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TQR: December 2016

  • The power of informationSTEP Trust Quarterly Review December 2016. The power of information. Although 2016 is nearing its close, there’s still plenty to talk about in this edition, which covers US class actions, using trusts to own French real estate, the demands of information exchange, and whether human rights to privacy are impugned by such exchange initiatives.
  • Fail to prevent? Prepare to failSTEP Trust Quarterly Review December 2016. Fail to prevent? Prepare to fail. The US and the UK are undertaking new criminal initiatives against facilitators of tax evasion, leaving offshore financial institutions increasingly exposed and with a range of responsibilities to mitigate and remediate exposures.
  • French connectionsSTEP Trust Quarterly Review December 2016. French connections. Using a trust to own French real estate does not particularly change the ownership situation in France regarding wealth tax and inheritance tax, and may bring potential drawbacks in terms of corporation-tax issues and increased disclosure obligations. Nonetheless, trusts can remain good vehicles through which to own French real estate when considering estate planning.
  • An American equitable renaissance?STEP Trust Quarterly Review December 2016. An American equitable renaissance? The recent avalanche of American class actions against pension-plan trustees may bring about the re-emergence of forgotten equitable principles in American litigation.
  • Putting the CRS to rightsSTEP Trust Quarterly Review December 2016. Putting the CRS to rights. The Cayman Islands Bill of Rights, which codifies certain fundamentals similar to those enshrined in the European Convention on Human Rights, may represent a chink in the Common Reporting Standard’s armour.
  • Book review: Passing Wealth on Death: Will-Substitutes in Comparative PerspectiveSTEP Trust Quarterly Review December 2016. Book review. Passing Wealth on Death: Will-Substitutes in Comparative Perspective. Edited by Alexandra Braun and Anne Röthel. Reviewed by Keith Wallace.

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. .