Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Has the Angel of Death Tax Loophole been closed in Philadelphia?

Posted on Tue Sep 1, 2015, on Estate Planning

From our “Ask a Question” Mailbag: Angel of Death Tax Validity Philadelphia

Most Recently Updated July 20, 2018.

“Is the Angel of Death tax loophole still exist?”

Angel of Death Tax Validity Philadelphia

Angel of Death Tax Validity Philadelphia

No, the Angel of Death Tax Loophole continues to exist, even though presidents from JFK to Obama have asked for it to be closed. In short, the Angel of Death Tax Loophole refers to all capital gains in an estate being forgiven at a person’s death. For more details, see my previous article here.

So, if someone dies with stocks worth $100,000 for which they paid $20,000, the heir can sell the stocks for $100,000 and pay no capital gains taxes. This is a huge tax savings for clients with low basis assets.

More Planning Questions?

The angel of death loophole is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Angel of Death Tax Validity Philadelphia

I hope that this article was helpful in explaining the angel of death loophole. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

Tags:

Death taxes, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Pennsylvania, Phila, Philadelphia

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Tina Krovetz

Fantastically easy and efficient team to work with getting our wills done. We will use Klenk again in the years to come. I highly recommend Peter Klenk.

Klenk Law Logo
Stars

Bill Cass

My wife and I were thoroughly satisfied. We had very clear explanations of complicated subjects.

Klenk Law Logo
Stars

Chris Kurdelski

Transparent approach and pricing, with prompt and professional response. They understand the various sensitivities of estate planning. Cannot recommend the firm more highly., go with Klenk

Klenk Law Logo
Stars

Bernadette Cucinotti

It's our first time doing business with Klenk Law and it was absolutely very positive. All interactions were timely and very professional. Peter and all of his staff put us at ease when making our estate plans and answered any questions thoroughly. We would highly recommend.

Klenk Law Logo
Stars

CEGM

Peters' firm has prepared and updated our Wills and Trusts for the last 15 to 20 years. They know the law and help with your decision making to use the law to your best advantage. Response time to your requests is very reasonable, and final reviews and signing is executed in a timely manor with a thorough coverage of the documents. Our most recent updates to our Wills & Trusts were somewhat complicated, in our opinion, but Peter and his staff handled them effortlessly. As you can tell from this review Peter Klenk's firm is top notch.

Let us put our expertise to work for you.

Free consultation within 24 hours.