News & Insights
Cummings & Lockwood’s Trusts and Estates Practice in Connecticut Ranked in Tier 1 for the 10th Consecutive Year by Chambers High Net Worth Guide
July 25, 2025Cummings & 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 10th consecutive year in private wealth law.
"One Big Beautiful Bill Act" - Summary of Tax Provisions Affecting Individuals and Businesses
July 22, 2025On July 4, President Trump signed the “One Big Beautiful Bill Act” (OBBBA) into law. The OBBBA includes $4.5 trillion in net tax cuts achieved by making several existing federal tax provisions permanent, repealing or modifying other federal tax provisions, and introducing new federal tax provisions.
The One Big Beautiful Bill Act Sets Federal Estate, Gift and Generation-Skipping Tax Exemptions at $15,000,000 Indefinitely
July 3, 2025H.R. 1, President Trump’s One Big Beautiful Bill Act (the “Act”), has passed both the Houses of Congress. At the time of this release, it is headed to the White House where the President is expected to sign it. Technically a budget reconciliation, the Act contains many tax and spending changes across all areas.
Connecticut Supreme Court Streamlines and Clarifies Procedures in Probate Court Appeals
June 24, 2025In an important decision for trust and estate litigators, as well as for fiduciaries and beneficiaries, the Connecticut Supreme Court recently confirmed that summary judgment is available in appeals from Probate Court decisions, resolving a longstanding split of authority and paving the way for expedited resolution of those appeals.
Tax Court Holds State Law Limited Partners Are Not Limited Partners for Federal Self-Employment Tax Purposes
June 10, 2025As a rule, an individual partner’s distributive share of ordinary business income is included in net earnings from self-employment under Internal Revenue Code § 1402(a) and is subject to federal self-employment tax.
Cummings & Lockwood Hires Two Principals to Build Out Its Fiduciary and Probate Litigation Practice
May 13, 2025Cummings & Lockwood is pleased to announce that Charles W. Pieterse and Wyatt R. Jansen have joined the firm’s litigation practice and will be based in its Stamford, Connecticut, office.
Capital Gain from Sale of Stock by Nonresident is Subject to Massachusetts Income Tax
April 23, 2025On April 3, the Massachusetts Appeals Court ruled in Welch vs. Commissioner of Revenue that the taxpayer was liable for Massachusetts income tax on his sale of stock in a Massachusetts-based company even though the taxpayer was a nonresident of Massachusetts at the time of the sale.
Gift and Generation-Skipping Transfer Tax Consequences of Modifying or Decanting Trusts
April 8, 2025In this video, Daniel G. Johnson, a Principal in Cummings & Lockwood’s Private Clients Group and based in the firm’s Stamford, Connecticut office, focuses on the important recent IRS Chief Counsel Advice Memorandum 202352018 signaling a shift in the position of the IRS concerning the gift tax consequences of trust modifications as well as gift and generation-skipping tax consequences of modifying or decanting a trust.
Is an Irrevocable Trust Irrevocable? Modification and Decanting Trusts in Connecticut
April 1, 2025In this video, Daniel P. Fitzgerald, a Principal in Cummings & Lockwood’s Private Clients Group and based in the firm’s Greenwich, Connecticut office, covers the ins and outs of Connecticut’s modification of trusts and decanting statute. When can you modify or decant and what are the restrictions on modifying or decanting.
IRS Issues Guidance on Theft Losses Stemming from Scammers
March 31, 2025Internal Revenue Code § 165 provides a deduction for losses sustained during the current taxable year and not compensated by insurance or otherwise, and for which there is no reasonable prospect of recovery.
FinCEN Removes Requirement that Domestic Reporting Companies Disclose Beneficial Ownership Information
March 25, 2025On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing all requirements that domestic reporting companies disclose their beneficial ownership information (BOI) to FinCEN pursuant to the Corporate Transparency Act (CTA) or update any previously filed report with FinCEN pursuant to the CTA.
Post-Mortem Liquidity: 6166, Life Insurance and Loans
March 25, 2025In this video, Rachel Rhein Zarghami, a Principal in Cummings & Lockwood’s Private Clients Group and based in the firm’s Stamford, Connecticut office, provides an overview of certain lifetime and post-mortem planning opportunities to create liquidity at death.