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."
On November 5, Peter Bilfield and Aaron Kriss will be participating in a panel, entitled "Qualified Opportunity Zones: What Every Investor Needs to Know Before Investing," at the 2018 Family Office Association NYC Summit, which is held exclusively for families and single family offices.
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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.
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 2019 Private Asset Management Awards.
Day Pitney's Family Office and Trusts and Estates practices have been shortlisted in the "Legal Team of the Year" private client category for the 2019 Family Wealth Report Awards.
On November 14, Peter Bilfield, co-chair of Day Pitney's Investment Management and Private Funds group, was quoted in an article, "SkyBridge Jumps into Hot Opportunity Zone Space," published by FundFire, a Financial Times news service for professionals working in the high net worth and institutional investment management industry.
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On October 26, Day Pitney LLP hosted a program on entrepreneurship and innovation with the Consulate General of Israel to New England and the New England Israel Business Council at the firm's Boston office.