News & Insights
Margaret A. Deluca, a Principal in Cummings & Lockwood’s Private Clients Group, reviews the current federal, Connecticut and New York estate, gift and generation-skipping transfer tax laws as of December 2022. (10:09)
Various legislative and administrative tax proposals have been introduced in 2022 that would dramatically change the estate, gift and income tax environment. In this presentation, entitled “2022 Federal and State Tax Law Update,” Rachel Rhein Zarghami, a Counsel in Cummings & Lockwood’s Private Clients Group, reviews those proposals and what it might mean for you. (12:12)
Brendan P. Snowden explores the reasons why an LLC might be useful and what to consider when structuring an LLC. (24:11)
The pandemic caused a lot of families to change their state of residence or remain in a state in which they did not previously reside. (14:47)
The Florida Community Property Trust legislation that was enacted on July 1, 2021 that would allow married couples living in non-community property states to receive a full “stepped-up” income tax basis upon the death of either spouse. (21:11)
Elizabeth A. Falkoff, an Associate in Cummings & Lockwood’s Private Clients Group, covers basic wills, living wills and powers of attorney that should be in place when a person turns 18 years old. (10:21)
Daniel G. Johnson, a Principal in Cummings & Lockwood’s Private Clients Group, discusses the opportunities for clients who want to incorporate cryptocurrency, nonfungible tokens and other digital assets into their estate planning. (22:10)
Cummings & Lockwood’s Elizabeth Falkoff Receives 2022 Millennial + Gen Z Award from the Fairfield and Westchester County Business JournalsNovember 16, 2022
Cummings & Lockwood was named this year’s corporate honoree of the YWCA Greenwich’s Women Who Inspire Awards in recognition of the firm’s “outstanding leadership in developing a strong culture and practices that support gender equity and women’s empowerment.”
The Massachusetts constitution requires that the income tax must be a flat tax. On November 8, 2022, voters in Massachusetts approved a constitutional amendment for the first time in 22 years which imposes a 4% surtax on top of the state’s 5% flat tax for the portion of the annual household income exceeding $1,000,000. The $1,000,000 threshold will be adjusted annually to reflect cost-of-living increases.
On October 18, 2022, the IRS officially announced the inflation adjustments for 2023 for the gift and estate tax exemptions.
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.