Von Sanborn and David Silvian were quoted in an article, "You, Taxes and 2018: What to Expect from the Tax Bill," published in Private Asset Management magazine (PAM). The article discusses ways the new tax legislation may affect the private wealth industry.
"This is the most comprehensive tax reform we've seen in three decades," Sanborn told PAM. He noted that the Treasury Department and Internal Revenue Service still need to create the regulatory scheme to execute the legislation.
"It is going to be interesting to see what guidance the IRS and Treasury issue," Sanborn said. He also discussed "significant changes in the international tax front," which will make multinational corporations more competitive globally. "You will be seeing a large repatriation of cash."
Silvian told PAM that the changes concerning the gift and estate tax, which doubles the exemption from $5.6 million to $11.2 million, is already generating interest. One impact of the legislation could be uncertainty about the exemption expiring at the end of 2025, leaving the lower $5.6 million exemption in place.
He said the result could be similar to what happened the last time there was uncertainty surrounding the estate tax. "In 2012, people were worried that exemption was going away entirely, so people were rushing to get things done by the end of the year," he said. "We could end up seeing the same situation in 2025."
Day Pitney Alert
Greg Kahn participated in the third edition of the “Maitland Roundtable,” a panel discussion held in April and presented by Maitland Group, a global fund administration and advisory firm.
On April 26, Aaron Kriss will be a featured speaker on "Impacts on Individual Taxpayers of Federal Tax Reform and its Resulting Opportunities and Strategies" at a luncheon series meeting being presented by the International Fiscal Association (IFA) Connecticut/Westchester branch, held in Greenwich, CT.
David Waizer gave a presentation, "Select Legal Issues for Startups," at the Rutgers Business School Collaborative for Technology Entrepreneurship and Commercialization (CTEC).
On April 9, Jed Davis was one of the presenters on a webinar, "Cybersecurity Regulation: Navigating the New DFS Cybersecurity Regulation," distributed through Thomson Reuters.
R. Scott Beach, chair of Day Pitney’s Corporate and Business Law Department and head of its Family Office Practice, was quoted in an article, “Carlyle’s David Rubenstein Builds Family Office With Outside Ambitions,” published by Bloomberg News.
Day Pitney Press Release
Peter Bilfield was featured in a Q&A article, "Interest in Bespoke Fund Structures Surges As Markets Adjust to New Administration and Regulatory Regime," published by The Hedge Fund Law Report.
Day Pitney's Family Office and Trusts and Estates practices have been shortlisted in two categories, "Best Private Client Law Firm" and "Best Trusts and Estates Division," for the 2018 Private Asset Management Awards.
On April 26, Von Sanborn will be giving a presentation at "Cross Border Wealth, Estate and Tax Planning – What You Don't Know May Surprise You," a seminar being presented by the Estate and Business Planning Council of Hartford.