Subject: Re: In view of what's happening in Cali
I am not a tax lawyer, but my understanding is that these loans don't get paid off while the owner is alive. They get paid off when the owner dies. The assets pass into the estate, which receives the benefit of the stepped-up basis. Assets can then be sold to pay off the loans before distribution to the beneficiaries.

So not even the interest has to be paid off during the life of the billionaire? The lenders are just fine being out the 200 million that a new superyacht might cost? And might not be able to collect anything for 50+ years? Where can I get such a sweet loan?!