Tax Considerations for High-Net-Worth Clients

Jessica is a financial planner working with a high-net-worth client who is considering different investment strategies. The client is particularly concerned about minimizing their tax liability while maximizing after-tax returns. Jessica needs to provide insights on how various investment vehicles impact the client's taxable income and capital gains implications.

After conducting a thorough analysis, Jessica presents the following options for the client to consider:

Which investment vehicle typically offers the most favorable tax treatment for high-net-worth individuals in terms of long-term capital gains?