News & Insights
Cryptocurrency - Estate and Charitable Planning and Compliance
Getting up to speed on virtual currencies for fiduciaries, heirs and charities
January 2019Trusts & Estates Magazine
2018 Cummings & Lockwood Annual Update
December 30, 2018As we complete our 110th year, our Partners are grateful to have assisted existing and new clients, serving a range of individuals, families, charitable entities and businesses.
December 2018 Client Update
December 2018Cummings & Lockwood’s Private Clients Group advises on changes in the federal and state tax laws and general estate planning developments in 2018, including estate, gift and GST tax rates and exemptions
Ancillary Probate in Florida
December 3, 2018The “Sunshine State” is well-known for attracting individuals, such as snowbirds, who often own Florida property without becoming residents of the state. However, if a non-resident of Florida dies leaving Florida property, administration of the decedent’s estate may be complicated by the need for an ancillary probate proceeding in Florida to dispose of the Florida property.
Practical Law Journal
Financial Crimes Enforcement Network Revises Geographic Targeting Orders; Lowering Dollar Threshold and Including Additional Geographic Locations
On November 15, 2018, the Financial Crimes Enforcement Network of the U.S. Treasury Department (“FinCEN”) announced that it had revised its existing “Geographic Targeting Orders” (“GTOs”) to expand the included geographic areas, significantly lower the applicable dollar threshold, make said threshold consistent across all geographic areas, and include purchases made using virtual currency.
Investments in Opportunity Zones Allow Investors to Defer and Possibly Eliminate Capital Gains as Potential Alternative to 1031 Exchanges
On October 19, 2018, the U.S. Treasury Department released proposed regulations relating to the Opportunity Zones program, which is an investment tool established by the 2017 Tax Cuts and Jobs Act allowing investors in certain “Opportunity Zones” to defer and partially eliminate capital gains taxes on gains realized from selling real or personal property.
2018 Federal and Connecticut Estate and Gift Tax
November 2018Rachel Rhein Zarghami, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discusses the changes to federal and Connecticut estate, gift and generation-skipping transfer tax laws in 2018, as well as changes to the laws of other states that have changed their estate tax exemptions. (6:30)
Estate Planning for Individuals in Their Earlier Years
November 2018David W. Thal, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discusses how professional advisors can assist young clients in their estate planning. (18:25)
Estate Planning for Individuals Interested in Making Small Gifts to Children or Grandchildren
November 2018Jessie A. Gilbert, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, explains simple ways to make smaller gifts that add up over time, as well as “freeze” techniques that allow clients to transfer assets to trusts, retaining the use of the assets but giving the appreciation on the assets to children and other family members. (17:03)
Disclaimer Danger: IRS Deems Disclaimer of Trust Interest Not Subject to Gift Tax
November 25, 2018A disclaimer, in the most basic estate-planning sense, is a refusal to accept an interest in property. But why would someone ever reject an interest in a trust or an inheritance? There’s actually several reasons.
Trusts & Estates Magazine Website
Estate Planning for Individuals Who Are Ready to Make Large Gifts to Family Members
November 2018Daniel G. Johnson, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, addresses various questions such as the following: Should clients be taking advantage of higher federal and state gift tax exemptions? (36:26)
Estate Planning for Individuals Interested in Giving to Charity
November 2018Stefania L. Bartlett and Cara Howe Santoro, trusts and estates attorneys in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discuss how, even with higher exemptions, many individuals are still motivated to give to charity to reduce taxes and to fulfill philanthropic goals. (19:49)