Cummings & Lockwood

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Connecticut Again Changes Estate and Gift Taxes - And It May Not Be Done Yet

May 15, 2018

On May 15, 2018  Governor Dannel P. Malloy signed “An Act Concerning Revisions to the State Budget for Fiscal Year 2019 and Deficiency Appropriations for Fiscal Year 2018”. 

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Newman's Own Exception Makes It Easier For Private Foundations to Hold Business Interests

February 9, 2018

Section 4943(g) was added to the Internal Revenue Code on February 9, 2018.  Informally known as “Newman’s Own”, section 4943(g) provides an exception to the private foundation excess business holding rules that will allow certain private foundations to own 100% of a privately held company indefinitely, so long as certain requirements are met.

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Tax Cuts and Jobs Act of 2017

December 2017/January 2018

As you are aware, on December 22, 2017, the Federal government enacted the Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") changing, among other things, the estate, gift and generation-skipping transfer ("GST") tax regime once again.

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2017 Cummings & Lockwood Annual Update

December 31, 2017

We are grateful that 2017 was another highly successful year for Cummings & Lockwood.

Our Partners were pleased to serve existing clients, develop new professional relationships, and work with a range of individuals, families, charitable entities and businesses.

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2017 Private Clients Group Annual Legislative Update

December 2017

This update contains a discussion of the Federal estate, gift and generation skipping transfer (GST) tax exemptions and exclusions in 2017 and 2018, the Federal tax proposals currently under consideration, and the significant recent changes to the Connecticut estate and gift taxes, and more.

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Important New Changes to the Connecticut Estate and Gift Tax

November 2, 2017

On October 31, 2017, Governor Dannel P. Malloy signed the new Connecticut State Budget for the Biennium Ending June 30, 2019.  The new budget included a change to the Connecticut Estate and Gift Tax Regime. 

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2016 Cummings & Lockwood Annual Update

December 13, 2016

We are thankful that, in 2016, Cummings & Lockwood continued to serve existing clients, develop new professional relationships, and work with a range of families and businesses.

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2016 Private Clients Group Annual Client Update

November 2016

Although we cannot be certain what the new Trump Administration will seek to change in the federal tax laws, we do know that during the campaign season President-Elect Trump expressed these intentions with regard to federal estate, gift and income taxes.

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Client Alert - IRS Proposes Dramatic Changes in Valuation Discounts For Family-Owned Businesses and Entities For Gift and Estate Purposes

September 1, 2016

On August 2, 2016, the IRS proposed major changes to the Regulations under Section 2704 of the Internal Revenue Code affecting how interests in family-held businesses are to be valued when transferred among family members.

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2015 Cummings & Lockwood Annual Update

December 31, 2015

In 2015, Cummings & Lockwood was fortunate to have an extremely productive year. We enjoyed having the opportunity to serve our existing clients, develop new clients and work with a broad range of businesses. 

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Client Alert - Tax-Free Direct Charitable/IRA Distributions

November 2015

Will Congress extend expired law retroactively for 2015? If so, when? What should donors do?

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2015 Private Clients Group Annual Client Update

October 2015

Since the enactment of the American Taxpayer Relief Act of 2012, we have gained relative certainty in the federal estate, gift and generation-skipping transfer tax system. 

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