News & Insights
2024 Private Clients Annual Update
September 26, 2024We hope that you and your family are enjoying a healthy and happy 2024. As another year passes, we once again find ourselves facing uncertainty concerning the future of the federal gift, estate and generation-skipping transfer (“GST”) tax regime resulting from both the upcoming 2024 federal elections and the scheduled sunsetting of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) on December 31, 2025.
Corporate Transparency Act and the New Federal Reporting Requirements
September 20, 2024In this alert, Cummings & Lockwood discusses the Corporate Transparency Act (CTA) and the new federal reporting requirements. The CTA requires all entities to file a report with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury identifying certain of the entities’ beneficial owners. The alert outlines when the report is due, who is responsible for filing, who is exempt, who has to file and what are the penalties for not filing.
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.