepreneurs who love running their businesses and intend to do so for a long time, succession planning can feel like a distant or irrelevant concern. However, every business owner will eventually decide that it’s time to make their exit—and it’s never too early to consider the optimal way to do so. Having a thoughtful plan in place can help protect the value of the business, ensure business continuity, and help carry on the owner’s original vision.