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STEP Journal: May 2016 - Full Issue

  • Foreword - May 2016A good place to start for those wanting to investigate this topic is Marie-Thérèse Yates and Jacopo Crivellaro’s article on page 65, in which the authors discuss recent trends in global mobility and exit taxes.
  • Sherlock Holmes and the case of the Visegrad FourRichard Frimston investigates who is behind the delays to implementation of Rome IV
  • Till divorce do us partSettlors of offshore trusts are viewing divorce among beneficiaries as increasingly likely, notes Sally Edwards. So what are the steps that settlors are taking, and what is the attitude of the onshore courts?
  • You really shouldn’t haveStefano Loconte highlights proposed increases to Italy’s gift tax and inheritance tax.
  • When’s a house a home?Jenny Wilson-Smith highlights a practical difficulty with the UK home test.
  • Joining up the dotsPractitioners should ensure their ageing clients have planning and decision-making documents in place. Kathleen Cunningham explains why.
  • The American wayLucy S Lee and Paula Charpentier outline the US federal income tax reporting requirements for foreign trusts.
  • Atlantic crossingSaul Djanogly highlights recent US litigation regarding fiduciaries’ duty of care in relation to investments.
  • Crossing the 49thIan Pryor and Dean Smith highlight the issues that arise when a Canadian-resident trust has US beneficiaries.
  • American dream
  • Beware expats bearing gifts Gideon Rothschild explains that US donees and heirs face potential tax exposure from expatriates’ covered gifts and bequests under proposed regulations.
  • Does your family office measure up?Lisa Vizia explains why trustees must offer bespoke monitoring and reporting of family-office investment performance.
  • Money grows on treesFernando Valda discusses the rise of sustainable real assets, such as woodland and solar power, as an alternative asset class.
  • Estate-planning safariHarry Joffe offers a guided tour of the recent legislative and budget amendments in South Africa that will affect estate planning.
  • Arabian insightsYann Mrazek provides an overview of succession law in the United Arab Emirates.
  • It’s a jungle out thereIgnorance of the different probate regimes in India can cause significant delays when it comes to administering estates of non-resident Indians, says Ashvini Chopra.
  • Wealth in motionIn February, participants in a Hawksford-sponsored roundtable delved into myriad issues affecting today’s international families, at globally renowned jewellery designer Theo Fennell’s flagship store in London.
  • Turbulence aheadMarie-Thérèse Yates and Jacopo Crivellaro discuss recent trends in global mobility and exit taxes.
  • Redeem yourselfYuri Andrey Mattana Freitas explains the conditions and terms of Brazil’s new voluntary disclosure programme.
  • Don’t spend it all onceAlex Elphinston discusses the trusts available to parents of minor children in England and Wales.
  • A red-letter dayAndrew Lynn highlights an important missive from the Hong Kong Bar Association that practitioners may have missed.
  • Hands offHannah Henley reports that Australian legal personal representatives may be in breach of their fiduciary duties if they apply for superannuation and death benefits to be paid to them personally.
  • TQR: top-quality readingThe latest Trust Quarterly Review (volume 14, issue 1, 2016), published by STEP in association with TACT, is a gold mine of information for the busy practitioner. Here we present a taste of its contents.
  • Drafting Trusts and Will Trusts in Hong Kong This book is a paradox. On the one hand, it is extremely detailed; on the other, it is succinct and boils down many complex topics.

STEP Journal: April 2016 - Full Issue

  • Foreword - April 2016Welcome to the April edition of the STEP Journal. Our focus this time around is on family businesses and, in particular, the great many challenges and corresponding opportunities that such enterprises offer.
  • Sliced salami or the kitchen sink?Richard Frimston explains the two approaches underpinning EU legislation.
  • Reserve judgmentChristopher Bevan asks whether trusts can operate under corporate distribution principles in Australia.
  • Inheritance tax resurrectedVicky Rodrigues discusses the return of inheritance tax in Portugal.
  • Learning from the bestAmanda Simmonds, one of the newest recruits to STEP Council, discusses the benefits of being involved in the Society at leadership level.
  • Problem PETsAmanda Edwards discusses the regime for potentially exempt transfers by life tenants and notes that, in some cases, the primary liability for inheritance tax lies with the trustees.
  • Protectors: a protected species?Two recent judgments from the courts of Jersey and Guernsey prompt Peter Hodson to consider issues around the removal of trust protectors.
  • With great power… A recent decision in the Royal Court of Jersey has given clear guidance on the duties of a person appointing trustees or protectors of a trust. Andreas Kistler and Alexa Saunders examine the decision and consider its impact.
  • Depend on the Dependencies Fiona Corbet explains what the Crown Dependencies can offer international clients, and provides an overview of recent regulatory changes.
  • Creditor checkMathew Newman and Emma Hill discuss a recent case indicating that, in insolvency matters, the Guernsey Royal Court may be inclined to consult creditors before it applies pure trusts law.
  • The grand handoverSusan Hoyle considers why some family business owners are so reluctant to plan for succession, and what to do when they have been brought around.
  • Attitude adjustmentTo be effective, family business ownership policies must reflect the family’s attitude to four key questions, notes Ken McCracken.
  • Fair sharesJohn FitzGerald explains how shares can be used to achieve succession-planning objectives.
  • Welcome to the foldOne of the most important decisions for a family business is whether it ought to recruit an executive from outside the family. Penny Webb outlines some of the questions that should be asked in this situation.
  • Tame the tigerHans Diederen explains how advisors can prevent Asian family business owners from falling prey to common succession-planning problems.
  • Just for the recordDavid Dorgan considers the different approaches Jersey trustees can take to minute-writing.
  • A century of successionThis year marks the centenary of the enactment of Panama’s Civil Code, which contains the main provisions for estate and succession law. Here, Alvaro Aguilar highlights the succession rules and formalities for granting wills contained in the Code.
  • Champion of the vulnerableCarol McBride, Director and Head of Private Client, explains how the firm provides exceptional service to vulnerable clients, and calls on other stakeholders to raise their game in the provision of services.
  • Do you take this trust…Claire Blakemore asks if it is possible to ‘nuptialise’ or ‘denuptialise’ a trust, in light of two recent cases of the family courts in England and Wales.
  • Forget me notKate Maybury reminds practitioners in the UK of the relief available under s11 Inheritance Tax Act 1984 when making transfers to children.
  • Damages controlPeter Murrin explains the benefits of personal injury trusts in Scotland.
  • Thy will be done?Richard Dew questions whether testamentary freedom in England and Wales is as absolute as many like to think
  • Fiduciary Property Management and the Trust Published in October 2015, Fiduciary Property Management and the Trust provides a historical analysis of the Anglo-Saxon trust, together with a comparative law review of similar civil-law institutions.