News & Insights
UBI Tax Not Applied to Receivables Left by Decedent
July 25, 2016Originally, all business income of charities and other exempt organizations was free from taxation. Today, the tax on UBI is imposed on the unrelated business taxable income of most exempt organizations.
Trusts & Estates Magazine Website
Cummings & Lockwood Principal, Jessie A. Gilbert, Was Elected to the Board of Trustees at Westport Country Playhouse
June 2016Jessie Gilbert advises high net worth individuals on estate and tax issues, helping them with succession, generation-skipping, and asset protection planning
Jonathan B. Mills Re-elected to Sixth Term as Firm-wide Chairman and Managing Director
June 29, 2016In addition to these responsibilities, he is a Principal in the Firm’s Commercial Real Estate and Corporate & Finance Groups and is based in the Stamford office.
IRS Denies IRC Section 1035 Tax Deferral in Annuity Exchange
June 28, 2016A taxpayer inherited an interest in an annuity from his late father. The taxpayer wished to exchange his interest in the inherited annuity for an annuity sold by a different insurance company.
Trusts & Estates Magazine Website
Cummings & Lockwood Recognized As One of the Leading Trusts and Estates Practices in Connecticut by Chambers
June 28, 2016Cummings & Lockwood is pleased to announce that it has been recognized by Chambers and Partners in their inaugural global High Net Worth Guide -- aimed at the international private wealth market -- as having one of the leading trusts and estates practices in Connecticut, ranking at the top of band 1.
The Fiduciary vs. Sovereign Immunity
June 13, 2016Estates are generally viewed as a legal continuation of a deceased individual: when an individual passes away, any claims that arose before or on an individual’s death may be pursued by or against the estate of that individual.
Trusts & Estates Magazine Website
Heather J. Rhoades Named 2016 Hartford Trusts & Estates Attorney of the Year
May 2016This recognition awards recipients based on their particularly high level of peer recognition in their respective practice area.
Asset Protection or Abusive Tax Planning?
May 16, 2016Former billionaires punished for using offshore trusts as "piggy banks" to defraud the IRS. “Never let a creditor get to your asset, no matter how bad your mistake.”
Trusts & Estates Magazine Website
IRS "Rolls Over" Where Beneficiary Designation Overlooked
May 11, 2016Without professional assistance, it’s easy for an individual to forego updating an essential element of their estate plan: beneficiary designations.
Trusts & Estates Magazine Website
The Legacy IRA: The Charitable IRA Rollover Part II
May 8, 2016Retirees searching for income who also want to give to charity are drawn to charitable remainder trusts and charitable gift annuities. You get lifetime payouts, and the charity gets its share when you die.
Forbes Magazine Website
New Federal Bill Authorizes Charitable Life-Income IRA Rollovers
May 5, 2016A life-income charitable individual retirement account rollover bill (HR5171) (The Legacy IRA Act) has just been introduced this morning by House Ways and Means Committee members.
Trusts & Estates Magazine Website
IRS Rules on Tax Consequences Associated with Early Termination of a Generation-Skipping Taxable Marital Trust
April 24, 2016A surviving spouse was the beneficiary of two marital trusts established under her late husband’s revocable trust agreement.
Trusts & Estates Magazine Website