Jul 1, 2008 12:00 PM, By Ann B. Burns

By: By Ann B. Burns

In an effort to provide uniformity and certainty in the valuation of claims for estate tax purposes, the Department of Treasury issued proposed regulations on April 23, 2007, to clarify that post-death events are to be considered in valuing deductions under Internal Revenue Code Section 2053. Indications are that the final regulations, which are expected by the end of this year, will be substantially similar to the proposed regulations.

That would be unfortunate. The proposed regulations ignore the need for finality in estate settlement, place onerous burdens on executors, and set the stage for litigation. I strongly urge the Internal Revenue Service to consider revising the proposed regulations, taking into account the concerns voiced in the public comments, particularly those submitted by the American College of Trust and Estate Council (ACTEC) and the American Bar Association Section of Real Property, Probate and Trust Law.

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