News & Insights
Back-End Spousal Lifetime Access TrustMarch 5, 2023
The historically high combined federal estate and gift tax exemption amount, currently $12,920,000 per individual in 2023, afforded by the Tax Cuts and Jobs Acts (the “TCJA”) will sunset on December 31, 2025, absent further legislation from Congress, and be reduced to the pre-TCJA level of $5,000,000 (adjusted annually for inflation) per individual on January 1, 2026.
Naples Daily News Sunday Supplement
Marc T. Finer Joins Cummings & Lockwood as a Principal Tax AttorneyFebruary 27, 2023
Cummings & Lockwood is pleased to announce that Marc T. Finer has recently joined the firm as a Principal Tax Attorney in the Private Clients Group and is based in the firm’s West Hartford office.
Corporate Transparency ActJanuary 25, 2023
In September 2022, the Financial Crimes Enforcement Network (“FinCEN”) of the Department of the Treasury issued final regulations implementing the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act of 2020 (the “CTA”).
2022 Cummings & Lockwood Firmwide Annual UpdateJanuary 4, 2023
To Our Clients and Friends:
The end of the year is a good time for reflection about our values and accomplishments and our goals for the coming year. A letter from our new Chairman and Managing Director, Laura Weintraub Beck.
Tax Update: What the SECURE 2.0 Act of 2022 Means for 529 AccountsJanuary 3, 2023
Included in Congress’ recently passed SECURE 2.0 Act of 2022 (SECURE 2.0) is a noteworthy planning opportunity for those with 529 Accounts. In the past, withdrawals from tax-advantaged 529 Accounts could only be used for qualified education expenses without incurring federal income tax and penalties. While accounts could be rolled over for certain relatives, the options were undesirable for most.
Estate and Gift Tax Law UpdateDecember 1, 2022
Margaret A. Deluca, a Principal in Cummings & Lockwood’s Private Clients Group, reviews the current federal, Connecticut and New York estate, gift and generation-skipping transfer tax laws as of December 2022. (10:09)
2022 Federal and State Tax Law UpdateDecember 1, 2022
Various legislative and administrative tax proposals have been introduced in 2022 that would dramatically change the estate, gift and income tax environment. In this presentation, entitled “2022 Federal and State Tax Law Update,” Rachel Rhein Zarghami, a Counsel in Cummings & Lockwood’s Private Clients Group, reviews those proposals and what it might mean for you. (12:12)
Questions to Consider When Using a Limited Liability Company (LLC)December 1, 2022
Brendan P. Snowden explores the reasons why an LLC might be useful and what to consider when structuring an LLC. (24:11)
Domicile and Residence PlanningDecember 1, 2022
The pandemic caused a lot of families to change their state of residence or remain in a state in which they did not previously reside. (14:47)
The Basis of Marriage: Florida Community Property TrustsDecember 1, 2022
The Florida Community Property Trust legislation that was enacted on July 1, 2021 that would allow married couples living in non-community property states to receive a full “stepped-up” income tax basis upon the death of either spouse. (21:11)
Estate Planning: When Kids Become AdultsDecember 1, 2022
Elizabeth A. Falkoff, an Associate in Cummings & Lockwood’s Private Clients Group, covers basic wills, living wills and powers of attorney that should be in place when a person turns 18 years old. (10:21)
Estate Planning with CryptocurrencyDecember 1, 2022
Daniel G. Johnson, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the opportunities for clients who want to incorporate cryptocurrency, nonfungible tokens and other digital assets into their estate planning. (22:10)