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Citywealth Speaks to Jennifer Wioncek

Citywealth Magazine

Publication
February 23, 2018

Citywealth: Tell me about your role at Bilzin Sumberg
I am a partner in the Tax, Trusts & Estates Practice Group. My clients include HNW individuals and cross-border families. I also advise on pre-immigration planning, expatriation planning, and international reporting and compliance. I view my practice as the "circle of life" in many ways because I advise my clients throughout the various stages of their lives.

Citywealth: How has the private client industry changed?
The world has become smaller in a lot of ways. With the Foreign Account Tax Compliance Act initiated by the United States in 2010, more recently the Common Reporting Standard (CRS) implemented by the OECD, and the enactment of numerous beneficial ownership registries around the world, the age of secrecy is dead and the new age of transparency gained momentum on a global scale. As a result there has been more interest in tax amnesty programs, controlled foreign corporation rules, and other measures to increase tax income. This has triggered major tax reforms in the UK, Colombia, Argentina, and now the United States.

Citywealth: What impact has the first year of the Trump presidency had?
Our clients have more confidence because of President Trump's campaign promises to reduce tax rates and other changes. On the estate planning side we haven’t seen a lot of movement because of the uncertainty about whether President Trump's initiatives can be passed by Congress.

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