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!

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

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