Model ownership and tax treatment separately from aggregate asset exposure. Historical US assumptions are not current tax rules.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing by Robert M. Dammon; Chester S. Spatt; Harold H. Zhang.

Decision in practice

The family holds similar securities through taxable and tax-deferred accounts. A sensible aggregate allocation can still be poorly located.

Committee assignment

Model asset mix and account location separately using entity-specific rates, withdrawal restrictions and expected turnover. Ask tax advisers to validate local assumptions.

Record and decision rule

Compare after-tax spending capacity under alternative placements. Avoid transfers based solely on a historical US model or before confirming legal authority.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.