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I'm not an expert, I'm just speculating.

Can we write the loan in such a way that no payments are due until after he dies, when the loan could be repaid out of the estate?

You could certainly write it as a series of loans: you make one upfront loan, and then each year you loan him the money to pay the accrued interest.

Do the tax laws require that I claim the interest annually even though it's not being collected?

Almost surely. Think of a CD or a zero-coupon bond, where you owe taxes on the interest accrued, even if that interest is not paid to you.
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