Tax-Efficient Investment Strategy for High-Net-Worth Client

Laura is a 55-year-old successful attorney with a net worth of $8 million, primarily held in a mix of taxable accounts and tax-advantaged retirement accounts. With retirement on the horizon, she is concerned about the potential tax implications of her investment decisions. She is evaluating a mix of investments, including real estate, municipal bonds, and mutual funds. As her private wealth advisor, outline a tax-efficient investment strategy for Laura that addresses her long-term financial goals, taking into account her risk tolerance, the current tax landscape, and the importance of tax diversification in her portfolio.