Beyond Tax Optimization — Estate and Wealth Planning with Frazer Rice
Estate planning isn't fundamentally about minimizing taxes—it's about ensuring your wealth serves your family's values and survives the transition from one generation to the next.
Frazer Rice, author of Wealth Actually and expert on ultra-high-net-worth estate planning, walks through the 2025 tax legislation (HR1) that made permanent key provisions including the $15 million estate tax exemption, expanded QSBS capital gains exclusion for entrepreneurs, and enhanced deductions for business owners. But the conversation quickly moves past tax mechanics to the harder question: why do so many well-crafted estate plans fail when they're actually needed?
The answer isn't technical—it's human. Institutional knowledge trapped in generation one's minds. Siblings thrust into trustee roles they're unprepared for or don't want. Structures designed five years ago that no longer reflect family realities. Frazer argues the biggest threat to wealth isn't the IRS—it's family dysfunction, poor succession planning, and values that never get transmitted.
Why this matters
If you're building substantial wealth through business ownership or concentrated positions, the tax provisions in HR1 can create real planning opportunities. But tax efficiency means nothing if your heirs are fighting, your structures are staffed with the wrong people, or the "why" behind your wealth dies with you. The wealthy don't lose their fortunes to taxes—they lose them to bad execution and broken communication.
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What you'll learn
Tax Planning Opportunities from HR1:
Estate and gift tax exemption permanent at $15M per person (indexed for inflation)
QSBS expanded: 3-year holding period for 50% capital gains exclusion, ramping to 100% at 5 years—potentially sheltering $15M per issuer
PTET (pass-through entity tax) treatment made permanent for S-corps and LLCs
QBI (Qualified Business Income) deduction expanded for entrepreneurs and professionals
SALT deduction increased to $40K (though phase-out limits effectiveness for high earners)
The Foundation That Actually Matters:
Why estate planning must start with balance sheet clarity—what you own, how it's owned, what's in vs. out of your estate
The critical importance of document inventory and plain-English summaries (so heirs aren't decoding 70-page trusts during maximum stress)
Why, according to Frazer, 95%+ of people serving as trustees or executors probably shouldn't be—and how to fix that now
Integrating business succession plans with family governance structures
The concept of family "disaster recovery" planning—who do you call, what happens in the first 30 days, where's the playbook
Beyond the Technical:
Why the biggest threat to wealth isn't estate taxes but family conflict, overspending, lawsuits, and divorce
How to transmit values and institutional knowledge, not just commas and zeros
The importance of regular "fire drills" so families aren't experiencing structures for the first time during crisis
Why "permanent" tax law still requires you to plan for political and regulatory change
The real work begins after the documents are signed
Frazer pushes back on a common assumption: that good estate planning means hiring smart lawyers and accountants, creating sophisticated structures, and filing everything away. That's transactional planning—and it can fail catastrophically when tested.
The wealth that survives generational transitions is the wealth that's been explained. Families who understand why structures exist, who the key players are, what the documents actually say, and how decisions get made when stress is highest. The balance sheet analysis matters. The tax optimization matters. But if that institutional knowledge lives only between the ears of generation one, it evaporates the moment it's needed most.
This is estate planning as communication design, not just legal engineering. It's about creating playbooks, not just documents. About succession planning for both the business and the family governance. About periodic fire drills so the first time someone has to execute isn't when they're grieving. And critically, about ensuring the values that built the wealth—not just the assets themselves—make it to the next generation.
As Frazer notes: estate planning without values is just tax planning. And tax planning alone has never kept a family together.
Learn more and take the next step
Estate planning and wealth transfer are not separate from portfolio strategy—they're integrated components of a whole-balance-sheet approach. If you're building substantial wealth through business ownership, concentrated positions, or cross-border complexity, the technical opportunities (QSBS, PTET, estate tax exemptions) matter. But they only work if the structures are maintained, the staffing is right, and the family understands the plan.
We help families with substantial wealth design comprehensive strategies that address liquidity, governance, and values transmission—so the wealth you've built actually serves the purpose you intend across generations.
If you're navigating business succession, generational wealth transfer, or simply want to ensure your structures reflect your current reality rather than outdated assumptions, let's design a strategy that integrates technical sophistication with human realities.
Schedule a complimentary strategic session to explore whether we can help you achieve greater clarity, control, and confidence over the full scope of your wealth.
About the Guest
Frazer Rice is the author of Wealth Actually and host of the podcast by the same name. He serves as Managing Director at Next Vantage, part of Next Capital Management, where he helps ultra-high-net-worth families navigate the complexities of estate planning, wealth transfer, and family governance. A graduate of Duke University and Emory Law School, Frazer spent 16 years at Wilmington Trust gaining deep fiduciary experience before focusing on helping families reduce complexity and maintain control across generations. He has served in leadership roles including the Estate Planning Council of New York City.
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Episode Highlights: The Proust Questionnaire
In the rapid-fire personal closing segment, Frazer reveals his least favorite word is "deserve"—arguing that eliminating it from your thinking opens you up to more opportunity and better relationships. His favorite "drug" is free unstructured time for thinking, and travel that pushes him outside his comfort zone.
When asked what he'd hope to hear at heaven's gates, Frazer's answer captured his entire philosophy: "You were a really good person"—not just technically proficient, but fundamentally decent. It's the same standard he applies to wealth planning: competence matters, but humanity matters more.
Disclaimer
The content of "Treussard Talks" is for informational and educational purposes only and should not be considered financial, legal, or tax advice. Views expressed are those of the host and guests, not necessarily Treussard Capital Management or its affiliates. Estate planning and tax strategies require personalized analysis with qualified professionals. Consult your own advisors before making decisions. All investments can lose value, including principal. Full disclosures at treussard.com.