The Phillips Nizer real estate team, supported by the corporate and tax practice groups, recently completed a year-long effort to restructure the ownership of five New York City low-income housing developments on behalf of a long-time client. 

The “For the 99.5% Act” (introduced by Sen. Bernie Sanders) and the Sensible Taxation and Promotion (STEP) Act (introduced by Sen. Chris Van Hollen) collectively propose broad Equity changes to federal estate, gift and income tax laws that, if enacted, would significantly impact common estate planning strategies and transfer taxation. 

On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to modernize the business (Item 101), legal proceedings (Item 103), and risk factor (Item 105) disclosure requirements of Regulation S-K under the Securities Act of 1933, as amended (the “Securities Act”), which are applicable to periodic reports and registration statements filed by public companies. 
 
 

On August 26, 2020, the Securities and Exchange Commission (“SEC”), adopted  amendments to the definition of “accredited investor” in Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition. According to the SEC, the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in investment opportunities that do not have the rigorous disclosure and procedural requirements, and related investor protections, provided by registration under the Securities Act.

In these critical weeks, you may have questions or wish to change or develop your estate plan and documents.  We are working remotely and remain available to serve you, whether you are an existing client or wish to become a new client.  This event has caused uncertainty over many procedural issues and brings new changes every day, but we actively monitor these changes and adapt as needed.

 

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