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Most private wealth advisors (including trusts and estates lawyers, accountants and investment advisors) assume that a primary goal of their work is to reduce their clients’ taxes as much as possible, including to the point of elimination. The level of sophistication around tax reduction has grown substantially over the past few decades. This is especially true for family-owned businesses but also for all clients with substantial resources. However, there’s a growing movement afoot that questions advisors’ long-held assumptions and presents an opportunity to think differently about working with all clients, including business owners. Not only are serious societal questions being asked about who pays taxes and how but also the role of law...
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