News & Insights
Client Alert - Charitable Contributions Guidance Updated by IRS
May 15, 2018The provisions of Chapter 13 of the Internal Revenue Code aren't for the faint of heart. That chapter specifically deals with the tax on generation-skipping transfers, that is transfers to individuals more than one generation below the donor.
What Beats A Charitable Bequest Under The New Tax Law?
April 9, 2018“Many people go to their lawyers and add a charity in their wills. Instead, I suggest they consider a charitable remainder trust or a charitable gift annuity,” says tax lawyer Conrad Teitell, chairman of the Charitable Planning Group at Cummings & Lockwood who has published the Taxwise Giving newsletter since 1964. Most leading charities, including colleges, offer these "planned giving" opportunities.
Forbes
Gift Split Gaffe
Accountant's Mistake Could Result in Increased Generation-Skipping Transfer Taxes
April 2, 2018When a taxpayer signs a Form 709 reporting transfers subject to federal gift tax, he signs under penalties of perjury that he’s examined the return and, to the best of his knowledge, the return is “true, correct, and complete.” But honestly, does the average taxpayer truly know or understand the tax implications of the gifts he makes?
Trusts & Estates Magazine Website
How To Give It Away
February/March 2018 IssueLaura Weintraub Beck, a trusts and estates attorney in Cummings & Lockwood’s Greenwich, Connecticut office, was quoted in an article entitled “How to Give It Away” in The Magazine published by AARP in the February/March 2018 issue.
AARP's The Magazine
Connecticut Supreme Court Recognizes Cause of Action Against Health Care Provider
March 6, 2018Physicians Beware: Connecticut Supreme Court Recognizes Cause of Action Against Health Care Provider Based on Unauthorized Disclosure of Confidential Information.
Court Upholds Regulations Requiring Charities to Disclose Donors
March 5, 2018Charities may not be happy about a recent ruling by the U.S. Court of Appeals for the Second Circuit that might result in donors thinking twice before pledging support to a charitable organization.
Trusts & Estates Magazine Website
Kelley Galica Peck Provides Testimony to Connecticut Lawmakers on the Finance, Revenue and Bonding Committee
March 1, 2018Attorneys who handle estate planning for wealthy Connecticut residents told lawmakers that Connecticut's estate and gift taxes are driving out the very people the state needs in these difficult times.
Cummings & Lockwood Announces the Promotion of David M. Halpen to Principal-in-Charge of the Palm Beach Garden's Office
February 28, 2018Cummings & Lockwood is pleased to announce that David M. Halpen, a Principal in the Firm’s Private Clients Group, has been promoted to Principal-in-Charge of the Firm’s Palm Beach Gardens office.
Federal and Connecticut Estate Tax Audits - Prevention, Treatment and Cure
February 28, 2018Paul L. Bourdeau, a Principal in the Private Clients Group of the West Hartford Office was a presenter at a seminar for The Estate and Business Planning Council of Hartford entitled "Federal and Connecticut Estate Tax Audits - Prevention, Treatment and Cure".
Client Alert - Newman's Own Exception Makes It Easier For Private Foundations to Hold Business Interests
February 8, 2018IRS Section 4943(g) was added to the Internal Revenue Code on February 9, 2018. Informally known as “Newman’s Own”, section 4943(g) provides an exception to the private foundation excess business holding rules that will allow certain private foundations to own 100% of a privately held company indefinitely, so long as certain requirements are met.
Charitable Contributions From Trusts are Treated Differently
February 5, 2018Like individuals and corporations, trusts and estates that make contributions of property to charitable organizations may be eligible to receive a corresponding income tax deduction for such contributions.
Trusts & Estates Magazine Website
John F. Carberry Selected a James W. Cooper Fellow of the Connecticut Bar Foundation to serve the Bench, Bar and Citizens of Connecticut
January 31, 2018Cummings & Lockwood is pleased to announce that John F. Carberry, a Principal in the Firm’s Litigation Group, was recently selected a James W. Cooper Fellow of the Connecticut Bar Foundation.