13 Prob. Notes. 1 (1987-1988)

handle is hein.journals/acteclj13 and id is 1 raw text is: ACPC
Probate Notes
THE AMERICAN COLLEGE OF PROBATE COUNSEL. 2716 Ocean Park Boulevard, Suite 1080 Santa Monica, California 90405
Max Gutierrez, Jr., Editor/Jonathan G. Blattmachr, Ass't Editor/ American College of Probate Counsel 1987
Volume 13, No. 1 Summer 1987
President's Message
My initial message to you as President of the College obviously offers a
unique opportunity to review the past year and reflect on the upcoming year.
It is first most appropriate to congratulate Ed Benjamin on an extraordinarily
successful Annual Meeting in Maui. Programs of exceptionaly high caber
were presented to a record-setting group of attendees who received them
enthusiastically and with appreciation. Besides taking responsibility for the
Maui meeting, Ed presided over the College during the transition period after
Bette Elton's retirement and the assumption by Gerry Vogt of her duties as
Executive Director. He did so with a diligence that claims the gratitude of all
of us; we are much in his debt for a job effectively done.
Now, it is time to turn to the future. We have our highest membership ever
in terms of the number of names on our roster. More importantly, in my
prejudiced view, we have over the past few years upgraded significantly our
professional capacity by admitting new Fellows of undoubted talent and
expertise. This heightened capacity has been and will continue to be reflected
in our programs, writings and committee work. The lineup of our committees
for the year has been in place for some time now, and all of them are set
with working agendas that should produce much benefit for all of us. I think
it appropriate to make particular comment at this time with respect to several
of these committees.
The tax committees of the College, the Estate and Gift Tax Committee,
the Fiduciary Income Tax Committee, the Employee Benefits in Estate Plan-
ning Committee, and the Transfer Tax Study Committee, are all extremely
busy at this point. Representatives from the first three committees met in
March with key officials in Washington to review our agenda of concerns,
both legislative and regulatory. These discussions laid the groundwork for a
timetable to pursue statutory changes and technical corrections that we feel
are urgently needed. They also began the process of coordination with the
Legislation and Regulations Division of the Internal Revenue Service and the
transfer tax attorneys in the office of the Tax Legislative Counsel at Treasury
with respect to regulations projects that will issue under The Tax Reform Act
of 1986, The specific areas in question here are too numerous to list in full,
but they include a number of changes in the new generation-skipping tax, the
repeal of Section 2057 of the Internal Revenue Code (relating to the contro-
versial estate tax deduction for certain sales of emplover securities to ESOPs),
the repeal of the add-on estate tax under Section 4981A(d) for excess accumu-
lations in qualified employee benefit plans, as well as a host of other issues.
The preoccupation of Congress with the transfer tax since 1976 has, as we
all know, produced a number of undesirable new tax rules in our area of
(Continued on page 3)
13 Probate Notes 1 1987

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