The American College of Trust and Estate Counsel: Letter to Senators Hatch and Wyden and Congressmen Brady and Neal

The American College of Trust and Estate Counsel recently wrote a letter to Senators Hatch and Wyden and Congressmen Brady and Neal. Below is a short excerpt detailing their recommendations: 

The American College of Trust and Estate Counsel (“ACTEC”) is a professional organization of approximately 2,600 lawyers from throughout the United States. Fellows of ACTEC are elected to membership by their peers on the basis of professional reputation and ability in the field of trusts and estates and on the basis of having made substantial contributions to those fields through lecturing, writing, teaching, and bar activities. Fellows of ACTEC have extensive experience in providing advice to taxpayers on matters of federal taxes, with a focus on estate, gift and generation-skipping transfer tax planning, fiduciary income tax planning, and compliance. ACTEC offers technical comments about the law and its effective administration, but does not take positions on matters of policy or political objectives. We offer recommendations to improve existing tax laws to more clearly, simply, and fairly implement the policies those laws are intended to serve. This report recommends revisions to Internal Revenue Code (IRC) §§2205, 2206, 2207, 2207A and 2207B in order to eliminate inconsistencies and to expand the right of tax recovery to all estate tax inclusionary code sections.