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No Thank You: Tax, Legal and Practical Consequences of Charitable Gifts Returned to Donors

January 1, 2020

Conrad Teitell, Heather J. Rhoades and Brianna L Marquis wrote an article for Trusts and Estate Magazine entitled "No Thank You:  Tax, Legal and Practical Consequences of Charitable Gifts Returned to Donors" which was published in the January 2020 Issue.


Trusts & Estates Magazine

Private Foundation Tax Simplified -- May Result in Higher Taxes for Some

December 31, 2019

Private foundations will now be subject to a flat excise tax of 1.39% on their net investment income. As part of the Further Consolidated Appropriations Act, 2020, Public Law No. 116-94, that was passed on December 20, 2019, the new flat rate will be effective for tax years beginning after December 20, 2019.

2019 Cummings & Lockwood Annual Update

December 31, 2019

This year marked Cummings & Lockwood's 110th anniversary.  Our founders, Homer Cummings and Charles Lockwood, opened the firm over a century ago in Stamford, Connecticut.  Since then, we have grown to over 200 lawyers, fiduciary accountants, paralegals and staff, with six locations in Connecticut and Florida.

“SECURE Act” Set to Become Law and Eliminate “Stretch” Inherited IRAs for Non-Spouse Beneficiaries

December 20, 2019

The Setting Every Community Up for Retirement Enhancement ("SECURE") Act passed the U.S. House of Representatives and Senate as part of the Spending Bill and is expected to be signed by the President before December 24th.

WEBINAR: Operating Charitable Entities: Help clients choose their philanthropic paths through a private foundation or donor-advised fund

December 11, 2019

Stefania L. Bartlett and Cara Howe Santoro, attorneys in the Private Clients Group of Cummings & Lockwood will participate in a Webinar on Wednesday, December 11, 2019 at 2:00 p.m. EST hosted by WealthManagement.com and moderated by Susan Lipp, Editor-in-Chief of Trusts & Estates Magazine.

Cummings & Lockwood Assists with the Refinancing of Greenwich Plaza, One of the Largest Commercial Real Estate Financings in Fairfield County in 2019

December 5, 2019

Cummings & Lockwood recently represented The Ashforth Company on its $150 million refinancing of the Greenwich Plaza office and retail complex, a trophy property located in the central business district of Greenwich, overlooking Long Island Sound

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.