Our system of property ownership is conceptually feudal. It hasn't changed conceptually since the Norman invasion of England.

It has changed in terms of freedom of alienation, i.e., the right to dispose of propery as the holder sees fit. This has given Libertarian types the false impression that they have an absolute right to dispose of property as they see fit, even after death.

But you don't own property, at least not in the sense "own" is commonly understsood (the European system has something closer to real ownership.) You have an interest in it. And that interest is subject to the interests of others.

Good capitalists understand that capital works best when it circulates. Velocity of circulation ensures that capital moves to those uses which serve best the interests of all.

Dead hand control ensures only concentrations of capital, not necessarily into the hands of those best suited to use it. Typically, for instance, by the third generation of family wealth, the recipients are likely to just piss it away (the spoiled grand-kids are too coddled to know how to handle money.)

The estate tax preserves efficient use of capital, and precerses the capitalist system. Only wacky Libertarians, and selfish, misguided capitalists, oppose it.

King Lear is avery good object lesson for those who claim freedom of property alienation/ succession is the most efficient means of resource allocation.