15%   ----------- Optimized Location Estate Planning ......... n0 Estate Planning FIGURE 31.3 Benefits of Optimized Location: Expected Real Wealth of Children in 20 Years Net of Income and Transfer Taxes Figure 31.3 demonstrates the results. The introduction of asset location allows for further improvement in the efficient frontier. Using the 8 percent volatility solution as a point of comparison, the expected future wealth rose an additional 9 percent to $28.6 million. This is the equivalent of adding 0.43 percent to the annualized after-tax nominal return on all assets. Table 31.3 highlights the changes in future wealth and asset allocation. Table 31.4 shows the optimal asset allocation and location for the 8 percent TABLE 31.3 Jones Family: Improvements in Expected Future Wealth All results in $ millions and are based on 8% annual volatility solution. No Estate Plan Estate Plan Optimized Location   Expected nominal estate tax liability -$37.3 -$12.1 -$10.6 Expected nominal ending wealth $37.3 $47.7 $51.6 Expected real ending wealth $20.6 $26.3 $28.6 Asset Allocation       Diversified public equity 31.0% 31.9% 27.5% Private equity fund 12.7 11.8 13.5 Taxable 10-year AA bond 0.0 7.0 1.1 Tax-exempt 5-year bond 26.0 10.5 31.3 Taxable money market fund 20.3 28.7 16.6 Hedge fund 10.0 10.0 10.0 100.0% 100.0% 100.0%