No. The One Big Beautiful Bill Act (“OBBBA”) did not eliminate federal estate, gift, or generation-skipping transfer taxes, but did raise the amount exempt from these transfer tax systems from $13,990,000 to $15,000,000, starting January 1, 2026. 

While fewer than 1% of Americans will be subject to any of these taxes, estates with values exceeding the $15,000,000 threshold will be subject to a 40% tax on the excess. Citizens or legal residents who give more than $15,000,000 to their grandchildren could face a total tax of 80% on the excess (40% percent on the excess under the gift or estate tax system, and a 40% tax on the excess under the generation-skipping transfer tax system).

While the OBBBA increased the amount exempt from federal estate, gift, and generation-skipping transfer tax, it does not affect state transfer taxes. 

For example, Maryland has a $5,000,000 estate tax exemption and a 10% inheritance tax.  State laws vary, so consult an estate planning attorney to assess and plan for potential estate tax exposure. If your estate may be subject to these taxes, contact Oliver Law, P.C. for planning assistance.