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Master limited partnerships offer daily liquidity, simplified tax reporting, and in some cases, the transformation of unrelated business taxable income to other income. This paper examines not only the benefits but also the implications and costs of master limited partnerships to help individuals make informed investment decisions.

The Tax Relief Act forestalled tax increases for this year, but the future tax environment remains uncertain. Investors need to optimize current tax breaks while considering the impact of potential tax increases on everything from broad wealth management strategies to leveraging debt for tax efficiency.

Like the ancient Greeks, modern families need family governance to meet the challenge of preserving and transferring wealth across generations. A successful plan needs to look beyond financial capital to consider family assets, such as talent, education, experience, faith and values.

It is interesting to note that more than 13% of equities now offer dividend yields in excess of the yield available on the average corporate bond. Could equities be a better source of income? While this is debatable, we think the discussion has merit and investors should be inclined to take more equity-like risk based on relative values.

Remain diversified within the fixed income sector, allocating assets to international and high-yield bonds where appropriate, for example, to help smooth investment performance. Opportunities exist for these sectors to perform comparatively better within the context of a rising U.S. interest rate environment.

Family dynamics often play a critical role in the long-term success of family businesses, and women's relational and interpersonal skills tend to make them well-equipped to manage these issues. Effective leadership within the family business is, now more than ever, dependent on the inherent relational skills that a woman can bring to the business.

U.S. investors can build international equity by investing directly in overseas markets or by purchasing shares of American depositary receipts. The method selected will have important implications for transaction costs, ongoing fees and benchmark tracking.

In building emerging market allocations into a portfolio, investors should adopt a well-structured investment process, evaluate those allocations at the portfolio level, pursue constrained optimization techniques and use a risk model to continuously control their risk exposures.

In normal markets, typical long/short funds show beta behavior similar to that of long-only funds. With certain specialized short positions, a declining equity market generates both higher profits and higher levels of short exposures. However, these funds may require large liquidity reserves for rebalancing.

Canada provides a safe and tax-efficient alternative for wealthy families seeking a residency strategy to protect their wealth and a place to set up a family office. The country has neither gift nor estate taxes and offers tax-reduction structures for wealth immigrating families.