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 Advisory
Due to the COVID-19 pandemic, this year's annual Day Pitney Palm Beach Family Office Forum, which had originally been scheduled for April 28 and 29, has been postponed to hopefully be rescheduled for later this year.
On January 31, David Waizer will be speaking at "Drafting Lasting Business Contracts: Simple, Powerful Strategies That Stand The Test of Time," a program and live webcast presented by the New Jersey Institute for Continuing Legal Education, a division of the New Jersey State Bar Association.
On January 15, Brian Fischer spoke at "When Good Deals Go Bad – Pitfalls to Avoid During the Sale Process," an Exit Planning Exchange (XPX) program held at The Hartford Club in Hartford, CT.
Day Pitney Alert
Day Pitney Press Release
Hedge Fund Law Report covered Erik Bergman's move to Day Pitney's Stamford office in an article posted March 12.
Day Pitney LLP represented Pula Capital Management LP (Pula), a newly formed investment manager based in Virginia, in connection with (i) the acquisition of a minority ownership interest in Pula by Felton Group, LLC (Felton Group), and (ii) an investment by Felton Group in Pula Capital Fund, LP, a newly formed fund managed by Pula that intends to employ novel mathematical techniques and a proprietary, systematic predictive model to trade a diversified long-short portfolio of liquid U.S. equities.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Day Pitney Press Release