Buy, Borrow, Die

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Death is the only legal tax avoidance strategy.

Everything else is timing.

One concept getting more attention lately captures this perfectly: Buy, Borrow, Die.

• You buy appreciating assets.

• You borrow against them to create liquidity.

• You die with them so your heirs receive a step-up in basis that eliminates the unrealized gains.

The phrase isn’t new. It’s been used in wealth circles for years.

But it entered the mainstream after ProPublica’s 2021 investigation into how billionaires like Jeff Bezos, Elon Musk, and Warren Buffett legally minimize taxes. Economists and journalists began using it to describe how the ultra-wealthy build and preserve fortunes without triggering taxable events.

It reminds me of the quote from rapper Ice-T: “Don’t hate the player, hate the game.”

‘Buy, Borrow, Die’ is a catchy phrase for a strategy that’s been practiced for generations, and it’s as much about patience and structure as it is about tax law.

Still, the principle applies far more broadly than most people realize. Even multi-millionaires can benefit from the same philosophy billionaires use, just on a smaller, more deliberate scale.

The goal isn’t to replicate a billionaire’s balance sheet.

It’s to understand the playbook behind it. You already own appreciating assets – real estate, investments, and business equity – that can create flexibility if handled strategically.

That might mean borrowing against appreciated positions to preserve compounding instead of selling and realizing gains.

It might mean using leverage to meet short-term liquidity needs rather than interrupting a long-term plan.

Or it could mean structuring your estate so that growth transfers efficiently across generations.

The same thinking applies to where you live. A move to Florida, for example, is just as much about sunshine and lifestyle, as it is about understanding how claiming Florida residency and timing can reduce lifetime tax drag and give you more control over how wealth is preserved.

When you start to view taxes as a strategy instead of a bill, everything changes.

It stops being about paying less and starts being about planning better. It becomes something to coordinate across your team—your CPA, attorney, and advisor—not something to revisit every spring.

You change your facts, you change your tax.

In the end, every tax decision is a timing decision. You can either give money to the IRS today, or you can give your money more time to work.

Every family’s plan has moving parts. The question isn’t whether you have one. It’s whether the one you have still serves you as well as it could.

Wells Fargo Advisors Financial Network does not provide legal or tax advice.

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Edwards Asset Management is a separate entity from WFAFN.

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Rob Edwards is a Managing Director and Senior PIM^® Portfolio Manager at Edwards Asset Management, serving high-net-worth families across Florida. He helps clients preserve, grow, and enjoy their wealth by navigating the complex financial and personal decisions that come with wealth. Rob has been featured in national outlets including Forbes,

TheStreet.com, and Kiplinger, establishing him as a trusted voice for those seeking thoughtful wealth strategies. To learn more, visit RobEdwardsWealth.com.