TY - JOUR T1 - Investment Implications of the Estate Tax JF - The Journal of Wealth Management SP - 47 LP - 52 DO - 10.3905/jwm.11.2.47 VL - 11 IS - 2 AU - Jeffrey E. Horvitz Y1 - 2008/07/31 UR - https://pm-research.com/content/11/2/47.abstract N2 - Although the estate tax is mostly ignored in the finance literature, it is a critical factor affecting investment returns for taxable investors. The frequent legislative changes associated with the estate tax introduce undiversifiable risk without increasing expected return. The value of tax deferral is more meaningful when viewed in an estate tax context. Alternative investments may benefit from lower estate tax valuations depending on how they are structured.TOPICS: Wealth management, real assets/alternative investments/private equity, legal/regulatory/public policy ER -