News & Insights
Taxpayer Liable for Taxes on S Corporation Income Embezzled by Other Shareholders
September 5, 2024One of the requirements to be treated as an S corporation for federal income tax purposes is that the corporation can have only one class of stock. This requirement means that all of the outstanding stock must confer identical rights with respect to distribution and liquidation proceeds.
8 Cummings & Lockwood’s Trusts and Estates Attorneys Recognized as “Top Lawyers” in Palm Beach, Collier and Lee Counties, Florida in 2024
September 4, 2024Cummings & Lockwood is pleased to announce that eight of its trusts and estates attorneys in Palm Beach, Collier and Lee Counties, Florida, were recognized as “Top Lawyers” by Palm Beach Media in 2024.
Cummings & Lockwood is pleased to announce that Jonathan B. Mills has been named "Lawyer of the Year" in Real Estate Law by Best Lawyers®
August 20, 2024Jonathan B. Mills, Chair of Cummings & Lockwood's Commercial Real Estate Group,
was named "Lawyer of the Year" in Real Estate Law in the Stamford region by Best
Lawyers® in 2025.
41 Cummings & Lockwood Attorneys Have Been Recognized by Best Lawyers® in America in Its 2025 Edition
August 19, 2024Cummings & Lockwood LLC is pleased to announce that 31 of the firm’s attorneys have been recognized by Best Lawyers® in The Best Lawyers in America®, 8 as Ones to Watch® in America and as 2 "Lawyer of the Year " in the 2024 edition for a total of 41 attorneys.
Connecticut Modifies Retirement Income Withholding Requirements and Other Tax Law Changes
July 29, 2024Governor Ned Lamont recently signed legislation which modifies a number of important Connecticut tax provisions. Most modifications become effective for tax years beginning on or after January 1, 2025 and include:
Cummings & Lockwood Ranks as a Top Tier Private Wealth Law Firm in Connecticut by Chambers High Net Worth Guide for the 9th Consecutive Year
July 19, 2024Cummings & Lockwood is pleased to announce that the firm’s Private Clients Group in Connecticut has achieved the top tier ranking by Chambers High Net Worth Guide for the 9th consecutive year in private wealth law.
CONNELLY v. UNITED STATES: Supreme Court Weighed In on the Valuation of Closely-Held Companies for Estate Tax Purposes
June 27, 2024Succession planning for many closely-held and family businesses will be impacted by the Supreme Court’s June 6, 2024 ruling in Connelly v. United States. In the case, the Court unanimously upheld the IRS’s position that life insurance proceeds payable to a company to fund its obligation to redeem shares from a deceased shareholder are an asset that increases the company’s fair market value.
Connecticut Passes Decanting Statute to Provide Greater Flexibility to Modify Old Trusts
June 10, 2024On June 5, 2024, Connecticut followed a number of other states by passing a “decanting” statute which specifically authorizes decanting of irrevocable trusts in Connecticut. Decanting is the act of a Trustee distributing the assets from a trust (“Old Trust”) into a new trust (“New Trust”) which has different terms that are more suited to the current circumstances.
IRS Concludes Trust Distribution Prior to Sale Does Not Violate Like-Kind Exchange “Held For” Requirement
May 30, 2024Internal Revenue Code Section 1031 allows taxpayers to defer federal income tax on the sale of real estate (relinquished property) if the sales proceeds are reinvested in business or investment real estate (replacement property) (a “like-kind exchange”).
Jeffrey M. Helf Joins Cummings & Lockwood as the New CFO
May 15, 2024Cummings & Lockwood is pleased to announce that Jeffrey M. Helf has recently joined the firm as the Chief Financial Officer.
Cummings & Lockwood Welcomes Four New Associates to Its Private Clients Practice
April 11, 2024Cummings & Lockwood is pleased to announce that four new Associates have joined the firm’s Private Clients Group. “We are excited to have such talented attorneys join our trusts and estates practice,” noted Heather J. Rhoades, Chairman of the Private Clients Group.
Stephen A. Falcigno Joins Cummings & Lockwood’s Private Clients Group in Stamford, CT
March 11, 2024Cummings & Lockwood is pleased to announce that Stephen Falcigno has joined the firm as an Associate in its Private Clients Group which is one of the oldest, largest and most respected trusts and estates practices in the United States.