Volatility 15% Tax Loss Harvesting Core & Satellite Optimized Location Estate Planning No Estate Planning FIGURE 32.4 Mr. Smith's Efficient Frontier: Expected Real Value of the Foundation in 15 Years Net of Income and Transfer Taxes 2 30 *"25 15% 5% 10% Annualized Volatility Tax Loss Harvesting Core& Satellite Optimized Location Estate Planning No Estate Planning FIGURE 32.5 The Jones Family's Efficient Frontier: Expected Real Wealth of Children in 20 Years Net of Income and Transfer Taxes