Research
August 25, 2023
HNWIs that fail to prepare for generational wealth transfers could stand to lose up to 40 percent of their estates to taxable events. Image credit: Raymond James
By Zach James
HNWIs seeking the best outcomes for shifting capital to those next in line are being urged to speak up.
{"ct":"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","iv":"4cd084ee104f4728ad53e4c602f8ec11","s":"44efe68cdcfd004a"}
Share your thoughts. Click here