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U.S. Supreme Court rules in favor of Trust on Question of State Income Taxation

June 21, 2019

 

On June 21, 2019, the United States Supreme Court, by a unanimous decision, held that the State of North Carolina could not impose a state level income tax on a trust based solely on the residence of the beneficiary of the trust. 

Fractional Gifts of Art

Reducing Capital Gains Taxes with Charitable Remainder Trusts
June 17, 2019
Trusts & Estates Magazine
By Conrad Teitell, Laura Weintraub Beck, and Sarah A. Ricciardi

Connecticut Real Estate Sales in Excess of $2.5 Million Will Face Additional “Mansion Tax” under New Law

June 10, 2019

The recently approved Connecticut 2020/2021 state budget includes an increase in the rate of tax charged on real estate sales in excess of $2.5 million, which is being referred to as the “mansion tax.”  This new rate structure will be effective on July 1, 2020. 

Connecticut Enacts Historic and Sweeping Trust Legislation

June 5, 2019

The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code.  This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law that will greatly enhance the administration of trusts and planning opportunities for clients in Connecticut.

Connecticut Enacts Historic and Sweeping Trust Legislation

June 5, 2019

The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code.  This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law:  Dynasty Trusts, Domestic Asset Protection Trusts, Directed Trusts and Statutory Trust Rules.  Kelley Galica Peck, a partner in Cummings & Lockwood’s Private Clients Group who is based in the Firm’s West Hartford office, was instrumental in the drafting and proofing of The Act.

Administering Your Revocable Trust

A Private Clients Group White Paper

This Memorandum is intended as a general guide for you to use in administering your Revocable Trust (also known as a “Living Trust”) and deciding whether you wish to transfer assets to (or “fund”) your Revocable Trust during your lifetime.  This Memorandum also provides guidance for making the title transfers that are necessary if you do wish to fund your Trust during your life.

Administration of Irrevocable Insurance Trusts

A Private Clients Group White Paper

This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable insurance trust.  When properly implemented and administered, such a trust will prevent the imposition of estate tax on any life insurance policies owned by the trust, both at the insured’s death and at the death of the insured’s surviving spouse.

Irrevocable Life Insurance Trusts

A Private Clients Group White Paper

Many people are attracted to life insurance by the promise of security a life insurance policy can provide.  Advertisements for life insurance policies frequently point out that life insurance proceeds can help the survivors of the insured accomplish a number of objectives, including paying off a mortgage, providing the funds required for the complete education of children and providing family members with an additional source of income.

Cool Charitable Contribution Strategies in the New Tax Climate

May 23, 2019

Conrad Teitell, a Principal in the Stamford office of Cummings & Lockwood will be speaking at the 38th Annual Attorney/Trust Officer Liaison Conference which will be held Thursday, August 22 - Saturday, August 24, 2019 at The Breakers in Palm Beach, Florida.

The IRS Clarifies that Private Equity, Hedge Funds and Other Partnerships are Subject to Withholding Requirements When Foreign Persons are Involved

May 23, 2019

On May 7, 2019, the IRS issued proposed regulations for new code section 1446(f), which requires withholding of income tax when a foreign person recognizes gain or loss from the sale or exchange of certain partnership interests, as described in IRC 864(c)(8).  Such interests include limited partner interests in private equity and hedge funds.

Add Calling your Trusts and Estates Attorney to Your To Do List Before Your High School Grad Heads Off to College the Fall

May 21, 2019

Congratulations! Your child has graduated high school, been accepted to college and has either turned 18 years old or is close to it.  As you make your college prep to do list, you might want to add calling your trusts and estate attorney to the list.

Laura Weintraub Beck Honored by the Child Guidance Center of Southern Connecticut

May 4, 2019

On May 4, 2019, the Child Guidance Center (CGC) of Southern Connecticut presented Laura Weintraub Beck the inaugural Edna and Malcolm Edgerton Award at their annual gala which was held at the Wee Burn Beach Club.