[EstGift] Estate and Gift Tax Committee Matters

[Mickey Davis]

Dear Committee Members,

I am writing to you as the new chair of the Estate and Gift Tax Committee and to ask for your help in Committee matters. I apologize in advance for the length of this e-mail, and appreciate your time in reviewing it.

First, let me say that I am honored to succeed Diana Zeydel as Chair.  The Committee has greatly benefitted from Diana's leadership over the last three years, and I would like to express my thanks for all of her hard work.  Second, there is one matter that requires your immediate response, relating to input into the IRS Priority Guidance Plan for next year. Finally, I would like to share some thoughts about the organization of the Committee, and some ideas about increasing the level of input by Members.

Recommendations for Regulations/Guidance Projects.

At the meeting in Maui, we were reminded that ACTEC's Washington Affairs Committee is seeking proposals for possible recommendations for the Treasury-IRS Priority Guidance Plan for next year (which will likely be released in the fall).  This would include suggestions for regulations or other guidance from the Treasury and/or IRS.  One topic that I view as being of high importance is guidance about the applicability of Rev. Proc. 2001-38 as it may relate to QTIP elections made on estate tax returns filed to maximize the use of the DSUE amount.  We should aim to submit any recommendations that we have by the end of March.  The Washington Affairs Committee wants a brief description of the recommended project, why it is important, its relative urgency, and how the project might be helped by partnering with other organizations.  Please let me know any recommendations that you have as soon as possible, but by Wednesday, March 27 at the latest.  Please send them to me at:  mickey at daviswillms.com<mailto:mickey at daviswillms.com>.

Increased Committee Involvement.

One of my priorities as Chair is to increase the level of involvement by Committee Members.  The Estate and Gift Tax Committee is one of the College's largest and it covers a broad range of topics. There is certainly value in hearing in-depth reports on selected topics, and I believe that some Members are content to come to meetings to hear remarks from a few frequent contributors. It is my personal view, however, that being a member of a committee involves a commitment to participate actively.  One of the greatest benefits of being a Fellow is the ability to listen to and learn from the diverse views of practitioners from all over. I firmly believe that broad participation by Committee Members is the best way for us all to learn from each others' wisdom, experience, triumphs, and even failures.

Fellows that prefer to remain passive during Committee meetings can certainly do that from the visitors' seats. If we are to occupy seats at the table as Members, however, I believe that we should be willing to share our ideas, and take an active part in the discussions.  Let's face it:  None of us became a Fellow by being too shy to share our ideas with other practitioners.

The Substantive Chairs Committee has had numerous discussions about the best way to increase involvement by committee members, and has come to no real consensus.  It has been my experience, though, that committees that have active subcommittees and workgroups tend to have a higher degree of involvement.  To that end, I propose to ask each of you to join (or lead!) a newly formed subcommittee or workgroup of the Estate and Gift Tax Committee. I have set out below some preliminary group headings, but I certainly invite each of you to let me know if there are any other areas in which you have a special interest.

It is my intention to ask subcommittee members to give updates, recent development reports, and make other substantive contributions at future meetings.  While participation in a subcommittee is not mandatory, I believe that it should be a factor in considering which Members continue to serve on the Committee, and which should be asked to make room for other Fellows who are more interested in taking an active role in advancing discussions at Committee meetings.

Some of you may be thinking, "Uh on. This new guy is already a trouble maker," or "Why is he stirring the pot?"  I understand that change can be uncomfortable.  If you think that I am out of line, or have other ideas for increasing involvement, I welcome you to share your thoughts, either publicly with the Committee or privately with me. I view this change as a worthwhile experiment, but I am happy to consider other views and alternatives.  I am hopeful that most of you will welcome a chance to get more from your Committee by giving more to your Committee.

Below is a preliminary list of possible subgroups, in no particular order.  Some of these obviously overlap, and I am certainly not married to this list. Please let me know if one of these areas strikes your fancy, or if you have other ideas.  I would be especially appreciative of volunteers willing to act as initial leaders of these (or other) groups.  Co-leaders are not out of the question.  Please let me know your interest as either a member or a leader as soon as possible.


*         Generation-Skipping Transfer Taxes

*         Chapter 14

*         Marital Deduction Issues

*         Debts and Administration Expenses

*         Special Use Valuation/Alt. Val./Section 6166

*         Portability

*         706/709 Reporting Issues

*         Gifts and Disclaimers

*         New Legislation/Legislative Proposals

*         IRS Regulations/Guidance

I truly appreciate your input, both on the Priority Guidance Plan and on efforts to increase Committee involvement.  I hope to have an initial framework for subcommittees in place for the Summer Meeting.  I look forward to seeing you in Philadelphia.

Regards,

Mickey

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