News & Insights
Client Alert - The New 529-to-Roth IRA Conversion Rule
July 10, 2023Beginning 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 2023
June 26, 2023Cummings & 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.
Client Alert - A Summary of the Tax Law Provisions of the 2024-2025 Connecticut Biannual Budget
June 20, 2023On 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.
IRS Reveals 10-Year Spending Plan for $80 Billion Funding
April 24, 2023The 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 Basis
April 17, 2023The 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 Estate
April 7, 2023With 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 System
March 31, 2023On 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.
Selecting a Fiduciary to Administer Your Estate or Trust
March 27, 2023The 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.
29 Cummings & Lockwood Attorneys Named Best Lawyers® in Connecticut for 2023
March 22, 2023Cummings & Lockwood LLC is pleased to announce that 29 of the firm’s attorneys have been named among the Best Lawyers® in Connecticut for 2023, including five lawyers identified as “Ones to Watch.”
Back-End Spousal Lifetime Access Trust
March 5, 2023The 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 Attorney
February 27, 2023Cummings & 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 Act
January 25, 2023In 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”).