The Hot Topics Program features a dynamic blend of federal tax and state fiduciary law developments during the past year. Among the topics addressed are: • The impact of the One Big Beautiful Bill Act, H.R. 1, including the 2/37th cutback on itemized deductions, and ACTEC's comments thereto; • Estate planning in light of the permanent estate and gift tax exclusion amount of $15 million (subject to indexing) beginning on January 1, 2026; • The IRS's aggressive litigation position on grantor retained annuity trusts (GRATs) in the Elcan case; • Changes to the rules that apply to Qualified Small Business Stock (QSBS) under the new tax law; • QTIP marital trust case developments; • The Fields FLP case; and • Significant, Curious, or Downright Fascinating Fiduciary Cases.