Asset Location: Where You Invest, Where You Live, What You Can Access
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 11 February 2026
⏱️ 29 minutes
🔗️ Recording | iTunes | RSS
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Summary
In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices.
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Show Notes
The Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of Business
Location as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—Princeton
The Overlooked Edge: The Case for Asset Location in Managed Portfolios—Morningstar
Asset location for equity by Sachin Padmawar and Daniel Jacobs—Vanguard
This powerful strategy can create more spendable wealth by Tom Lenkiewicz—J.P. Morgan
Asset location strategies for tax efficient investing—BlackRock
Related Episodes
540: Beyond Munis — New ETFs for Tax-Efficient Bond Investing
506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheats
425: How Profits Motivate Change
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Transcript
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| 0:00.0 | Welcome to Money for the Rest of us. This is a personal finance show on money, how it works, |
| 0:05.7 | how to invest it, and how to live without worrying about it. I'm your host, David Stein. Today is |
| 0:11.4 | episode 550. It's titled, Asset Location, where you invest, where you live, what you can access. |
| 0:19.1 | Recently, LaPerel and I were in South Florida, and the first |
| 0:21.5 | night we stayed in Coral Gables. And being there, reminded me of a client that I used to have in |
| 0:29.6 | Coral Gables. This was a medical malpractice insurer. I'd only been an institutional investment |
| 0:35.9 | advisor a couple of years, and boy, was I in over |
| 0:39.0 | my head. This was a client that had a board that was made up of doctors, and they ran this small |
| 0:47.9 | medical malpractice insure, and most of my experience in working with clients at that point had been university |
| 0:55.6 | endowments, foundations, clients that didn't care about taxes because they didn't pay taxes. |
| 1:02.9 | They were not for profits. This was taxable, this insurance company, and they were very concerned |
| 1:10.4 | about after-tax returns and after-tax income. And I found myself, because I was both an advisor, but I also had to do some analysis, taking their performance and tax-adjusting it, taking the income and reducing it by the taxes and any gains and it was very manual, |
| 1:29.9 | but the entire approach to investing was different because of this focus on what is the after |
| 1:35.4 | tax income. Now, that's not that much different than what we face as individual investors, |
| 1:42.3 | but it often isn't at the forefront as we talk about asset allocation, |
| 1:48.1 | which is about dividing financial assets into different categories based on their expect |
| 1:55.1 | to return and risk. And then we decide, well, how much do we allocate the stocks versus bonds |
| 2:00.4 | versus real estate? |
| 2:01.6 | And we're trying to build a diversified portfolio. |
| 2:04.5 | Asset location is different. |
| 2:06.5 | It's focused on deciding which type of account those assets should be placed in in order to maximize the after-tax return on the portfolio. |
| 2:17.1 | And so we have taxable accounts like a regular |
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