would this be an eli5? A owns assets worth of $500M and wants to turn it into cash. Selling it would require him to pay income taxes on past appreciations. So,

would this be an eli5? A owns assets worth of $500M and wants to turn it into cash. Selling it would require him to pay income taxes on past appreciations. So, instead he'll get a loan worth somewhat less than $500M and uses the asset (as is or transferred to a Trust) as a collateral. He wastes the cash from the loan and eventually dies. Now the bank gets the collateral and nobody ever paid a significant amount of taxes. Is that it?