News & Insights
Jessie A. Gilbert, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, explains simple ways to make smaller gifts that add up over time, as well as “freeze” techniques that allow clients to transfer assets to trusts, retaining the use of the assets but giving the appreciation on the assets to children and other family members. (17:03)
Daniel G. Johnson, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, addresses various questions such as the following: Should clients be taking advantage of higher federal and state gift tax exemptions? Should they be establishing dynasty trusts in jurisdictions such as Delaware, South Dakota, Alaska, etc. How should such trusts be structured to keep the assets available to the family for generations? (36:26)
IRS Deems Disclaimer of Trust Interest Not Subject to Gift TaxNovember 26, 2018
A disclaimer, in the most basic estate-planning sense, is a refusal to accept an interest in property. But why would someone ever reject an interest in a trust or an inheritance? There’s actually several reasons.
Trusts & Estates Magazine Website
Stefania L. Bartlett and Cara Howe Santoro, trusts and estates attorneys in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discuss how, even with higher exemptions, many individuals are still motivated to give to charity to reduce taxes and to fulfill philanthropic goals. (19:49)
Estate Planning for Individuals Whose Circumstances Have Changed as a Result of Divorce or RemarriageNovember 2018
Susan Huffard, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses the many ways in which a divorce or remarriage can impact an individual’s estate planning needs. (15:48)
Kathleen M. Merrigan, a residential real estate attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses the tax and practical steps individuals should be taking before they downsize, including figuring out the cost basis in their home, preparing for sale, cleaning up open permits, and resolving the estate tax lien from a predeceased spouse. (11:00)
Daniel P. Fitzgerald, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Greenwich, Connecticut, discusses how to navigate the sensitive issues surrounding the incapacity and last days of an individual’s life, including deathbed gifts, funding of revocable trusts, simplification of asset base and step up in basis planning. (17:28)
On November 20, 2018, the Internal Revenue Service issued proposed regulations to address one of the lingering concerns of using the increased gift tax exemption on gifts prior to 2026 - the so-called “clawback.”
Cummings & Lockwood LLC is pleased to announce that 32 of its attorneys in Connecticut and Florida have been listed in The Best Lawyers in America® 2019. Since it was first published in 1983, Best Lawyers® has become universally regarded as the definitive guide to legal excellence.
A recent PLR demonstrates the dangers that even judicial modifications can pose to a trust's tax status.October 26, 2018
Chapter 13 of the Internal Revenue Code imposes a tax on generation-skipping transfers (that is, transfers to individuals more than one generation below the donor).
Trusts & Estates Magazine Website
Cummings & Lockwood is pleased to announce that 12 attorneys have been selected to the 2018 New England Super Lawyers list and five attorneys have been selected to the 2018 Rising Stars list.
Cummings & Lockwood’s Private Clients Group held its 2018 Connecticut Estate and Tax Planning Seminars at Wee Burn Country Club in Darien on October 23, the Field Club of Greenwich in Greenwich on October 25, The Inn at Longshore in Westport on October 30, Stamford Yacht Club in Stamford on November 7, and the Roger Sherman Inn in New Canaan on November 8.