Alerts & Updates
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.
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.
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.
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.
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.
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.
Client Alert - IRS Proposes Dramatic Changes in Valuation Discounts For Family-Owned Businesses and Entities For Gift and Estate PurposesSeptember 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.
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.
Will Congress extend expired law retroactively for 2015? If so, when? What should donors do?
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.
Thank you for the opportunity to work with you during the past year. We offer this Annual Update to share some of the Firm's engagements and developments during 2014.
The year 2014 has been, relatively speaking, a quiet one on the federal estate, gift and generation-skipping transfer (“GST”) tax front.