Press Release
Duane Morris Launches Trust Company
May 7, 2007
PHILADELPHIA, May 7, 2007 - Duane Morris is pleased to announce that it has received final approval from the Pennsylvania state banking authority to open DM Trust Company. Among the clients of DM Trust Company will be high net worth individuals who have immigrated to the U.S. from all over the world.
DM Trust Company, the latest addition to Duane Morris' existing ancillary businesses, was formed on the recommendation of Stanley Joffe, a partner in the firm's Estates and Asset Planning Practice. Stan is President and CEO of DM Trust Company; he will also maintain his role in advising high net worth individuals on international estate planning matters.
The newly formed trust company will help clients navigate through the increasingly difficult process of transferring their trust assets into domestic accounts. With the addition of DM Trust Company to its portfolio of ancillary businesses, Duane Morris can provide high net worth individuals with one-stop financial shopping, as the firm will be able to provide financing planning services, accounting advice and investment advice, and help in dealing with the myriad of trusts that make up many sophisticated estate plans.
"The time was right to create a trust company," Stan said, "in view of the fact that international estate planning through the use of foreign trusts is becoming more and more difficult, and straightforward transactions may be made more complex by the proposed federal Stop Tax Haven Abuse Act."
DM Trust Company will also offer its services to a wide array of clients who are interested in personalized institutional trust services.
Duane Morris Chairman Sheldon Bonovitz is Chairman of the Board of DM Trust. The other directors are Frank Cooper, Chair of the Estates and Asset Planning Practice Group; Fred Dreher, Of Counsel in the Corporate Practice Group; and partners Stan Barg, Nora Pomerantz and Peter Rosenberg in the Estates and Asset Planning Group. All are based in Philadelphia.
A native of South Africa, Stan focuses his practice on international tax and estate planning, as well as domestic estate planning. He has served high net worth individuals in an array of estate and tax matters, including the formation and funding of international trusts, the creation of foreign entities such as hybrid corporations and limited liability companies in foreign jurisdictions, foreign insurance trusts, and relocation to the United States in a tax-efficient manner. He is a frequent speaker and author on international tax and estate planning issues, and is a member of the American, Pennsylvania, Philadelphia and Montgomery County bar associations. He is also a member of both the Society of Trust and Estate Practitioners and the Offshore Institute, an international organization for offshore or international practitioners.
Frank Cooper practices in the areas of estate and tax planning and related business matters, charitable and private foundation matters, estate and trust matters, and closely held business matters. Frank is a member of the Real Property, Probate and Trust Law and Taxation sections of the American Bar Association, the Real Property, Probate and Trust Law Section of the Pennsylvania Bar Association, and the Tax Section of the Philadelphia Bar Association. He is a frequent speaker on estates and tax-related matters.
Frederick Dreher practices in the areas of insurance, securities and banking law, and mergers and acquisitions. Fred is a member of the Corporation, Banking and Business Law Section of the Pennsylvania Bar Association and is active in local community organizations.
Stan Barg practices in the areas of international tax law and estate planning. He advises clients throughout the world in matters pertaining to the establishment and maintenance of international trusts, assisting them with the establishment of international insurance policies for tax and estate planning purposes. Stan is currently vice chairman of the International Private Client Committee of the American Bar Association's Section of International Law and vice chairman of the New York Chapter of the Society of Trust and Estate Practitioners. He also speaks regularly on tax and estate planning issues.
Nora Pomerantz advises clients in the areas of estate planning, trust and estate administration, and charitable giving. She represents clients on sophisticated estate, gift and generation-skipping transfer tax planning, retirement benefits planning and effective estate plans. A member of the BNA Tax Management's Advisory Board on Estates, Gifts and Trusts, Nora is a regular contributor to BNA Tax Management's Estates, Gifts and Trusts Journal.
Peter Rosenberg practices in the areas of international tax and estate planning and U.S. estate planning and administration. He has a strong focus on tax and wealth transfer planning for high net worth individuals, both local and international, and the representation of fiduciaries and beneficiaries in the administration of trusts and estates. Peter is a member of the Real Property, Probate and Trust Law and Taxation sections of the American, Pennsylvania and Philadelphia bar associations. He is also a member of the Philadelphia Estate Planning Council and an active leader in several community and civic organizations.
About Duane MorrisDuane Morris LLP, one of the 100 largest law firms in the world, is a full-service firm of more than 600 lawyers. In addition to legal services, Duane Morris has independent affiliates employing approximately 100 professionals engaged in other disciplines. With offices in major markets, and as part of an international network of independent law firms, Duane Morris represents clients across the United States and around the world.
