Buy, Borrow, Die: How The Rich Avoid Taxes and Get Away With It

https://www.financeplaybook.io/ - Join my newsletter to hear regularly from me. In this video I break down the popular buy-borrow-die strategy that many ultra wealthy people use to pass down generational wealth. Key point here is that this only applies to the US because the step-up basis rule is exclusive to the US. In Canada, assets are deemed disposed at death, triggering a capital gain event. CHAPTERS 00:00 Introduction 00:50 Propublica Findings 02:12 US tax system - income not wealth 02:36 Elon Musk example 04:29 Step 1: Buy 05:36 Real Estate Professional Status 05:53 Cost Segregation 06:53 Step 2: Borrow 08:17 Example 10:50 Step 3: Die 13:34 Can regular people do this?