News & Insights
Cummings & Lockwood Assists Estate in Preserving Significant Estate Tax Deduction Challenged by IRS
August 29, 2018
Cummings & Lockwood LLC successfully defeated an argument by the Internal Revenue Service where the IRS required the payment of additional federal estate tax based on the IRS’s partial disallowance of the deduction for state death taxes under § 2058 of the Internal Revenue Code (the “IRC”).
Bargain Sales to Charities: Charitable Deductions and Capital Gains Savings
The donor allocates the property's cost basis between the gift element and the sale element, based on the fair market value of each part.
August 23, 2018The donor allocates the property's cost basis between the gift element and the sale element, based on the fair market value of each part.
The New York Law Journal
Client Alert - IRS Proposes Regulations on How the Qualified Business Income Deduction (199A) Will Apply to Estates and Trusts
August 16, 2018The Tax Cuts and Jobs Act of 2017 (the "Act") created a new deduction under section 199A of the Internal Revenue Code for Qualified Business Income. The new deduction allows the owner of an interest in a pass through entity to take a deduction of up to 20% of the Qualified Business Income of the entity each year.
Laura Weintraub Beck Appointed New Chair of Cummings & Lockwood’s Private Clients Group
August 1, 2018Cummings & Lockwood is pleased to announce that Laura Weintraub Beck has been appointed Chair of the Firm’s Private Clients Group, effective immediately.
Cummings & Lockwood Recognized As One of the Leading Trusts and Estates Practices in Connecticut by Chambers & Partners
July 25, 2018Cummings & Lockwood is pleased to announce that for the third year in a row the Firm’s Private Clients Group has been ranked in Tier 1 by Chambers & Partners in the 2018 edition of Chambers High Net Worth Guide.
Seven Cummings & Lockwood’s Trusts & Estates Attorneys Named 2018 Florida Super Lawyers
June 17, 2018Cummings & Lockwood is pleased to announce that the following seven trusts and estates attorneys in the Firm’s Naples and Bonita Springs offices have been selected Florida Super Lawyers in 2018.
Protecting and Transitioning Your Wealth: A Comprehensive View of Trust and Estate Planning for Family Offices
A Private Clients Group White Paper
Cummings & Lockwood’s private client attorneys recently published a white paper in conjunction with the Family Office Association entitled “Protecting and Transitioning Your Wealth: A Comprehensive View of Trust and Estate Planning for Family Offices.” This white paper addresses essential elements of planning – from life planning and administration to trust selection and asset protection.
GST Tax Exemptions in Jeopardy
A recent PLR showcases risks associated with modifying grandfathered generation-skipping transfer trusts
May 17, 2018The provisions of Chapter 13 of the Internal Revenue Code aren't for the faint of heart. That chapter specifically deals with the tax on generation-skipping transfers, that is transfers to individuals more than one generation below the donor.
Trusts & Estates Magazine Website
Client Alert - Charitable Contributions Guidance Updated by IRS
May 15, 2018The provisions of Chapter 13 of the Internal Revenue Code aren't for the faint of heart. That chapter specifically deals with the tax on generation-skipping transfers, that is transfers to individuals more than one generation below the donor.
What Beats A Charitable Bequest Under The New Tax Law?
April 9, 2018“Many people go to their lawyers and add a charity in their wills. Instead, I suggest they consider a charitable remainder trust or a charitable gift annuity,” says tax lawyer Conrad Teitell, chairman of the Charitable Planning Group at Cummings & Lockwood who has published the Taxwise Giving newsletter since 1964. Most leading charities, including colleges, offer these "planned giving" opportunities.
Forbes
Gift Split Gaffe
Accountant's Mistake Could Result in Increased Generation-Skipping Transfer Taxes
April 2, 2018When a taxpayer signs a Form 709 reporting transfers subject to federal gift tax, he signs under penalties of perjury that he’s examined the return and, to the best of his knowledge, the return is “true, correct, and complete.” But honestly, does the average taxpayer truly know or understand the tax implications of the gifts he makes?
Trusts & Estates Magazine Website
How To Give It Away
February/March 2018 IssueLaura Weintraub Beck, a trusts and estates attorney in Cummings & Lockwood’s Greenwich, Connecticut office, was quoted in an article entitled “How to Give It Away” in The Magazine published by AARP in the February/March 2018 issue.
AARP's The Magazine