Knowing the value of one’s ownership in a company is important for a variety of reasons, including looking to the future and making the right decision for your estate. Proper estate planning can result in tremendous cost savings to your estate and loved ones down the road.

And that was after the Trump tax cuts, which increased middle-class household income by $4,000 in just three years (compared to only $1,000 per household gain under Obama in eight years); and reduced unemployment to a 49-year low (compared to the highest jobless rate for any administration since the end of World War II under Obama).

President-elect Joe Biden released his tax plan before the election, promising to repeal some of the major tax changes from 2017. Due to the country’s current state, Congress’s first focus will be on more pandemic-related economic relief. It is likely that the Biden administration will not consider tax policy changes until later in the year.

2020 has been a challenging year for Americans, mentally, physically and financially. It will likely go down in history as “the year of uncertainty.” Even as we write this article, much remains unknown concerning the county’s physical heath and the future balance of power in our legislature.

The year 2020 is finally coming to an end, and it is time to start looking forward to 2021. However, it would be wise to look at your investment portfolio before the end of the year for potential taxsaving opportunities. Start by reviewing the various sales you have realized this year on stocks, bonds and other investments.

Keep in mind, this article is for informational purposes only and is not a replacement for real-life advice. Make certain to contact a tax or legal professional before modifying your tax strategy. The ideas presented are not intended to provide specific advice.

Entering the year, many thought 2020 would be a year of vision and purpose. No one knew a global pandemic would shake the foundations of the way we work, learn and play. The tumult of 2020 left an indelible mark for sure.