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The Journal of Wealth Management

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Primary Article

Increasing the Tax-Effectiveness of Concentrated Wealth Strategies

Clifford H Quisenberry and Scott Welch
The Journal of Wealth Management Summer 2005, 8 (1) 29-39; DOI: https://doi.org/10.3905/jwm.2005.502665
Clifford H Quisenberry
Director of research and product development at Parametric Portfolio Associates in Seattle, WA.
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  • For correspondence: cquisenberry@paraport.com
Scott Welch
A managing director at Lydian Wealth Management in Rockville, MD.
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  • For correspondence: swelch@lydianwealth.com
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Abstract

This article starts with the observation that, despite many solid reasons pointing in the opposite direction, many investors continue to hold overly concentrated positions, particularly with respect to low basis, at times legacy stocks. The authors then remark that investors that do understand the need for protection and/or diversification are faced with multiple strategies for accomplishing their goal. Although charitable and/or gifting strategies (charitable remainder trusts, private foundations, donor advised funds, etc.) are viable alternatives, they focus on increasing the tax efficiency of variable prepaid forwards (VPFs), one of the most commonly used financial strategies. Their purpose is to explore the concept that integrating VPF hedging strategies with a tax-enhanced reinvestment portfolio may improve the effectiveness of the VPF as a diversification strategy. Using an actual (but disguised) case study, the authors present a realistic investor scenario and then illustrate how the combination of a VPF with a tax-enhanced reinvestment portfolio can improve the overall effectiveness of the diversification strategy.

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Increasing the Tax-Effectiveness of Concentrated Wealth Strategies
Clifford H Quisenberry, Scott Welch
The Journal of Wealth Management Apr 2005, 8 (1) 29-39; DOI: 10.3905/jwm.2005.502665

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Increasing the Tax-Effectiveness of Concentrated Wealth Strategies
Clifford H Quisenberry, Scott Welch
The Journal of Wealth Management Apr 2005, 8 (1) 29-39; DOI: 10.3905/jwm.2005.502665
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