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."
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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.
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.
Day Pitney has been named a finalist in the category of "Accounting, CPA or Law Firms Serving Family Offices" for the 2018 Family Wealth Alliance Best in the Industry Awards.
Tom Goldberg and Scott Beach were quoted in an article, "Day Pitney Lawyers Bullish About Stamford Move," published by the Stamford Advocate.
Day Pitney represented AlphaCrest Capital Management LLC (AlphaCrest), a quantitative research and technology-driven systematic trading firm based in New York, in connection with (i) the acquisition of a minority ownership interest in AlphaCrest by Brummer & Partners, an alternative investment manager based in Sweden and (ii) an investment by Brummer's BMS Multi-Strategy fund of funds in AlphaCrest Offshore Strategies Fund Ltd., an affiliated offshore feeder fund of the investment manager.
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 represented Medalist Partners LP and its management team (collectively "Medalist") in a "spinout" of their business unit from Candlewood Investment Group, LP, an established corporate credit and structured credit investment manager ("Candlewood"), which successfully spun out its operations in 2010 from Credit Suisse.