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STEP Journal: June 2018 - Full Issue

  • Foreword - June 2018The Crown Dependencies are this issue’s regional focus.
  • Überschuss oder Verknappung?Richard Frimston discusses the ‘feast or famine’ effect of the EU Succession Regulation on matrimonial property regimes.
  • Why compliance represents more than a burdenMichael Giraud and Paul Douglas outline compliance requirements from a Jersey perspective, and examine the opportunities for professional trustees
  • MDR: the story so farSimon Hodges provides an overview of the debate surrounding the OECD’s incoming Mandatory Disclosure Rules
  • Not your father’s philanthropyGina M Pereira examines the ‘disruptive’ impact of millennials’ values and commitment to doing good
  • High achieversWe are pleased to announce the highest-scoring students from the 1 July 2017 to 31 December 2017 sittings across all STEP exams globally, and the winners of STEP Canada’s 2017 annual student awards.
  • Rising starLucy Heywood, crowned Young Practitioner of the Year at the STEP Private Client Awards 2017/18, speaks to Helen Swire about the rewards and challenges of working in family business planning
  • Court blessingsIan Swan and Nick Robison explore a new angle on how the court can protect both trustees and beneficiaries simultaneously
  • Will the last person to leave Britain please turn out the lights?James Quarmby has noticed an increase in HNWIs relocating to the Crown Dependencies. Here, he looks at what might be driving this
  • Fishing for clarityMathew Newman and Abby Lund consider the doctrine of Hastings-Bass in Guernsey law as set out in M v St Anne’s Trustees Ltd
  • The proper channelsAnton Seatter explains how international transparency initiatives are changing the face of Jersey’s private client industry
  • Between a rock and a hard placeKevin O’Loughlin examines the tricky position of Isle of Man trustees in light of developments in UK and EU law
  • Level playing fieldWayne Atkinson and Michael Adkins consider Guernsey’s approach to GDPR compliance
  • Insolvency yet to be solvedJared Dann reviews two recent cases shedding light on the issue of insolvent trusts in Jersey and Guernsey
  • Bahrain steps forwardSPONSORED CONTENT: On 21 March 2018, EDB Bahrain held a panel discussion, hosted by Norton Rose Fulbright, on Bahrain’s revised and improved trust legislation. STEP covered the event for this industry insight feature
  • Trust in digitalJulie Hutchison asks: could a digital trustee be the catalyst for change needed in a charity near you?
  • A test for our timeSophia Roper considers the Law Commission’s consultation on reforming the law around supported will-making
  • The ‘blank year’Adea Meidani and Maxime Linel explain how France is implementing ‘l’année blanche’ during its transition to a pay as you earn tax system from 2019
  • Instrumental changeKira Egorova and Ekaterina Vasina introduce Russia’s new succession instrument – the inheritance foundation – and examine its features compared with similar instruments
  • Service gameMartin Litwak examines the reasons behind the bankruptcy of so many professional sportspeople, and asks how they can better manage their wealth
  • Thorny issues of WPPEmma McCall and Jennifer Corbett discuss ‘without prejudice’ in the light of an important Guernsey decision
  • Steady as she goesDr Quintin Rayer advocates caution and transparency when discussing investments and market crises with clients
  • An APT solutionPaul Campion details the benefits of setting up an asset preservation trust for death-in-service and pension lump sums in the UK
  • TQR: the latest trusts and estates developmentsBelow is a sampler of the latest Trust Quarterly Review (volume 16, issue 1, 2018), published by STEP in association with TACT. Read more and access the archive at www.step.org/tqr, or download the PDF at bit.ly/2rUlUsv
  • Book Review: Agricultural, Business and Heritage Property Relief, seventh edition

STEP Journal: May 2018 - Full Issue

  • Shedding light on trust taxationRaul-Angelo Papotti analyses a recent decision of the Italian Supreme Court confirming a case-law twist on the indirect taxation of trusts
  • Foreword - May 2018Foreword - May 2018
  • Property pricesCheryl Farnham asks: how does a trustee charge when they are administering a trust that only contains UK property?
  • Put the ‘success’ back into successionA focus on The ‘softer’ issues can ensure a more balanced approach to passing on wealth, writes Margaret O’Sullivan
  • Crypto-philanthropyAlana Petraske highlights the risks and rewards surrounding the donation of cryptocurrencies
  • Beware the trustbustersPeter Hodson explores the need for family governance
  • How to execute a great exam answerAnthony Miller outlines a considered approach to answering essay questions during exam season
  • The frontier of reformHelen Swire reviews recent trends and developments in North America, particularly in the light of major tax updates
  • Treaty tips and tricksDavid A Altro and Matt Wolch discuss the US estate tax and testamentary planning strategies available to US and Canadian taxpayers
  • Divide the assets, unite the familyMelanie McDonald advises how best to navigate complicated family dynamics when estate planning in Canada
  • The TCJA and beyondSandra Enticknap and Wendi Crowe detail changes to the US-Canada cross-border landscape
  • Utility vehicleDaniel Frajman explains how philanthropists across the world can make use of Canadian charitable foundations
  • Access all areas?Kathleen Cunningham and Shelley Rhoads Perry review the rules around fiduciary access to digital assets in the US and Canada
  • Paintings by numbersThe demand for art-backed finance is growing globally, writes Guy Vaissière.
  • Handle with careAs the Latin American art scene matures, Sandrine Giroud and Alexandre Zielinsky Arregui advise how to ensure high-value assets are not mishandled
  • Creative capitalA work of art is more than the sum of its parts, combining many different forms of capital, writes Rupert Phelps
  • The age of reasonArt may be about passion, but its taxation is a matter of reason, write Pierre-Jean Estagerie and Emmanuel Rouil.
  • The era of AEOIInbal Faibish Wassmer and George Rosenberg provide an overview of the new era of voluntary disclosure in Israel
  • Succession in IsraelMeytal Liberman and Dr Alon Kaplan highlight provisions in Israeli law that can make a trust ineffective
  • Nothing to declare?Geoff Lewis explains the new ‘requirement to correct’ legislation, its time limits and the need to check UK offshore tax affairs now
  • Checks and balances neededCzech trust law is still in its infancy, but the introduction of two new registers is poised to undermine trust structures’ appeal, say Vlastimil Pihera and Kateřina Ronovská
  • The plot thickensSteven Sieker and Lisa Ma discuss the transfer pricing implications of the Hong Kong draft Bill bringing increased complexity to the jurisdiction’s tax system.
  • Time waits for no oneClaire-Marie Cornford and Sarah Smith examine what lessons can be learned from Sargeant v Sargeant
  • Shedding light on trust taxationRaul-Angelo Papotti analyses a recent decision of the Italian Supreme Court confirming a case-law twist on the indirect taxation of trusts
  • FIC to the rescueRebecca Fisher and David Webster ask: is a family investment company the knight in shining armour to the discretionary trust in distress?
  • Book Review: The Essential Canadian Guide to Estate Planning