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STEP Journal: November 2016

  • Good will huntingResearch by the Legal Services Board (LSB), the independent regulatory body in England and Wales, has found that consumers of legal services are increasingly turning to unregulated providers, such as will writers, because of their lower and more transparent pricing, and their higher levels of innovation and service differentiation. We asked an advocate for unbiased commentary on will making, a solicitor and a will writer for their thoughts on the LSB’s findings.
  • Foreword - November 2016STEP Journal: November 2016. Foreword - November 2016. Stanley A Barg. I THINK IT is fair to say that STEP members throughout the world are experiencing increased complexity.
  • Question of unionSTEP Journal: November 2016. Question of union. Richard Frimston examines the impact of Rome IV on drafting pre-nuptial agreements, and matrimonial and inheritance contracts.
  • A ‘brand you’ approachSTEP Journal: November 2016. A ‘brand you’ approach. A positive personal brand will help you maintain and grow your existing client base, Gill Steel explains.
  • Confidential mattersSTEP Journal: November 2016. Confidential matters. A lack of privacy rights upon death is at odds with the increasing drive to protect personal data, argues Margaret O’Sullivan.
  • Awaiting dénouementSTEP Journal: November 2016. Awaiting dénouement. With one eye on an upcoming Supreme Court decision, tax residents of third-party states have the opportunity to claim a rebate on social contributions in France, Frederic Mege explains.
  • Endurance testSTEP Journal: November 2016. Endurance test. Amanda Edwards examines the law governing enduring powers of attorney created before March 2000.
  • Out with the new, in with the old?STEP Journal: November 2016. Out with the new, in with the old? Robin McGhee on the revival of the discretionary trust.
  • Acts of disunionSTEP Journal: November 2016. Acts of disunion. In cases of divorce and separation among adults with incapacity in Scotland, Alison Edmondson says advisors should give consideration in advance to issues such as guardianship with appropriate powers.
  • Good will huntingSTEP Journal: November 2016. Good will hunting. The LSB’s report exposes a number of interesting statistics. Contrary to anecdotal evidence, using an unregulated provider is apparently not as problematic as once thought. Patricia Byron, Andrew Kidd and Angus Houston.
  • Heads I win, tails you loseSTEP Journal: November 2016. Heads I win, tails you lose. Joshua Rubenstein summarises his talk at the STEP Canada National Conference 2016, where he explained that practitioners need to adapt to change and embrace new opportunities.
  • Face-offSTEP Journal: November 2016. Face-off. Christine Perry and David P Stevens consider how to navigate the challenging tension between the Canadian system of capital gains tax and the US system of wealth transfer tax.
  • Royal treatmentSTEP Journal: November 2016. Royal treatment. Ruth Moore, Andrew Goldstone and Stuart Crippin outline key tax differences between Canada and the UK.
  • Estate of playSTEP Journal: November 2016. Estate of play. Leigh-Alexandra Basha and Shelly Meerovitch discuss how to identify and solve problems in the taxation of non-resident aliens in the US.
  • Statute of libertySTEP Journal: November 2016. Statute of liberty. Neil Schoenblum explains how Nevada’s new decanting statute can prove exceptionally beneficial.
  • Language barrierSTEP Journal: November 2016. Language barrier. Andrew Willetts considers a recent UK Supreme Court decision, which reaffirmed that, when interpreting commercial trust instruments, the courts will rely heavily on the words and phrases contained in the document itself.
  • Three and clearSTEP Journal: November 2016. Three and clear. Graham Virgo discusses Patel v Mirza, in which the UK Supreme Court adopted a new approach to the illegality defence requiring the examination of three considerations
  • At the top tableSTEP Journal: November 2016. At the top table. In September, a panel of Jersey practitioners met for a STEP Journal roundtable, sponsored by Jersey Finance, to discuss the prevailing trends in the industry. On the agenda were new developments in transparency; the impact of key UK developments, such as Brexit; and amendments to Jersey legislation. Words: Beatriz Brockhurst.
  • Present and correctSTEP Journal: November 2016. Present and correct. Dawn Register and Helen Adams consider the UK government’s proposals for a formal requirement to correct tax returns, and the new Worldwide Disclosure Facility.
  • Mexican waiverSTEP Journal: November 2016. Mexican waiver. Victor Barajas and Eduardo Ramos Parra explore the reasons why Mexico’s recent tax amnesty failed to meet expectations.
  • Defence in depthSTEP Journal: November 2016. Defence in depth. Helen Hatton encourages a fresh look at mechanisms to prevent and forestall money laundering and terrorist financing.
  • Book Review: Guide to US/UK Private Wealth Tax Planning, Second EditionSTEP Journal: November 2016. Book Review: Guide to US/UK Private Wealth Tax Planning, Second Edition. By Withers LLP and Robert L Williams TEP. Reviewed by Paul Knox TEP. .

STEP Journal: October 2016 - Full Issue

  • Foreword - October 2016What a year it has been so far. The Olympic and Paralympic Games in Rio caught our imaginations and offered a pleasant distraction from the serious issues that practitioners and their clients face. The success of the athletes was widely celebrated and applauded, whether or not they received a medal.
  • A little lite reliefRichard Frimston hails the arrival of Rome IVa and IVb, which aim to simplify the recognition and enforcement of decisions in matters of matrimonial property regimes and registered partnerships.
  • Future-proof your practiceMargot de Groot considers three drivers that are playing a significant role in shaping the future of our profession: technology; the ‘more for less’ challenge, borne of the global financial crisis; and changing demographics.
  • Is time really of the essence?The uncertainty of time-based billing can leave some clients feeling uneasy, Cheryl Farnham explains.
  • Time to split?Bart Verdickt explains how donations with reservation of usufruct are under fire in Belgium
  • Taxing times aheadPeter Hodson examines how the distinction between the terms ‘tax avoidance’ and ‘tax evasion’ is becoming ever more distorted.
  • A night to rememberThe STEP Private Client Awards 2016/17 took place on 8 September at the Park Plaza Westminster Bridge Hotel in London
  • Strong foundationsChris Hards considers the practicalities of running a Guernsey foundation — in particular, the three sets of Regulations introduced pursuant to the Foundations (Guernsey) Law, 2012.
  • With flying coloursJohn Harris examines the findings of a report based on MONEYVAL’s assessment of Jersey
  • Open for business?David White makes sense of tax transparency, its effect on crown dependencies and how to manage the risks.
  • All about that BassEmily Deane provides an update on Hastings-Bass and its application in the UK’s Crown Dependencies and Overseas Territories.
  • Calculated de-riskingIncreased regulation, access to information and the changing ownership structure of trust companies are some of the reasons professional trustees are ‘de-risking’, Marcus Leese explains.
  • Under pressureMike Farley discusses the considerations of a fiduciary investor in navigating short-term distractions to meet longer-term fiduciary needs.
  • Game changerJulian Hayden suggests a new approach to overseas investment in UK property.
  • Testing timesQuintin Rayer explores how portfolio stress testing can address trustees’ concerns about the impact of extreme market events on portfolios, and help them meet fiduciary responsibilities.
  • Strong constitutionBarbara Hauser considers the difference in family constitutions across cultures, and their self-imposed, varying ‘rule of law’.
  • SERP’s upAmanda Lashley explains how Barbados’ Special Entry and Reside Permit can streamline the relocation process to the island.
  • The Chinese wayMichael Olesnicky highlights the upcoming changes in tax planning for clients based in the People’s Republic of China.
  • A matter of trustThe New Zealand government has proposed a reform of its foreign-trust disclosure rules. Henry Brandts-Giesen outlines the proposals.
  • Strength in numbersPhilippe Lortie provides an overview of the work of the Hague Conference on Private International Law, and explains how STEP members can help the organisation in seeking to widen the ratification of Hague conventions.
  • What they would have wanted…The rise of contentious legacy cases is a priority for charity legacy professionals and probate specialists in the UK, write Chris Millward and Lucy Gill.
  • Now that’s settled…Mark Biddlecombe highlights the UK government’s second consultation on resident non-dom reforms and the opportunities and challenges it brings for trust companies and their clients.
  • Counting the costsTara McInnes explains how disputes over wills are changing in England and Wales.
  • EFRBS endgameAlastair Wilson and Menna Bowen describe how employer- financed retirement benefit schemes are taxed in the UK
  • Book Review: Cross Cultures: How Global Families Negotiate Change Across GenerationsBy Dennis T Jaffe TEP and James Grubman TEP Reviewed by Christian Stewart TEP