Cummings & Lockwood

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Client Alert - Connecticut Changes Estate and Gift Tax Exemption - Final Answer?

September 7, 2018

In 2018, the Connecticut exemption amount from estate and gift tax has been increased from its prior level of $2,000,000 per individual to $2,600,000.  It is slated to increase to $3,600,000 beginning on January 1, 2019.

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Client Alert - IRS Proposes Regulations on How the Qualified Business Income Deduction (199A) Will Apply to Estates and Trusts

August 17, 2018

The Tax Cuts and Jobs Act of 2017 (the "Act") created a new deduction under section 199A of the Internal Revenue Code for Qualified Business Income.  The new deduction allows the owner of an interest in a pass through entity to take a deduction of up to 20% of the Qualified Business Income of the entity each year.

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Client Alert - Charitable Contributions Guidance Updated by IRS

May 16, 2018

The IRS has consolidated and clarified charitable contributions guidance with new a Revenue Procedure effective May 16, 2018.  This impacts both private foundations, as well as individual donors.

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Client Alert - 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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Client Alert - The 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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Client Alert - 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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