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STEP Journal: May 2019 - Full Issue

  • Foreword - May 2019Oscar Wilde once said that ‘life imitates art far more than art imitates life’. In the 21st century, this phrase is becoming ever more true. We are seeing social, cultural, economic and political shifts across the world, with outcomes that were once thought to be the subject of only fiction or fantasy.
  • Unlike ‘trust-like’Richard Frimston assesses the ambiguity around the approach to ‘trust-like’ structures in the EU’s Fifth Anti-Money Laundering Directive
  • Does one size fit all?Sally Edwards considers the use of family offices in offshore jurisdictions
  • The time is nowThere is never a wrong time to start investing new cash, writes James Johnsen
  • Join the flexible revolution
  • Can mutual wills ever work?Julie Bell highlights the difference between mirror, joint and mutual wills in England and Wales
  • No more ‘bald assertions’Sheena Grattan considers a recent Northern Ireland High Court decision that provides guidance on the termination of rights of residence
  • States of playSince the collapse of the US Department of Labor’s ‘Fiduciary Rule’ in 2018, a number of US States have drafted their own regulations
  • Planning with multiple willsSusannah Roth reviews the recent overturning of Re Milne and assesses its impact on drafting multiple wills in Ontario
  • Broken hearts and higher taxesCarlyn McCaffrey and Nicole Pearl examine divorce under the US Tax Cuts and Jobs Act of 2017
  • The digital tsunamiSharon Hartung provides Estate planning advice for the digital age
  • Transatlantic familiesDamian Bloom, Alison Cartin and Stephanie Moll highlight key tax considerations for clients relocating between the US and the UK
  • Register an interestDaniel Frajman takes a look at Canada’s new beneficial ownership register
  • Coming homeIn the first of a two-part series, Robert D Colvin offers a US perspective on the analysis and design of foreign trust structures, pre-domestication
  • A taxing eventMilan Topolovec outlines the various kinds of life insurance available in Canada, highlighting tax efficiency and the new passive income rules.
  • It’s time to review CFCsMarisa Stern and Peter Harper explain how the US Tax Cuts and Jobs Act of 2017’s downward attribution rules affect global family office structuring
  • Money for art’s sakePeter Brigham and Karolina Blasiak outline what to look out for when considering art-secured lending.
  • Upsides and downsidesProtecting a sale with an art market guarantee or ‘irrevocable bid’ can mitigate the risk involved in art handling, writes Simon Wills
  • The art of estate planningTim Maxwell and Rudy Capildeo detail the nuances of UK artists’ estates and how to manage them
  • Questions of interpretationPaolo Ludovici outlines the key legal and tax issues related to collecting art in Italy
  • A complex pictureHelen Conybeare Williams asks what claims for the restitution of artefacts looted during the colonial era mean for art and antiquities collections
  • Power surgeDr Alon Kaplan and Meytal Liberman introduce Israel’s new continuous power of attorney for vulnerable clients
  • Strengthening tiesLilach Asherov and Claire Shelemay review anticipated changes from the new protocol to the existing Israel-UK double taxation treaty
  • Holistic wealth planningA recent STEP Journal roundtable, sponsored by St. James’s Place Private Clients, discussed the importance of cross-disciplinary financial advice at a time when lawyers and accountants are taking on increasingly complex wealth management for clients
  • Caring and sharingEleni Dinenis comments on the meaning of ‘maintained’ under s.1(3) of the England and Wales Inheritance (Provision for Family and Dependants) Act 1975
  • Bon voyageFrédéric Roux assesses the tax measures for both inward and outward expatriates in France’s 2019 Finance Act
  • TQR: the latest trusts and estates developmentsBelow is a sampler of the latest Trust Quarterly Review (volume 17, issue 1, 2019), published by STEP in association with TACT. Download the PDF and access the archive at www.step.org/tqr
  • Book review: Tax Planning 2018/19This book is in its 12th edition, and its preface states:

STEP Journal: April 2019 - Full Issue

  • Foreword - April 2019The past, present and future exist at the same time. Thus neither is the past permanent nor the future necessarily fated.
  • More states should ratify the Hague Adults ConventionEmily Deane highlights legislative gaps in the protection of vulnerable adults in cross-border situations in Europe
  • How to handle a professional complaintKevin Custis advises STEP members on what to do if a complaint is made against them, and the value of the disciplinary process
  • ATAD ramps up EU tax complexityThe EU’s Anti-Tax Avoidance Directive means more complexity and less certainty, writes Paolo Panico
  • Privacy v transparency: the battle rages onMargaret O’Sullivan assesses Canada’s recent moves towards transparency
  • Rise of the LLCsMark Fleming asks whether the introduction of LLCs in offshore jurisdictions will prompt a shift in structuring outside the US
  • Block for goodGina M Pereira assesses how distributed ledger technology may serve philanthropy
  • The flight to stabilityMichael Giraud and Mark Pinnick highlight key emerging trends for high-net-worth families in the Middle East
  • Prepare for success - Part 2: The Estates examIn the second of this two-part column, Anthony Miller offers some specific pointers for students taking the Administration of Estates exam
  • No place like homeCaroline Bielanska provides a case study on the difficulties of determining a client’s capacity in England and Wales
  • Structures in the spotlightJosephine Howe outlines Jersey’s upcoming economic substance requirements and their relation to private wealth structures
  • A welcome changeLaila Arstall explains the recent update to Guernsey’s corporate tax residence rules
  • The risks of (inter)meddlingBeware of intermeddling in Jersey estates, writes Ashley Bidmead
  • Performance-enhancing substanceKevin O’Loughlin explains the Isle of Man’s new substance requirements legislation
  • Ten years youngPaul Hunter revisits the Jersey foundation, a decade after its introduction
  • Leaping forwardDonna Withers explains how Jersey’s new mental capacity law further protects vulnerable clients
  • Not a perfect scienceKimberly A Whaley outlines the differing approaches to determining decisional capacity across Canada’s provinces and territories
  • Momentous decisionsAlex Ruck Keene examines the position on life-sustaining medical treatment in the courts in England and Wales
  • 17 years in limboJohann Jacobs assesses the state of South Africa’s pending capacity legislation
  • A rights-based approachPatricia Rickard-Clarke details the supported decision-making arrangements provided for in Ireland’s Assisted Decision-Making (Capacity) Act 2015
  • How to spot financial abuseAnn Stanyer highlights ‘red flags’ signalling potential financial abuse that all advisors should watch out for, wherever they are based
  • Wouldn’t it be NICESamantha Presland lays out the merits of the new NICE guidelines on mental capacity in the UK
  • Gateway to the Middle EastYann Mrazek outlines the practical impact of ADGM and DIFC foundations on regional assets, for both investors and fiduciaries
  • Squaring the circleHarry Joffe reports on some of the key offshore issues raised in South Africa’s 2019 budget
  • Haves and have-yachtsLesley Timms, Peter Wood and Sonia Michaelides ask: when it comes to enforcing foreign court orders in the DIFC, is jurisdictional recognition becoming more theoretical than real?
  • Abduction, conscription, welfare: a case studySam Hickman looks at a recent case concerning parents from different African countries to highlight the complexities of working with international families
  • Where there’s a will…Gianpiero Succi and Tameru Wondm Agegnehu explain the legal considerations surrounding will-making in Ethiopia
  • Cultural transitionOver the next decade, a huge amount of wealth is due to transfer between generations of families. A recent STEP Journal roundtable, sponsored by SANNE, asked what this means for the next generation and their advisors
  • Bricks and mortar with a global reachDawn Register and Becky Hartley consider the practicalities of the recent rule changes for non-UK residents in respect of UK properties
  • Power playPeter Ni and Clifford Ng outline the impact of China’s recently updated income tax law and anti-avoidance rules
  • A drastic shiftSaskia Lust traces the development of Belgium’s recent civil and tax law updates, from the ‘Cayman Tax’ to new reporting obligations
  • ‘Alexa, draft my will’Hannah Mantle explores whether artificial intelligence could improve the will-drafting process in England and Wales
  • A sympathetic earCarlos de Serpa Pimentel and Esmond Brown review trustees’ use of the Cooper application in the Cayman Islands
  • Book Review: A Practitioner’s Guide to the Court of Protection, fourth editionBy Caroline Bielanska TEP, Richard Frimston TEP, Justin Holmes and Martin Terrell TEP