Tax Planning and Estate Governance with Frazer Rice | Treussard Talks (E15)

2025-11-12

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Tax Planning and Estate Governance with Frazer Rice | Treussard Talks (E15) In this conversation, Frazer Rice—author of Wealth Actually—and I cover two distinct, if related, topics. First, what H.R. 1 really changes for high earners, business owners, and wealthy households. Second, what a holistic framework for estate planning and family governance looks like for ultra-high-net-worth families. You’ll hear us cover: Part I — H.R.1: what’s changed and how to plan What “permanent” really means in tax ...

In this conversation, Frazer Rice—author of Wealth Actually—and I cover two distinct, if related, topics. First, what H.R. 1 really changes for high earners, business owners, and wealthy households. Second, what a holistic framework for estate planning and family governance looks like for ultra-high-net-worth families.

You’ll hear us cover:

Part I — H.R.1: what’s changed and how to plan
- What “permanent” really means in tax law and why policy drift still matters
- PTET: the workaround made durable and why it favors owners over W‑2 earners
- QBI/Section 199A: who qualifies now and the expanded income bandwidth
- QSBS/Section 1202: 3–5 year milestones, per‑issuer limits, and avoiding status “poisoning”
- Estate and gift exemption at $15M per person and practical implications

Part II — A framework for UHNW estate planning and governance
- Start with a living balance sheet: assets, ownership, liquidity, and document inventory
- Governance over documents: roles, backups, and why “oldest sibling as trustee” often fails
- Pre‑mortems and disaster recovery: the first 14–30 days playbook after a major event
- Coordinating income tax, capital gains, and estate tax across states with diverging regimes
- Culture, values, and communication so wealth supports purpose rather than conflict

Why this matters:

We cover H.R.1's tax provisions because you need to understand the rules. But if you think tax optimization is the hard part of estate planning, you may be optimizing the wrong variable.

Frazer Rice has spent years working with ultra-high-net-worth families. His observation: wealth gets destroyed more often by family dysfunction, bad governance, and institutional knowledge gaps than by tax inefficiency.

So yes, we decode PTET, QBI, QSBS, and estate exemptions. You'll understand what changed and who benefits. But we spend equal time on what matters even more for the long run: building governance structures that work under stress, staffing roles with the right people (not just the oldest sibling), and creating disaster recovery playbooks so a family crisis doesn't become a catastrophe.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

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