Jared Ross was quoted in an article, "Ultra-Rich Scout Direct Real Estate Investments," published by Banker & Tradesman. The article discusses the trend of family offices as a growing source of capital for real estate investment in Greater Boston and other metro areas with strong real estate markets. Family offices can take various structures, either hiring in-house attorneys and accountants, using outside financial and other advisers, or a combination of the two. In the article, Ross discussed how family offices can offer savings from hedge funds' and private equities' management and performance fee structure depending on the amount of assets under management. The benefits escalate with the size of the family fortune, Ross told Banker & Tradesman. "It may cost a couple of million [dollars] annually to set up, depending upon the number of employees, to pay for the overhead," Ross said. "If you have $1 billion in liquid assets and you're paying a percentage, it's going to be a lot more than the overhead of a family office."
On April 25, Boston attorneys Bill Pezzoni, Jared Ross and Justin Hannan will present on "Understanding Opportunity Zones: Investor Benefits," a program hosted by the Marlborough Economic Development Corporation (MEDC) in conjunction with the City of Marlborough, MA and Day Pitney LLP.
Day Pitney Alert
Carl Merino authored an international practice feature article, "U.S. Owners of Foreign Corporations Face New Hurdles," published in the April 2019 issue of Trusts & Estates magazine.
Carl Merino co-authored an article, entitled "Beneficiaries of S Corp Stock," published in the March 2019 edition of the New York State Bar Association (NYSBA) Journal.
Warren Whitaker will be serving as chair of the 15th Annual International Estate Planning Institute, hosted by the New York State Bar Association and The Society of Trust and Estate Practitioners USA (STEP USA).
Day Pitney Press Release
Scott Beach, chair of Day Pitney's Family Office Practice, was quoted in an article entitled "Less Than 20% of Family Offices Have Robust Succession Plans," published by Private Asset Management.
Von Sanborn was featured in an article, "Tax Screw-Ups and People Problems: Experts Reveal Biggest Blunders of Rich Families," published by Bloomberg.
Von Sanborn was quoted in an article, "U.S. Family Offices Face Increasing Competition from Foreign Families," published by Private Asset Management.
Day Pitney Alert