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":"b6a1c81354df6d09520e555154412a5e","s":"decd14e94c78a5c8"}
Share your thoughts. Click here