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2019 Private Clients Group Annual Client Update

November 26, 2019

This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.

Federal Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.

Connecticut Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the Connecticut estate and gift tax rates and exemptions for the period 2017-2026.

Uniform Lifetime Table for Required Minimum Distributions From Traditional IRAs*

This uniform lifetime table details the minimum distributions allowed from traditional IRAs from the ages of 70 through 90.

IRS Confirms Gifts Using Higher Exemption Amounts Won’t Be “Clawed back” for Estate Tax Purposes After 2025

November 22, 2019

The Treasury Department and the Internal Revenue Service have officially confirmed that in the event the federal gift and estate tax exemptions are reduced in the future, taxpayers will not be penalized with a “clawback” for the use of higher exemption amounts.

2019 Professional Advisors Seminar

November 21, 2019

Cummings & Lockwood’s Private Clients Group in Stamford and Greenwich hosted its 2019 Professional Advisors Seminar on Thursday, November 21, 2019, at the Inn at Longshore in Westport, Connecticut. 

2019 Year-End Summary of Federal, Connecticut and New York Estate, Gift and Transfer Tax Update

November 2019

In this video, Rachel Rhein Zarghami, a Counsel in Cummings & Lockwood’s Private Clients Group, reviews the 2019 year-end Federal, Connecticut and New York estate, gift and generation-skipping transfer tax laws, as well as the laws of other states that have changed their estate tax exemptions.  (4:05)

Connecticut Uniform Trust Code (CUTC)

November 2019

In this video, Jessie A. Gilbert, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the Connecticut Uniform Trust Code which was effective on January 1, 2020.  This Act is a major revision to the trust law in Connecticut, containing many changes to the administration of trusts in Connecticut and creating some new planning opportunities for clients in Connecticut.  (16:53)

Connecticut Dynasty Trusts and Directed Trusts

November 2019

In this video, Daniel P. Fitzgerald, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the Directed Trust Act which is part of the new trust legislation in Connecticut.    (13:03)

Connecticut Domestic Asset Protection Trusts

November 2019

In this video, Laura Weintraub Beck and Margaret A. Deluca, Principals in Cummings and Lockwood’s Private Clients Group, discuss Connecticut Domestic Asset Protection Trusts, part of sweeping trust legislation which became effective on January 1, 2020.   (28:43)

Domicile Audit and Appeals

November 2019

In this video, David T. Martin, a Principal in Cummings & Lockwood’s Litigation Group, discusses domicile audits and appeals.  Connecticut and other states continue to aggressively audit income and estate tax returns, claiming that individuals are domiciled in such state.   (8:34)

Anatomy of a Will Contest

November 2019

In this video, Michael P. Kaelin, a Principal in Cummings & Lockwood’s Litigation Group, discusses the nature of a Will contest and how there has been a significant rise in Probate litigation in Connecticut.  He reviews when a Will and other estate planning documents and structures can be contested and whether such claims might be successful.  (22:25)