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Asset Monetization

Stock Protection Funds:
The Inverse of Exchange Funds
Investments & Wealth Monitor / May 2015
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Stock Protection Trusts:
Use an SPT to manage concentration risk
Trusts & Estates / April 2015
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Client Services: The next new service
for advisors could be helping clients
monetize their illiquid assets
Inside Information / September 2012
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Advisors Tapping Into Commercial Assets
The Wall Street Journal Online
November 15, 2011

How RIAs can help clients sell their
real estate without taking a tax bite

RIABiz / September 20, 2011
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RIAs can turn stockpiled private equity
cash to clients' advantage and into AUM

RIABiz / July 29, 2011
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Five reasons for RIAs to think more
like Goldman Sachs about businesses
owned by clients

RIABiz / May 23, 2011
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Structuring To Optimize Tax-Efficiency:
Recent Developments and Innovations
in Single Stock Concentration
Risk Management

Investments & Wealth Monitor
March / April 2010
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Portfolio Margining:
Recent Developments and Innovations
in Single Stock Concentration Risk

Investments & Wealth Monitor
January / February 2010
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Mitigating the Legal Duties of
Fiduciaries and Financial Advisors
to Manage Stock Concentration Risk:
Conceptualizing and Implementing a
"Best Practices" Framework

Journal of Wealth Management
Summer 2007
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Using A Donor Advised Fund To
Tax-Efficiently Monetize Real Estate

Wealthy individuals often have the bulk of their net worth tied up in highly-appreciated, illiquid assets such as real estate or privately-held businesses. This lack of liquidity can make charitable planning quite challenging, as few charities are adequately prepared to accept donations of such illiquid assets directly, and if the donor chooses to sell the often highly-appreciated asset in order to donate the sale proceeds, the gift is significantly diminished by the steep tax rate these low-basis assets are subject to.
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Tax Efficient Monetization of
Concentrated Wealth

Concentrated wealth is typically owned by clients in one of three forms: privately held businesses, commercial real estate, or publicly traded stock. The advisor’s mission should be the same when addressing these highly appreciated assets — to reduce the risk of wealth concentration, generate liquidity to diversify, and do so in the most tax-efficient manner. A wide range of strategies and solutions are presented to tax-efficiently monetize businesses, real estate, and publicly traded stock. (As presented to the CFA Society of Colorado, January 2012) 
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Empowering Wealth Managers to
Proactively Serve the Commercial
Real Estate Needs of Their Clients

Right now most advisors aren’t involved with real estate decisions their clients make because they oversee their clients’ liquid wealth. As a result, clients usually work with local real estate brokers that have limited knowledge of the clients’ overall financial planning goals. NAI Intelligent Edge positions advisors to proactively assist real estate owners to maximize the utility of their real estate holdings in the context of their overall wealth planning goals.
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Establishing a Short Against the Box Not Subject to the Constructive Sales Rules through Merger Arbitrage
Prior to the Taxpayer Relief Act of 1997 (TRA ’97) investors used a strategy known as the “short against the box” to hedge & monetize appreciated securities without triggering a capital gains tax. The short against the box is the cheapest and most efficient strategy to hedge & monetize appreciated securities and is the “paradigm” against which all other hedging & monetization strategies are compared.
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Moving Beyond Prepaid Variable Forwards
Most investors holding highly appreciated, publicly-traded stock have used prepaid variable forwards (PVFs) to hedge, monetize and defer taxes on their positions. The primary reason investors have used PVFs is because that tool is not subject to the 50% initial margin requirement of Reg T, meaning there are no limitations on the amount of proceeds that can be used to re-invest in publicly-traded stocks, which is what most investors wish to do with the proceeds in order to diversify.
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A Timely Interest Rate Strategy That Can
Lead to Lower Portfolio Risk and Greater
After-tax Returns for Certain Investors
(and Certain Profitable Corporations)

To date, the yields on US Treasury notes
in the one to five year maturity range have reached their lowest levels since the 1960’s.
The future may bring unprecedented supply
of US debt to the marketplace. It is very
reasonable to question if the current rate
levels are sustainable. According to
Bloomberg, there are over 60 US Treasury
issues in this maturity range. Less than five are trading at a discount to par; the rest
trade at significant premiums to par.
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