News & Insights
2022 Cummings & Lockwood Firmwide Annual Update
January 4, 2023To 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 Accounts
January 3, 2023Included 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 Update
December 1, 2022Margaret 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 Update
December 1, 2022Various 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, 2022Brendan P. Snowden explores the reasons why an LLC might be useful and what to consider when structuring an LLC. (24:11)
Domicile and Residence Planning
December 1, 2022The 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 Trusts
December 1, 2022The 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 Adults
December 1, 2022Elizabeth 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 Cryptocurrency
December 1, 2022Daniel 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)
Cummings & Lockwood’s Elizabeth Falkoff Receives 2022 Millennial + Gen Z Award from the Fairfield and Westchester County Business Journals
November 16, 2022
Women Who Inspire Awards
November 14, 2022Cummings & Lockwood was named this year’s corporate honoree of the YWCA Greenwich’s Women Who Inspire Awards in recognition of the firm’s “outstanding leadership in developing a strong culture and practices that support gender equity and women’s empowerment.”
Massachusetts Millionaire’s Tax Passed
November 11, 2022The Massachusetts constitution requires that the income tax must be a flat tax. On November 8, 2022, voters in Massachusetts approved a constitutional amendment for the first time in 22 years which imposes a 4% surtax on top of the state’s 5% flat tax for the portion of the annual household income exceeding $1,000,000. The $1,000,000 threshold will be adjusted annually to reflect cost-of-living increases.