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IRS Issues Proposed Regulations Clarifying Anti-Clawback Rules for Retained Interest Gifts

April 29, 2022

In 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, 2022

Cummings & 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, 2022

On 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, 2022

Congratulations 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, 2022

On 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, 2022

Samuel (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, 2022

In 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.

Laura Weintraub Beck Named Cummings & Lockwood’s First Female Chairman and Managing Director Succeeding Jonathan B. Mills

December 15, 2021

Cummings & Lockwood has named Laura Weintraub Beck the firm’s Chairman and Managing Director, succeeding Jonathan B. Mills, who served the firm in that capacity for 19 years.  Mr. Mills was the youngest and longest tenured person to hold that position in the firm’s 113 year history.

Heather J. Rhoades Appointed Chairman of Cummings & Lockwood’s Private Clients Group

December 15, 2021

Cummings & Lockwood is pleased to announce that Heather J. Rhoades has been appointed the new Chairman of the firm’s Private Clients Group, effective January 1, 2022.  She will replace Laura Weintraub Beck who will assume the role of Chairman and Managing Director of the firm.

Daniel P. Fitzgerald, Principal in Cummings & Lockwood’s Private Clients Group, to Speak at CTCPA’s Federal Tax Conference

November 24, 2021

Daniel P. Fitzgerald, a Principal in Cummings & Lockwood’s Private Clients Group, will be giving a presentation at the Connecticut Society of CPA’s Live Stream Federal Tax Conference on Wednesday, December 1, 2021, from 10:20 a.m. - 11:20 a.m.  

IRS Raises Annual Exclusion and Gift and Estate Tax Exemptions for 2022

November 11, 2021

In Revenue Procedure 2021-45, the IRS announced its inflation adjustments to key figures for the calendar year 2022. For the first time in several years, the annual exclusion from gift tax will increase from $15,000 to $16,000 per year per donee effective January 1. 2022.