The COVID-19 pandemic triggered a rise in estate planning, and yet too many Americans still aren’t planning ahead. Last spring, news reports were rife with stories of advisors experiencing a surge in demand for wills and estate planning. Power of attorney and health care directives were also a focus, as people made decisions about who could access their medical and financial records and who could make decisions on their behalf. The Q4 Wells Fargo/Gallup Investor and

Tax changes are expected under the new administration. We don’t know how quickly President Joe Biden will move to enact his tax proposals, or whether the Democrats’ thin margin in Congress will be a moderating force. Many analysts believe that economic recovery will be the administration’s first priority, meaning we might not see immediate action. But the pandemic has required high levels of government spending that could accelerate demand for tax increases. Now is the time

The way families are living in the day to day has changed dramatically over the past several months due to the pandemic. Most families have one or more parents working remotely, and many have one or more children in school remotely, part-time if not all of the time. The situation has also made it challenging to spend time with parents and grandparents who life in different households. As a result, some older adults are exploring or

By the end of June 2020, the U.S. Small Business Administration had approved nearly 4.9 million Paycheck Protection Program (PPP) loans. Some of the businesses that applied for those loans are either in the process of a “change in ownership” or see the current climate as an opportunity to transfer value to their heirs. Estate tax exemptions are high, interest rates are low, and business valuations may have dipped. These are all factors that make this

Some households find themselves with a large investment in one single stock. That can happen when a great investment takes off (think: Apple or Amazon). But concentrated equity positions can also occur through employee compensation arrangements or inheritance. This can be both good fortune and significant risk. Past performance of a stock is no guarantee of future results, and if that one stock were to tumble, it could have serious repercussions for your financial wellbeing. If

If you participate in an employer-sponsored 401(k) plan, you can contribute up to $19,500 to your retirement in 2021. But did you know some plans allow you to contribute up to $38,500 more? If you’re looking for increased savings options, find out if your existing plan allows additional after-tax 401(k) contributions. In 2021, after-tax 401(k)s have a total plan maximum of $58,000, including traditional contributions, employer contributions and after-tax contributions. As is true for traditional 401(k)s, these limits are higher ($64,500) if you’re age 50