News & Insights
Heather J. Rhoades and Kelley Galica Peck Selected as 2019 “Lawyer of the Year” Honorees by Best Lawyers
April 29, 2019Cummings & Lockwood LLC is pleased to announce that Heather J. Rhoades (Trusts and Estates) and Kelley Galica Peck (Trusts and Estates Litigation), Principals in the Firm’s Private Clients Group in West Hartford, Connecticut, have been selected as “Lawyer of the Year” Honorees by Best Lawyers.
Deducting Charitable Art Donations
April 16, 2019Girl With a Balloon by British street artist Banksy was shredded in its frame seconds after the winning telephone bid of $1.4 million at a Sotheby’s London auction on Oct. 6, 2018. The prank—believed to be arranged by the artist himself — was accomplished by a remote-control device at the back of the frame.
Trusts & Estates Magazine
New IRS Guidance on Opportunity Zone Investments
April 16, 2019On April 17, 2019, the IRS and U.S. Treasury Department issued proposed regulations (Proposed Treas. Reg. Sec. 1400Z-2), that provide new guidance for qualified "Opportunity Funds" investing in "Opportunity Zones."
Cummings & Lockwood Successfully Represents 9/11 Widow in Connecticut Supreme Court
April 15, 2019Cummings & Lockwood LLC attorneys convinced the Connecticut Supreme Court to dismiss Probate Court proceedings restricting our client’s use of funds that had been awarded to her by the September 11th Victim’s Compensation fund for the support of her minor child upon the death of her husband in the attacks on the World Trade Center in 2001.
Increase in New York Real Property Transfer Taxes, Including “Progressive Mansion Tax”
April 10, 2019As part of the 2019/2020 New York State Budget Bill that was passed, New York included a progressive mansion tax with a top tax rate of 3.90% on properties purchased for $25 million or above.
NY Extends the Three Year Look Back for Lifetime Gifts when Calculating the New York Estate Tax
April 3, 2019The New York estate tax exemption currently is $5,740,000. The exemption is adjusted for inflation and will increase over time.
Probate Jurisdiction and Procedure in Connecticut, 3d
March 31, 2019Probate Jurisdiction and Procedure in Connecticut, 3d provides extensive discussion of the jurisdiction and procedure of Connecticut estates practice, including detailed analysis of requirements and administrative opinions, and the powers of probate courts and probate bonds.
How Does Portability Effect Your Estate Plan?
March 26, 2019Portability is the term used to describe a relatively new provision in federal estate tax law that allows a widow or widower to use any unused federal estate tax exemption of his or her deceased spouse to shelter assets from gift tax during the surviving spouse’s life and/or estate tax at the surviving spouse’s death.
Digital Assets
A Private Clients Group White Paper
Digital assets include photos and videos to music, whether on devices or in the cloud, as well as email accounts, social networking accounts, internet domain names, blogs, online gaming items, and client lists and other electronic files
Falling From Legislative Grace
March 25, 2019The charitable deduction is meant to incentivize taxpayers to contribute to charities, not find ways to cheat the system.
Trusts & Estates Magazine Website
The IRS Man Cometh for College Admission Scammers
March 25, 2019The charitable deduction is meant to incentivize taxpayers to contribute to charities, not find ways to cheat the system.
Trusts & Estates Magazine Website
Sick of Paying State Income Taxes?
A Private Clients Group White Paper
March 24, 2019Every year as clients file their income tax returns, we field questions about how to be considered a resident of another state (often a state with no state income tax) to reduce or eliminate state income taxes.