News & Insights
13 Cummings & Lockwood Attorneys Have Been Recognized as Connecticut Super Lawyers and Rising Stars in 2023October 9, 2023
Cummings & Lockwood is pleased to announce that 13 Cummings & Lockwood attorneys have been selected Connecticut Super Lawyers in 2023. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor.
Crypto staking rewards are a kind of digital “dividend” or “interest” paid to cryptocurrency owners who help regulate and validate cryptocurrency transactions in the underlying blockchain network. Staking pays out cryptocurrency as compensation for using the owner’s existing holdings to vouch for the accuracy of the transactions.
42 Cummings & Lockwood attorneys have been recognized by Best Lawyers® as “The Best Lawyers in America.”August 22, 2023
Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® as The Best Lawyers in America®, 10 Ones to Watch® in America and 1 Lawyer of the Year in the 2024 edition for a total of 42 attorneys.
Cumming’s & Lockwood Private Clients Practice Garners Top Spot in the 2023 Issue of Chambers High Net Worth Guide for the 8th Consecutive YearJuly 25, 2023
Cummings & Lockwood is pleased to announce that for the 8th consecutive year, the firm’s trusts and estates practice in Connecticut was ranked in Band 1 in Private Wealth Law by Chambers in their 2023 Chambers High Net Worth Guide, which offers market-leading rankings, reviews and insights to the world's leading professional advisers.
Beginning in 2024, the federal legislation known as the SECURE Act 2.0 will allow beneficiaries of 529 plans to transfer up to $35,000 of 529 plan funds over the course of their lifetime to their own Roth IRA without paying taxes or penalties.
Seven Cummings & Lockwood Attorneys Have Been Recognized as Florida Super Lawyers and Rising Stars in 2023June 26, 2023
Cummings & Lockwood is pleased to announce that seven Cummings & Lockwood trusts and estates attorneys have been selected Florida Super Lawyers in 2023. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor.
On June 12, 2023, Governor Ned Lamont signed Connecticut’s two-year, $51 billion budget into law. The budget is said to include the largest income tax cut in Connecticut history and includes approximately $500 million in tax relief to Connecticut taxpayers, primarily by lowering certain income tax rates, modifying the pass-through entity tax, and expanding or increasing certain tax credits.
The Inflation Reduction Act enacted in August 2022 included $80 billion in funding for the IRS over the next decade. On April 6, 2023, the IRS released its Strategic Operating Plan (the “SOP”) which outlines the IRS’s plan for using these funds.
Supreme Court Rules that Non-Willful Foreign Bank Account Reporting Penalty Applies on a Per Report BasisApril 17, 2023
The Bank Secrecy Act requires every U.S. person with a financial interest in, or signature or other authority over, a financial account located outside the U.S. to report the account to the U.S. Treasury Department annually, if the total value of the foreign financial accounts exceeds $10,000 at any time during the year.
The IRS Puts its Stake in the Ground with Respect to Step Up in Basis on Grantor Trusts Not Included in Taxable EstateApril 7, 2023
With IRS Revenue Ruling 2023-2, the IRS is attempting to eliminate a position trumpeted by certain estate and gift tax practitioners and commenters since 2002.
Biden Administration's 2024 Fiscal Year Budget Proposals Once Again Threaten Changes to the Estate and Gift Tax SystemMarch 31, 2023
On March 9, 2023, the Treasury Department released its General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (known as the Greenbook), to accompany President Biden’s proposed budget for fiscal year 2024.
The purpose of the brochure is to provide clients with information on the role, responsibilities, liabilities and types of fiduciaries to help them select a fiduciary that is right for them, as well as share with them our experience serving as fiduciaries and the broad range of services we can provide to our clients’ fiduciaries.