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 April 4, Trusts and Estates Partner Dina Kapur Sanna co-chaired an American Law Institute Continuing Legal Education webinar on Using Trusts and Alternative Vehicles for Inbound Investments.
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On April 10, Day Pitney Family Office practice chair R. Scott Beach was a panelist Botoff Consulting's Family Governance Compensation Report webcast alongside Dennis Jaffe (BanyanGlobal Family Business Advisors) and Trish Botoff.
Day Pitney's Executive Committee, Executive Board and department leadership changes were featured on CityBiz.
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Day Pitney Litigation Partner Mark Romance and Trusts and Estates Partner Melissa Rodriguez authored the article "Insights Into Florida Trust and Estate Litigation Trends," for Daily Business Review.
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Day Pitney New Haven Partner Rebecca Iannantuoni will receive The Honorable Anthony V. DeMayo Pro Bono Award.
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