News & Insights
Heather J. Rhoades and Kelley Galica Peck Selected as 2019 “Lawyer of the Year” Honorees by Best LawyersApril 30, 2019
Cummings & 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.
Laura Weintraub Beck, Chairman of Cummings & Lockwood’s Private Clients Group, will be a featured panelist at the 31st Annual Real Property, Trust & Estate Law, National Conference in Boston on May 9th and 10th. The Panel is entitled the “Perilous Pot Trust: Balancing Families, Flexibility, and Fiduciary Duties.”
Avoid pitfalls and pratfalls—seize windfalls.April 17, 2019
Girl 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. The artwork can be restored and is believed to now be worth more than the winning $1.4 million bid!
Trusts & Estates Magazine
On 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 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.
As 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.
The 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, 2019 ed. 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.
Portability 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.
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
The charitable deduction is meant to incentivize taxpayers to contribute to charities, not find ways to cheat the system.
When assets are transferred to one or more qualified charitable organizations on death, Internal Revenue Code Section 2055(a) allows for a deduction from the value of the decedent’s gross estate.
Trusts & Estates Magazine Website
Uncle Sam looks to be coming after anyone connected to the Key Worldwide Foundation
Trusts & Estates Magazine Website