News & Insights
Current Estate and Gift Tax Environment
December 6, 2023In this video, Katherine Gent, an attorney in Cummings & Lockwood’s Private Clients Group, discusses the current federal, Connecticut and New York estate, gift and generation-skipping transfer tax laws.
New York Estate Planning Tips and Traps
December 6, 2023In this video, Jessie Gilbert, a Principal in Cummings & Lockwood’s Private Clients Group, discusses several estate planning tips and traps that are specific to clients located in New York or owning property in the State of New York.
Do I Have to Tell My Kids About the Trust?
December 6, 2023In this video, Daniel P. Fitzgerald, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the required disclosures that beneficiaries or designated representatives must receive and the information to which they are entitled.
Florida Back-End Spousal Lifetime Access Trusts
December 6, 2023In this video, Robert Lancaster, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the benefits and risk on the new legislation in Florida, which permits the creation of a Spousal Lifetime Access Trust (“SLAT”) under which the donor spouse may be a beneficiary of the SLAT after the death of the donee spouse, referred to as a “Back-End SLAT.
Corporate Transparency Act
December 6, 2023In this video, Brendan Snowden, an attorney in the corporate and finance group, and Elizabeth Falkoff, an attorney in the private clients group, discuss recent regulations implementing the Corporate Transparency Act. The Act, which became law on January 1, 2021 as a part of the Anti-Money Laundering Act of 2020, requires most companies, including LLCs and corporations, to report information about the company and its controlling owners beginning January 1, 2024.
Secure Act and Its Impact on Estate Planning
December 6, 2023In this video, Rachel Zarghami, an attorney in Cummings & Lockwood’s Private Clients Group, discusses how the SECURE Act, effective as of January 1, 2020, and the SECURE Act 2.0, effective as of January 1, 2023, have dramatically changed the use of IRAs as an estate planning tool.
Estate Planning and Qualified Small Business Stock
December 6, 2023In this video, Douglas H. Olin, a Principal in Cummings & Lockwood’s Private Clients Group, highlights the tax savings possible by using Non-Grantor Trusts to qualify for additional exclusions under the Qualified Small Business Stock rules.
To Gift or Not Gift? Estate Planning in Anticipation of the Gift Tax Sunset
December 6, 2023In this video, Daniel G. Johnson, a Principal in Cummings & Lockwood’s Private Clients Group, covers the analysis clients and advisors should undertake in deciding whether clients should make a large gift prior to the gift tax sunset in 2026.
IRS Delivers Early Christmas Gift by Delaying Form 1099-K $600 Reporting Threshold
November 29, 2023IRS Form 1099-K (Payment Card and Third Party Network Transactions) is used to report payments and transactions from e-commerce payment platforms, apps and payment card processors such as Venmo, Paypal, Cash App, Etsy and Ticketmaster.
Cummings & Lockwood Welcomes Four New Associates
November 28, 2023Cummings & Lockwood is pleased to announce that four new Associates have recently joined the firm. “We are very excited to have a new crop of bright and talented Associates join Cummings & Lockwood in several of our offices,” noted Laura Weintraub Beck, Chairman and Managing Director.
IRS Announces Estate, Gift and Generation-Skipping Transfer (GST) Tax Inflation Increases for 2024
November 14, 2023On November 9, 2023, the IRS officially announced the inflation adjustments for 2024 for the gift and estate tax exemptions. The federal estate, gift and generation-skipping tax exemption will increase to $13,610,000 for 2024 from $12,920,000 in 2023. This is an increase of $690,000.
42 Cummings & Lockwood Attorneys Have Been Recognized by Best Lawyers® in America in Its 2024 Edition
November 2, 2023Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® in 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.