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Administration of Irrevocable Insurance Trusts

A Private Clients Group White Paper

This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable insurance trust.  When properly implemented and administered, such a trust will prevent the imposition of estate tax on any life insurance policies owned by the trust, both at the insured’s death and at the death of the insured’s surviving spouse.

Relocating to Connecticut

A Private Clients Group White Paper
January 25, 2021

Cummings & Lockwood has prepared this memorandum to provide basic information about relocating to Connecticut.  Drawing on our experience in advising newly relocated clients, we have summarized certain local procedures and laws which may be helpful to you in preparing to live in Connecticut.

What will happen to estate, gift and generation-skipping transfer tax exemptions in 2021 and beyond?

January 21, 2021

With the inauguration of President Joe Biden and a congress narrowly controlled by the Democratic party, many clients and estate planners have begun to worry about what, if anything, will happen to the federal estate, gift and generation-skipping transfer (“GST”) tax exemptions and rates in 2021 and beyond.

New York Changes Durable Power of Attorney Law

January 11, 2021

On December 15, 2020, Governor Cuomo signed into law a bill changing New York’s durable power of attorney statutory form.  The goal was to simplify the form and alleviate practical problems that result from the current statutory form.  

IRS Issues Final Regulations on Taxation of Carried Interest under IRC 1061

January 8, 2021

On July 31, 2020, the Internal Revenue Service issued proposed regulations regarding taxation of an “Applicable Partnership Interest” or API, under Internal Revenue Code (IRC) section 1061, clarifying and elaborating on the taxation of  API (including items such as carried interest).  In 2017, under what is commonly known as the Tax Cuts and Jobs Act, Congress enacted IRC 1061.

2020 Cummings & Lockwood Annual Update

December 31, 2020

2020 was an especially challenging period.  An unprecedented COVID-19 pandemic, a world-wide health crisis, associated disruptions to businesses and the global economy, and a bitterly divided election created stress and uncertainty throughout the year.

35 Cummings & Lockwood Attorneys in Connecticut and Florida Have Been Named Among The Best Lawyers in America for 2021, 2 Attorneys Received Lawyer of the Year Awards and 8 Attorneys Have Been Identified as the Ones to Watch

November 30, 2020

Cummings & Lockwood LLC is pleased to announce that 35 of its attorneys in Connecticut and Florida have been listed in The Best Lawyers in America® 2021.  

Cummings & Lockwood's Connecticut and Florida Offices Ranked as Best Law Firms in 2021

November 30, 2020

Cummings & Lockwood is pleased to announce that all of the Firm’s six offices in Connecticut and Florida have been recognized in their metropolitan areas and main practice areas as among the “Best Law Firms in 2021” by U.S. News & World Report and Best Lawyers.

IRS Opens the Door to Pass-Through Workaround for SALT Deductions

November 16, 2020

The Tax Cuts and Jobs Act (“the 2017 Tax Act”) limited individuals to a $10,000 cap on deducting individual state and local taxes paid in a calendar year, starting in 2018 and set to sunset by 2026.

IRS Announces 2021 Estate and Gift Tax Inflation Adjustments

November 16, 2020

In Revenue Procedure 2020-25, the IRS announced the inflations adjustments for the estate and gift tax exemptions and annual exclusions.

Philanthropic Tax Planning for Family Members and Charities

Strategies for Fat and Skinny Cat Clients

Trusts & Estates Magazine
By Conrad Teitell, Stefania L. Bartlett, and Cara Howe Santoro

Charitable Tax Planning in an Uncertain Coronavirus and Tax World

Walking-around Knowledge on the Basics and the New Stuff

Trusts & Estates Magazine
By Conrad Teitell, Stefania L. Bartlett, and Cara Howe Santoro