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Trusts and estates practitioners (for example, lawyers, accountants and investment advisors) take their clients as they find them. If you’re writing a will or doing an estate plan, you start by finding out as much as possible about the client’s assets and liabilities so that you have a full picture when developing the plan. If you’re an accountant, you advise and report on the totality of the client’s holdings, from ownership of a small business to shares of large companies. By contrast, family enterprise consultants and academic researchers have eschewed this comprehensive view and instead zero in on the “family business,” often without considering the family’s other holdings and joint endeavors. This narrow lens limits the view of the ...
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