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!

Klenk Law

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

What Our clients are saying

Klenk Law Logo
Stars

I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.

Klenk Law Logo
Stars

Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.

Klenk Law Logo
Stars

You & your staff are the best thank you for everything.

Klenk Law Logo
Stars

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Klenk Law Logo
Stars

Peter Klenk and his associates are responsive and professional - It is a pleasure to work with their team. If you have needs in estate planning or administration, they are the firm to go to in the Philadelphia area!

Let us put our expertise to work for you.

Free consultation within 24 hours.