News & Insights
The IRS Clarifies that Private Equity, Hedge Funds and Other Partnerships are Subject to Withholding Requirements When Foreign Persons are Involved
May 22, 2019On May 7, 2019, the IRS issued proposed regulations for new code section 1446(f), which requires withholding of income tax when a foreign person recognizes gain or loss from the sale or exchange of certain partnership interests, as described in IRC 864(c)(8).
Add Calling Your Trusts and Estates Attorney to Your To Do List Before Your High School Grad Heads Off to College the Fall
May 20, 2019Congratulations! Your child has graduated high school, been accepted to college and has either turned 18 years old or is close to it. As you make your college prep to do list, you might want to add calling your trusts and estate attorney to the list.
Laura Weintraub Beck Honored by the Child Guidance Center of Southern Connecticut
May 3, 2019On May 4, 2019, the Child Guidance Center (CGC) of Southern Connecticut presented Laura Weintraub Beck the inaugural Edna and Malcolm Edgerton Award at their annual gala which was held at the Wee Burn Beach Club.
Effective Charitable Giving Strategies for Seniors
April 29, 2019Mary Beth Crawford, a Partner in the Bonita Springs office of Cummings & Lockwood spoke at a luncheon on "Effective Charitable Giving Strategies for Seniors" which was held on May 1, 2019 at 12:00 p.m. at The Terraces at Bonita Springs in the Wagon Wheel Room. Learn the best ways to support your favorite charities.
Heather J. Rhoades and Kelley Galica Peck Selected as 2019 “Lawyer of the Year” Honorees by Best Lawyers
April 29, 2019Cummings & Lockwood LLC is pleased to announce that Heather J. Rhoades (Trusts and Estates) and Kelley Galica Peck (Trusts and Estates Litigation), Principals in the Firm’s Private Clients Group in West Hartford, Connecticut, have been selected as “Lawyer of the Year” Honorees by Best Lawyers.
Deducting Charitable Art Donations
April 16, 2019Girl With a Balloon by British street artist Banksy was shredded in its frame seconds after the winning telephone bid of $1.4 million at a Sotheby’s London auction on Oct. 6, 2018. The prank—believed to be arranged by the artist himself — was accomplished by a remote-control device at the back of the frame.
Trusts & Estates Magazine
New IRS Guidance on Opportunity Zone Investments
April 16, 2019On April 17, 2019, the IRS and U.S. Treasury Department issued proposed regulations (Proposed Treas. Reg. Sec. 1400Z-2), that provide new guidance for qualified "Opportunity Funds" investing in "Opportunity Zones."
Cummings & Lockwood Successfully Represents 9/11 Widow in Connecticut Supreme Court
April 15, 2019Cummings & Lockwood LLC attorneys convinced the Connecticut Supreme Court to dismiss Probate Court proceedings restricting our client’s use of funds that had been awarded to her by the September 11th Victim’s Compensation fund for the support of her minor child upon the death of her husband in the attacks on the World Trade Center in 2001.
Increase in New York Real Property Transfer Taxes, Including “Progressive Mansion Tax”
April 10, 2019As part of the 2019/2020 New York State Budget Bill that was passed, New York included a progressive mansion tax with a top tax rate of 3.90% on properties purchased for $25 million or above.
NY Extends the Three Year Look Back for Lifetime Gifts when Calculating the New York Estate Tax
April 3, 2019The New York estate tax exemption currently is $5,740,000. The exemption is adjusted for inflation and will increase over time.
Probate Jurisdiction and Procedure in Connecticut, 3d
March 31, 2019Probate Jurisdiction and Procedure in Connecticut, 3d provides extensive discussion of the jurisdiction and procedure of Connecticut estates practice, including detailed analysis of requirements and administrative opinions, and the powers of probate courts and probate bonds.
How Does Portability Effect Your Estate Plan?
March 26, 2019Portability is the term used to describe a relatively new provision in federal estate tax law that allows a widow or widower to use any unused federal estate tax exemption of his or her deceased spouse to shelter assets from gift tax during the surviving spouse’s life and/or estate tax at the surviving spouse’s death.