rich... not a hard real asset like Real Estate...TIC

Good for him. To bad he has no exit strategy on the real estate buy to 1031 the money into other real estate and pay loans on all the money he uses. Unless he wants to pay capital gains taxes...

If he had a Whole Life policy, he could use the houses to pay tithing through a CRT (charitable remainder trust) and take the gains through other properties, hence forfieting all his properties to spend them while he was living opposed to loaning out of them, while living off of streams of incomes. The magic comes when he, the children get the whole life tax free (and do not have to fire sale the properties to pay probate...which will surely happen since he will be over the probate tax exemption). Maybe thier is still time for him to see the light.