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Mr. Moneybags is 65 years old and worth $100M and lives in California.

He has all of his money at Fidelity (it's actually probably in a private bank, but whatever). It's invested in 60% stock, 20% bonds, 10% PE, and 10% Crypto. He's generating a return of 10% YoY.

His lifestyle costs him $500,000 annually. He's generating return of $1M annually. If he sells a portion of his portfolio, he has to pay taxes on it. He'd have to sell approx $1M a year to get his $500k after tax to live on.

Fidelity wants to keep him as a customer and keep all of his money invested with them because they make good money off of him. Normal borrowing rates are 5% in normal times. They'll offer him loans at 3% to keep him as a customer.

He borrows $500,000 using his portfolio as collateral. That's only $15k in interest in year 1. He can show income of $15k in year 1 and pay $0 in taxes so he'll sell $15k of his portfolio. So his portfolio went from $100M to $101M in that year and he sold $15k to pay his loan interest. He now has $100,985,000 at the end of the year and a debt of $500,000.

Rinse and repeat for 9 more years and say he dies at 75. (I'm not going to do the actual math the rest of the way, but I'll estimate). He now has $117M invested and a debt of $5M. His estate pays his $5M debt upon his death and his heir get $112M estate. His estate grew significantly more than it would have if he had to pay real taxes instead of borrowing.