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Greenwich Magazine - 203 Ways to Live the Good Life in Fairfield County

July 2019 Issue

No. 193 - Thank goodness you've drafted your Will, so now you don't have anything to worry about.  Actually, maybe you do.  Contrary to popular belief, your Will does not control what happens to everything you own upon your death.


Greenwich Magazine

Major Changes in CT Trust Law Offer Expanded Protections, Possible Windfall for State

July 6, 2019

Sweeping changes to Connecticut’s trust laws  are set to take effect on January 1, 2020, bringing the state into alignment with several others and potentially creating a windfall of millions of dollars for Connecticut’s coffers.


Fairfield Couny Business Journal - Daily Voice Plus Section
By Keith Zimmerman

How Much Will the Mansion Tax in Connecticut Increase Fees on Sales?

July 4, 2019

The law, which has existed for some time, has increased rates on the most expensive homes.  Kathleen M. Merrigan, a Residential Real Estate Principal in the Greenwich office, was quoted in an article by V.L. Hendrickson published in Mansion Global on July 4, 2019.

Connecticut Adopts Omnibus Trust Code

June 27, 2019

Kelley Galica Peck, a Principal in the West Hartford office, wrote an article for Steve Leimberg’s Estate Planning Newsletter entitled “Connecticut Adopts Omnibus Trust Code.”

U.S. Supreme Court Rles in Favor of Trust on Question of State Income Taxation

June 21, 2019

On June 21, 2019, the United States Supreme Court, by a unanimous decision, held that the State of North Carolina could not impose a state level income tax on a trust based solely on the residence of the beneficiary of the trust. 

Fractional Gifts of Art

Reducing Capital Gains Taxes with Charitable Remainder Trusts

Conrad Teitell, Laura Weintraub Beck and Sarah A. Ricciardi wrote an article for Trusts and Estate Magazine entitled "Fractional Gifts of Art" which was published in the June 2019 Issue.


Trusts & Estates Magazine
By Conrad Teitell, Laura Weintraub Beck, and Sarah A. Ricciardi

Connecticut Real Estate Sales in Excess of $2.5 Million Will Face Additional “Mansion Tax” under New Law

June 10, 2019

The recently approved Connecticut 2020/2021 state budget includes an increase in the rate of tax charged on real estate sales in excess of $2.5 million, which is being referred to as the “mansion tax.”  This new rate structure will be effective on July 1, 2020. 

Connecticut Enacts Historic and Sweeping Trust Legislation

June 5, 2019

The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code.  This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law that will greatly enhance the administration of trusts and planning opportunities for clients in Connecticut.

Connecticut Enacts Historic and Sweeping Trust Legislation

June 5, 2019

The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code.  This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law:  Dynasty Trusts, Domestic Asset Protection Trusts, Directed Trusts and Statutory Trust Rules.  Kelley Galica Peck, a partner in Cummings & Lockwood’s Private Clients Group who is based in the Firm’s West Hartford office, was instrumental in the drafting and proofing of The Act.

Administering Your Revocable Trust

A Private Clients Group White Paper

This Memorandum is intended as a general guide for you to use in administering your Revocable Trust (also known as a “Living Trust”) and deciding whether you wish to transfer assets to (or “fund”) your Revocable Trust during your lifetime.  This Memorandum also provides guidance for making the title transfers that are necessary if you do wish to fund your Trust during your life.

Administration of Irrevocable Insurance Trusts

A Private Clients Group White Paper

This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable insurance trust.  When properly implemented and administered, such a trust will prevent the imposition of estate tax on any life insurance policies owned by the trust, both at the insured’s death and at the death of the insured’s surviving spouse.

Irrevocable Life Insurance Trusts

A Private Clients Group White Paper

Many people are attracted to life insurance by the promise of security a life insurance policy can provide.  Advertisements for life insurance policies frequently point out that life insurance proceeds can help the survivors of the insured accomplish a number of objectives, including paying off a mortgage, providing the funds required for the complete education of children and providing family members with an additional source of income.