Cummings & Lockwood LLC
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News & Insights

2023 Cummings & Lockwood Firmwide Annual Update

January 30, 2024

We are pleased to bring you Cummings & Lockwood’s 2023 Firmwide Annual
Update. It includes our Chairman’s letter, as well as highlights some of the significant
legal work we have performed for clients in each of our four practice areas, the
philanthropic organizations we have supported, and the professional recognitions we
have received based on the quality of our legal counsel and representation.

Tax Court Decision Exposes Limited Partners To Self-Employment Tax

January 3, 2024

Under U.S. federal income tax law, self-employment tax is imposed at a rate of 15.3%, with 12.4% for Social Security and 2.9% for Medicare. This self-employment tax generally applies to a partner’s total distributive share of partnership income.

Elizabeth A. Falkoff Has Been Accepted into the New England Fellows Institute of the American College of Trust and Estate Counsel

January 3, 2024

Elizabeth (“Betsy”) A. Falkoff, a Principal in Cummings & Lockwood’s Private Clients Group and based in the firm’s Stamford office, has been accepted into Class II of the New England Fellows Institute of the American College of Trust and Estate Counsel (ACTEC).

Cummings & Lockwood Promotes Three Private Clients Attorneys to Principal

January 2, 2024

Cummings & Lockwood is pleased to announce that the following three private clients attorneys have been elected to Principal effective January 1, 2024:  Katherine Cotter Gent, Elizabeth A. Falkoff and Rachel Rhein Zarghami.

An Introduction to Cummings & Lockwood's Private Clients Group

December 20, 2023

In this video, Heather Rhoades, Chairman of the Private Clients Group, provides an overview of Cummings & Lockwood's Private Clients Group which provides a broad array of trusts and estates services to individuals, families, family offices, closely held businesses and private foundations.

Estate Planning & Incapacity Planning

December 20, 2023

In this video, Margaret (Meg) Deluca, a Principal in Cummings & Lockwood’s Private Clients Group, discusses estate planning, why it is so important in case of incapacity, and the key components of an estate plan:  a Will, Trusts, Durable Power of Attorney, Living Will and a Designation of a Health Care Representative.

Cummings & Lockwood 2023 Firm Overview

December 20, 2023

In this video, Laura Beck, Chairman and Managing Directory of Cummings & Lockwood, discusses the firm's 115 year history.

2023 Private Clients Group Annual Update

December 14, 2023

It is hard to believe another year has passed and, as is customary, we are writing our annual letter to provide you with an update on various tax and estate planning issues and to highlight some items which may be of interest. 

Massachusetts Provides Clarity Regarding Millionaires Tax

December 13, 2023

Starting with the 2023 tax year, certain Massachusetts taxpayers are required to pay a 4% surtax on taxable income in excess of $1 million.  This so-called “Millionaires Tax” is imposed on top of the state’s current 5% flat income tax.

Current Estate and Gift Tax Environment

December 6, 2023

In 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, 2023

In 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, 2023

In 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.