News & Insights
Estate Planning for Individuals Interested in Making Small Gifts to Children or Grandchildren
November 2018Jessie A. Gilbert, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, explains simple ways to make smaller gifts that add up over time, as well as “freeze” techniques that allow clients to transfer assets to trusts, retaining the use of the assets but giving the appreciation on the assets to children and other family members. (17:03)
Disclaimer Danger: IRS Deems Disclaimer of Trust Interest Not Subject to Gift Tax
November 25, 2018A disclaimer, in the most basic estate-planning sense, is a refusal to accept an interest in property. But why would someone ever reject an interest in a trust or an inheritance? There’s actually several reasons.
Trusts & Estates Magazine Website
Estate Planning for Individuals Who Are Ready to Make Large Gifts to Family Members
November 2018Daniel G. Johnson, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, addresses various questions such as the following: Should clients be taking advantage of higher federal and state gift tax exemptions? (36:26)
Estate Planning for Individuals Interested in Giving to Charity
November 2018Stefania L. Bartlett and Cara Howe Santoro, trusts and estates attorneys in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discuss how, even with higher exemptions, many individuals are still motivated to give to charity to reduce taxes and to fulfill philanthropic goals. (19:49)
Estate Planning for Individuals Whose Circumstances Have Changed as a Result of Divorce or Remarriage
November 2018Susan Huffard, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses the many ways in which a divorce or remarriage can impact an individual’s estate planning needs. (15:48)
Practical Steps to Take When Downsizing from a Home
November 2018Kathleen M. Merrigan, a residential real estate attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses the tax and practical steps individuals should be taking before they downsize, including figuring out the cost basis in their home, preparing for sale, cleaning up open permits, and resolving the estate tax lien from a predeceased spouse. (11:00)
Estate Planning for an Individual in Their Later Life
November 2018Daniel P. Fitzgerald, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses how to navigate the sensitive issues surrounding the incapacity and last days of an individual’s life, including deathbed gifts, funding of revocable trusts, simplification of asset base and step up in basis planning. (17:28)
Regulations Proposed by IRS Would Eliminate Lingering Concerns About Clawback
November 19, 2018On November 20, 2018, the Internal Revenue Service issued proposed regulations to address one of the lingering concerns of using the increased gift tax exemption on gifts prior to 2026 - the so-called “clawback.”
Cummings & Lockwood Attorneys in Connecticut and Florida Named 2019 Best Lawyers in America
October 31, 2018Cummings & Lockwood LLC is pleased to announce that 32 of its attorneys in Connecticut and Florida have been listed in The Best Lawyers in America® 2019. Since it was first published in 1983, Best Lawyers® has become universally regarded as the definitive guide to legal excellence.
Modification of a GST Trust Didn't Impact Its Exclusion Status
A recent PLR demonstrates the dangers that even judicial modifications can pose to a trust's tax status.
October 25, 2018Chapter 13 of the Internal Revenue Code imposes a tax on generation-skipping transfers (that is, transfers to individuals more than one generation below the donor).
Trusts & Estates Magazine Website
17 Cummings & Lockwood Attorneys Have Been Named 2018 New England Super Lawyers and Rising Stars
October 24, 2018Cummings & Lockwood is pleased to announce that 12 attorneys have been selected to the 2018 New England Super Lawyers list and five attorneys have been selected to the 2018 Rising Stars list.
Cummings & Lockwood’s Naples, Florida Office Marks Its 40th Anniversary
Cummings & Lockwood’s Naples, Florida office recently marked its 40th Anniversary. Established in 1978, the Naples office was the first Cummings & Lockwood office to be opened in Florida.