News & Insights
To Gift or Not Gift? Estate Planning in Anticipation of the Gift Tax Sunset
December 6, 2023In this video, Daniel G. Johnson, a Principal in Cummings & Lockwood’s Private Clients Group, covers the analysis clients and advisors should undertake in deciding whether clients should make a large gift prior to the gift tax sunset in 2026.
IRS Delivers Early Christmas Gift by Delaying Form 1099-K $600 Reporting Threshold
November 29, 2023IRS Form 1099-K (Payment Card and Third Party Network Transactions) is used to report payments and transactions from e-commerce payment platforms, apps and payment card processors such as Venmo, Paypal, Cash App, Etsy and Ticketmaster.
Cummings & Lockwood Welcomes Four New Associates
November 28, 2023Cummings & Lockwood is pleased to announce that four new Associates have recently joined the firm. “We are very excited to have a new crop of bright and talented Associates join Cummings & Lockwood in several of our offices,” noted Laura Weintraub Beck, Chairman and Managing Director.
IRS Announces Estate, Gift and Generation-Skipping Transfer (GST) Tax Inflation Increases for 2024
November 14, 2023On November 9, 2023, the IRS officially announced the inflation adjustments for 2024 for the gift and estate tax exemptions. The federal estate, gift and generation-skipping tax exemption will increase to $13,610,000 for 2024 from $12,920,000 in 2023. This is an increase of $690,000.
42 Cummings & Lockwood Attorneys Have Been Recognized by Best Lawyers® in America in Its 2024 Edition
November 2, 2023Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® in The Best Lawyers in America®, 10 Ones to Watch® in America and 1 Lawyer of the Year in the 2024 edition for a total of 42 attorneys.
Cummings & Lockwood Wins Significant Trust and Estate Litigation Case
October 16, 2023Cummings & Lockwood recently obtained a significant victory before the Connecticut Supreme Court in a case that will have long-lasting implications for trust and estate planning and litigation in Connecticut. On September 26, 2023, the Supreme Court officially released its decision in Salce v. Cardello.
Cummings & Lockwood Analyzes Massachusetts’ Recent $1 Billion Tax Relief Package
October 11, 2023On October 4, 2023, the Governor of Massachusetts signed into law the first tax cuts in Massachusetts in more than 20 years. The tax relief package is designed to deliver more than $561 million in tax relief to individuals and companies during the 2023-2024 fiscal year and top $1 billion in tax relief by the 2027 fiscal year when the package is fully phased in.
13 Cummings & Lockwood Attorneys Have Been Recognized as Connecticut Super Lawyers and Rising Stars in 2023
October 9, 2023Cummings & Lockwood is pleased to announce that 13 Cummings & Lockwood attorneys have been selected Connecticut 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.
IRS and U.S. Treasury Release Guidance on Cryptocurrency Reporting
September 7, 2023Crypto staking rewards are a kind of digital “dividend” or “interest” paid to cryptocurrency owners who help regulate and validate cryptocurrency transactions in the underlying blockchain network.
42 Cummings & Lockwood attorneys have been recognized by Best Lawyers® as “The Best Lawyers in America.”
August 22, 2023Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® as The Best Lawyers in America®, 10 Ones to Watch® in America and 1 Lawyer of the Year in the 2024 edition for a total of 42 attorneys.
Cumming’s & Lockwood Private Clients Practice Garners Top Spot in the 2023 Issue of Chambers High Net Worth Guide for the 8th Consecutive Year
July 25, 2023Cummings & Lockwood is pleased to announce that for the 8th consecutive year, the firm’s trusts and estates practice in Connecticut was ranked in Band 1 in Private Wealth Law by Chambers in their 2023 Chambers High Net Worth Guide, which offers market-leading rankings, reviews and insights to the world's leading professional advisers.
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.