Look at this case study. Here's a woman, Lucy L., who had $7 million just a year before she died. She lived on her pension money. Never in her life sold a share of stock out of her portfolio. Her wealth doubled in just the six years between her seventieth and seventy-sixth birthdays. But what did we get out of it? In terms of income tax, nearly zip. She essentially had no realized income from her portfolio. I hate unrealized income.