February 1, 2016

In August 2015, a new law was enacted requiring executors of taxable estates to file statements reporting the value of property included in a decedent’s gross estate to the IRS and the beneficiaries of the estate. Shortly thereafter, the IRS and the Department of the Treasury extended the due date for the required returns until the end of February 2016, and invited interested parties to submit comments on the new requirements.

The American College of Trust and Estate Counsel (ACTEC), a leading global voice in probate, trust and estate-planning law, chose one of its Fellows, Wealth Transfer & Succession Planning group chair Gregg Simon, to provide a response on behalf of its 2600 members. Gregg chaired the task force that reviewed the new sections of the Internal Revenue Code and submitted ACTEC’s comments to the IRS. 

ACTEC was deeply appreciative of Gregg’s efforts. In a recent note to Gregg, ACTEC president Bruce Stone said, “…not every project turns out as splendidly, or gets high marks from the WAC, as yours did.” (WAC is the organization’s Washington Affairs Committee).