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Tax Issues and Planning to Consider Before Year-End 2021

This annual client alert briefly highlights certain tax issues and planning that hedge fund managers and high-net-worth individuals should consider (or reconsider) before the end of 2021. Although year-end tax planning is always important, the potential increase in tax rates in 2022 and other potential tax changes make it even more important this year-end. The…

Client Alerts | December 7, 2021 | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds

A Split in the Track: Transition from LIBOR – SOFR as Accepted New Benchmark Rate vs. Other Alternative Benchmark Rates

As discussed in our October 26, 2021 client alert, the ICE Benchmark Administration will cease to publish the USD LIBOR benchmarks on June 30, 2023,1 and the Alternative Reference Rates Committee (the “ARRC”) announced its recommendation that the forward-looking Secured Overnight Financing Rate (“SOFR”) term rates published by the CME Group should be utilized as…

December 6, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives

U.S. News – Best Lawyers® Awards Kleinberg Kaplan Top Rankings in “Best Law Firms” 2022 Edition

Premier boutique law firm Kleinberg Kaplan has been recognized in U.S. News & World Report’s 2022 edition of “Best Law Firms” for providing outstanding legal counsel in three practice areas: Trusts & Estates, Commercial Litigation, and Tax. Kleinberg Kaplan was named a Tier 1 law firm for Trusts & Estates at both the National and…

Firm News | November 4, 2021 | Estate Planning and Administration | Commercial and Corporate Litigation | High Net Worth Individual Planning | Tax Controversy

Kleinberg Kaplan Marks 50th Anniversary as Premier Law Firm for Private Investment Funds

Boutique law firm Kleinberg Kaplan, described as “Wall Street’s best-kept secret,” is celebrating its 50th anniversary as a leading legal adviser to investment funds and entrepreneurs, including many pioneers in the funds industry. Founded by Fred Kleinberg, Myron Kaplan and Norris Wolff in November 1971, with Jim Cohen joining a few months later, Kleinberg Kaplan…

Firm News | November 1, 2021

All Aboard! The Train Is Speeding Along: Transition from LIBOR – What Market Participants Need to Know About CME Term SOFR Licenses

As discussed in our January 29, 2021 client alert, the ICE Benchmark Administration will cease to publish the most widely used tenors of the USD LIBOR benchmarks on June 30, 2023.1 Additionally, financial institutions have been advised not to utilize the most widely used tenors of the USD LIBOR benchmarks for any financial products that…

Client Alerts | October 26, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives

Update: Ways and Means Committee Proposes New Legislation

Kleinberg Kaplan recently sent a Trusts & Estates Client Alert discussing potential changes to the tax law that were proposed by the House Ways and Means Committee (click here for the Client Alert). A recent report issued by the House Budget Committee regarding the proposals has important implications concerning the proposed provisions related to grantor…

Client Alerts | October 6, 2021 | Estate Planning and Administration | High Net Worth Individual Planning

Ways and Means Committee Proposes New Legislation

The House Ways and Means Committee recently released a draft of the tax portion of the proposed reconciliation bill. Some of the proposals affecting individual taxpayers, estates and trusts are described below. Termination of Temporary Increase in Gift and Estate Tax Exclusion Amount The gift and estate tax exclusion amount is presently $11.7 million (indexed…

Client Alerts | September 28, 2021 | Estate Planning and Administration | High Net Worth Individual Planning

Kleinberg Kaplan Partner Matthew Gold Featured in Latest Coverage of Purdue Pharma Litigation

Kleinberg Kaplan Creditors’ Rights and Bankruptcy Litigation partner Matthew J. Gold has been representing the State of Washington, the State of Oregon and the District of Columbia in their highly publicized legal battle against Purdue Pharma, maker of OxyContin, a painkiller that allegedly contributed to the national opioid crisis. Matt’s argument during the bankruptcy trial…

Firm News | September 7, 2021 | Creditors’ Rights and Bankruptcy Litigation

Guidance Recently Issued on New York State’s New Elective Pass-Through Entity Tax

Tax Planning for Fund Managers and Other High-Net-Worth Individuals Earlier this year, New York State enacted a new elective pass-through entity tax (the “PTET”). The PTET generally allows individuals who are members of pass-through entities to effectively receive a federal deduction for New York State income taxes that they would otherwise not be able to deduct. On…

Client Alerts | September 1, 2021 | Hedge Funds | Private Equity Funds