The RPTE Section submits comments to the government regarding policy matters that affect real property and estate planning legislation.
Policy
Government Submissions from the ABA Section of Real Property, Trust and Estate Law
ABA Section of Real Property, Trust and Estate Law
- ABA RPTE Comments to Residential RE Transfers (April 16, 2024)
The Section of Real Property, Trust and Estate Law (“Section”) of the American Bar Association (“ABA”) is pleased to submit the following comments to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) in response to the request for public comment on the advance notice of proposed rulemaking (“ANPRM”) issued by FinCEN on December 2, 2021 regarding anti-money laundering regulations for real estate transactions. These views are being presented only on behalf of the Section.1 The views expressed herein have not been reviewed or approved by the House of Delegates or the Board of Governors of the American Bar Association and, accordingly, should not be construed as representing the policy of the American Bar Association.
Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)
Department of the Treasury Financial Crimes Enforcement Network— Advance Notice of Proposed Rulemaking—Anti-Money Laundering Regulations for Real Estate Transactions; RIN 1506-AB54, Docket No. FINCEN—2021—0007, 86 Fed. Reg. 69589 (December 8, 2021)
ABA Section of Real Property, Trust and Estate Law and ABA Commission on Law and Aging
ABA Sections of Real Property, Trust and Estate Law and ABA Section of Taxation
- Income and Transfer Tax Planning Group
- Comments on Guidance under Section 2801
Regarding the Imposition of Tax on Certain Gifts and Bequests from Covered Expatriates - Request for Action on Pending Estate & GST Tax Legislation
Business Planning Group
- Comments Re Material Participation of Trusts and Estates (IRS-REG-130843-13)
- Comments to IRS on Proposed Regulation 1.1411-7 (Net Investment Income Tax)
- Comments on Alternate Valuation Proposed Regulations under § 20.2032-1(f)(1)
Charitable Planning and Organizations Group
- Comments to Treasury Notice on Proposed Regulations for Excise Taxes on Donor Advised Funds (February 12, 2024)
- Comments on Pending Treasury Regulations with Respect to Donor Advised Funds
- Comments on Proposed Section 1.170A-13(f)(18)
- Re: Comments on Proposed Treasury Regulations with Respect to Required Distributions by Non-Functionally Integrated Type III Supporting Organizations
- 2014-2015 Priority Guidance Comments from Charitable Planning and Organizations Group
- Comments to IRS Relating to Conservation Easements for Inclusion in the 2014-2015 Priority Guidance Plan
- Comments on Proposed Treasury Regulations with Respect to Required Distributions by Non-Functionally Integrated Type III Supporting Organizations
- Recommendations for 2013-2014 Guidance Priority List Pursuant to Notice 2013-22
- Recommendations for 2012-2013 Guidance Priority List Pursuant to Notice 2012-25
- Comments to IRS Notice 2010-19; Internal Revenue Code Section 2511(c)
Charitable Planning and Organizations Group, Charitable Planning Committee
Employee Benefit Plans and Other Compensation Arrangements Group
Estate and Gift Tax
- Comments on Portability of Transfer Tax Exemptions Between Spouses
- REG-119532-08 (Graduated Retained Interests)
Generation Skipping Transfers Committee
Income and Transfer Tax Planning Group
- Comments on Proposed Regulations under Internal Revenue Code Section 2704
- Comments on Basis Consistency
- Portability Election Relief under Treasury Regulation Sections 301.9100-2 and -3
- Comments to IRS on Revenue Procedure 2001-38 in Context of Portability Planning
- Request for Legislation Permitting Administrative Relief for Certain Late Lifetime Qualified Terminable Interest Property (QTIP) Elections; Certain Late Qualified Revocable Trust Elections and Certain Portability Elections
- Options for Tax Reform and Simplification with Respect to Federal Estate, Gift and Taxes
- Comments on IRS REG-128224-06 regarding IRC § 67(e), Exception to the 2-Percent Floor for Estates and Trusts, Prop. Reg. § 1.67-4
Income and Transfer Tax Planning Group and Estate and Gift Tax Committee
Individual & Fiduciary Income Tax Committee
- IRS Proposed Regulation 26 CFR 1.67-4, REG-128224-06 Regarding Fees of Trusts and Estates
- RPTE Comments to IRS re REG-141901-05 (Exchanges of Property for an Annuity)
International Tax Planning Committee
Legal Opinions in Real Estate Transactions
- Additional Comments on HUD Opinion Form
- Comments on HUD Multifamily Rental Project Closing Documents Renewal of Currently Approved Collection
Non-Tax Estate Planning Considerations Group
Residential, Multi-Family, and Special Use Group
Introduced during the 2011 Midyear Meeting, the House passed Resolution 105, urging payment of military survivor benefits to disabled beneficiaries.
The resolution has been a major success. Congress has largely enacted the proposed resolution into law.
Section 624 of the National Defense Authorization Act of 2015, Pub. L. No. 113-291, which became effective on December 19, 2014, authorizes the payment of Survivor Benefit Plan benefits to a special needs trust for the benefit of a disabled child. The main objective was to enable the creation of special needs trusts for youth beneficiaries with disabilities. This objective was 100 percent achieved.