News & Insights
Are you prepared? Have you given serious thought to your estate planning, final wishes, and your beneficiaries?
Beyond the Gates
Getting up to speed on virtual currencies for fiduciaries, heirs and charitiesJanuary 2019
Conrad Teitell, Heather J. Rhoades and Katherine A. McAllister, attorneys in the Private Clients Group, wrote an article for Trusts and Estate Magazine entitled "Cryptocurrency - Estate and Charitable Planning and Compliance" which was published in the January 2019 Issue.
Trusts & Estates Magazine
As we complete our 110th year, our Partners are grateful to have assisted existing and new clients, serving a range of individuals, families, charitable entities and businesses.
Cummings & Lockwood’s Private Clients Group advises on changes in the federal and state tax laws and general estate planning developments in 2018, including estate, gift and GST tax rates and exemptions
The “Sunshine State” is well-known for attracting individuals, such as snowbirds, who often own Florida property without becoming residents of the state. However, if a non-resident of Florida dies leaving Florida property, administration of the decedent’s estate may be complicated by the need for an ancillary probate proceeding in Florida to dispose of the Florida property.
Practical Law Journal
Financial Crimes Enforcement Network Revises Geographic Targeting Orders; Lowering Dollar Threshold and Including Additional Geographic Locations
On November 15, 2018, the Financial Crimes Enforcement Network of the U.S. Treasury Department (“FinCEN”) announced that it had revised its existing “Geographic Targeting Orders” (“GTOs”) to expand the included geographic areas, significantly lower the applicable dollar threshold, make said threshold consistent across all geographic areas, and include purchases made using virtual currency.
Rachel Rhein Zarghami, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discusses the changes to federal and Connecticut estate, gift and generation-skipping transfer tax laws in 2018, as well as changes to the laws of other states that have changed their estate tax exemptions. (6:30)
Investments in Opportunity Zones Allow Investors to Defer and Possibly Eliminate Capital Gains as Potential Alternative to 1031 Exchanges
On October 19, 2018, the U.S. Treasury Department released proposed regulations relating to the Opportunity Zones program, which is an investment tool established by the 2017 Tax Cuts and Jobs Act allowing investors in certain “Opportunity Zones” to defer and partially eliminate capital gains taxes on gains realized from selling real or personal property.
David W. Thal, a trusts and estates attorney in Cummings & Lockwood’s Private Clients Group in Stamford, Connecticut, discusses how professional advisors can assist young clients in their estate planning. (18:25)
Cummings & Lockwood’s Private Clients Group in Stamford and Greenwich hosted its 2018 Professional Advisors Seminar on Thursday, November 29, 2018, at the Inn at Longshore in Westport, Connecticut.
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)