News & Insights
Crypto-proofing Your Estate Plan
June 22, 2022Although digital assets have been around for quite some time, we are seeing now, more than ever, a new wave of people who are choosing to invest in digital assets such as cryptocurrencies and NFTs (“crypto-assets”) over more traditional assets such as real estate and securities.
Daniel P. Fitzgerald elected Principal-in-Charge of the Greenwich office of Cummings & Lockwood LLC
June 1, 2022Cummings & Lockwood is pleased to announce that Daniel P. Fitzgerald has been elected Principal-in-Charge of the Greenwich office of Cummings & Lockwood LLC.
Cummings & Lockwood is pleased to announce that Kelley Galica Peck has been elected Principal-in-Charge of the West Hartford office
June 1, 2022Cummings & Lockwood is pleased to announce that Kelley Galica Peck has been elected Principal-in-Charge of the West Hartford office of Cummings & Lockwood LLC.
John F. Carberry elected Principal-in-Charge of the Stamford office of Cummings & Lockwood LLC
June 1, 2022Cummings & Lockwood is pleased to announce that John F. Carberry has been elected Principal-in-Charge of the Stamford office of Cummings & Lockwood LLC.
IRS Issues Proposed Regulations Clarifying Anti-Clawback Rules for Retained Interest Gifts
April 29, 2022In November of 2019, the IRS issued final regulations referred to as the “Anti-Clawback” regulations that made it clear that a taxpayer who took advantage of the higher gift tax exemptions (currently, $12,060,000) available under the 2017 Tax Cuts and Jobs Act would not owe additional estate tax upon death if the exemption is lower at the time of death. The regulation was needed since the estate tax calculation includes lifetime taxable gifts. Otherwise, a taxpayer who made a large gift now may not pay gift tax but the estate would pay estate tax upon the taxpayer’s death if the exemption was lower at that time.
Steven I. Frenkel Appointed New Chairman of Cummings & Lockwood’s Litigation Group
April 11, 2022Cummings & Lockwood is pleased to announce that Principal Steven I. Frenkel has been appointed the new Chairman of the Firm’s Litigation Group, effective April 11, 2022. He will replace John W. Cannavino who has served in that position for 18 years.
The Biden Administration's Revenue Proposals Again Include Changes to the Estate and Gift Tax System
March 30, 2022On March 28, 2022, the Biden Administration released its “General Explanation of the Administration’s Fiscal Year 2023 Revenue Proposals.” The document again supports several drastic changes to the estate and gift tax system in addition to changes to the income tax system.
Laura Weintraub Beck, recognized as a “Distinguished Leader” by Connecticut Law Tribune as part of its 2022 Connecticut Legal Awards
March 22, 2022Congratulations to Laura Weintraub Beck, the new Chairman and Managing Director of Cummings & Lockwood LLC and Principal in the firm’s Private Clients Group, who was recognized as a “Distinguished Leader” by Connecticut Law Tribune as part of its 2022 Connecticut Legal Awards
Status of Remote Notarizations in New York and Connecticut
February 24, 2022On December 22, 2021, New York joined 39 other states (including Florida) to make remote notarizations permanently legal.
Samuel (Sam) J. Raymond joins Cummings & Lockwood's Private Clients Group in Naples, Florida
February 7, 2022Samuel (Sam) J. Raymond recently joined Cummings & Lockwood as an Associate in its Private Clients Group and is based in the firm’s Naples office. He focuses his practice on trusts and estate planning and probate and estate administration.
The Department of the Treasury Issues Proposed Regulations Implementing the Corporate Transparency Act
February 3, 2022In December 2021, the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury issued proposed regulations implementing certain beneficial ownership reporting requirements of the Corporate Transparency Act of 2020.
