If you are installing renewable energy systems in your primary or other residences, you may be eligible for a valuable tax break. If your home improvements qualify, the Nonbusiness Energy Tax Credit can reduce your federal tax bill.
LBMC wealth advisors provide affluent families and individuals coordinated tax preparation, retirement planning, estate and wealth transfer services. Read on.
As the law currently stands, taxpayers have now through 2025 to take advantage of the increased estate and gift tax lifetime exemption assuming no intervening legislative changes.
With good planning and communication, many tax-advantageous opportunities are out there for individuals to maximize the assets they wish donate to charity while retaining the tax benefit.
An Irrevocable Life Insurance Trust (“ILIT”) is a trust that can be used to minimize estate taxes by moving the proceeds of life insurance policies outside of your taxable estate. This article provides a general overview of ILIT funding and administration requirements.