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TQR: September 2016

  • Something old, something newFrom an analysis of the provision for privileged wills set out in the Wills Act 1837, to a cutting-edge Swiss ruling in the ‘divorce of the century’, this edition of the Trust Quarterly Review is, as ever, broad in ambit.
  • Doesn’t travel wellThere are issues that frequently arise when devising and implementing an estate plan involving assets in both a civil-law jurisdiction, such as Quebec, and a North American common-law jurisdiction like Ontario or Florida.
  • Trust in SuisseA review of the final Rybolovlev decision, in which the Geneva Court of Appeal clarified the interface between the Hague Convention and matrimonial law, as well as the date for valuating marital assets settled in trust.
  • Capacity to endureJoanna Caen and Richard Norridge cover potential practical difficulties relating to enduring powers of attorney, including abuse and multi-jurisdictional difficulties.
  • Modern privilegesPrivileged wills for military personnel on active service are provided for under the Wills Act 1837 – but can that Act’s provisions be applied to the modern-day drone operator, French Foreign Legionnaire or Peshmerga fighter?
  • Book review: Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors and Trust CreatorsImagine a successful wealth creator with significant financial capital and young children. This individual seeks your advice on the establishment of a family trust.

STEP Journal: August-September 2016 - Full Issue

  • Foreword - August-September 2016Welcome, everyone, to the August/September edition of the STEP Journal, which has a particular focus on art and the Caribbean and Latin America regions.
  • ‘Brexit means Brexit’, but what does Brexit mean?The UK’s decision to quit the EU leaves Richard Frimston with several questions. Could the EEA provide a solution? And what will happen once article 50 is invoked?
  • Plug your skills gaps
  • The only way is ethicsThe ‘Panama Papers’ prompt Jeff Halpern to consider the importance of STEP’s professional standards.
  • Put your money where your mouth isJulie Hutchison considers how charities can ensure their investment activities align with their missions.
  • Know your oats
  • Permanent wavesPeter Savory highlights what STEP members need to know about the latest amendments to the Turks and Caicos Islands’ immigration law and regulations, including the criteria for permanent residence.
  • A real changeA decision of Brazil’s IRS has clarified the criteria to determine a Brazilian tax resident from a non-tax resident citizen. Craig Barley explains.
  • Silver liningAdrian Diplotti provides a summary of Argentina’s new tax amnesty and voluntary-disclosure regime.
  • Island remedyColin McKie and Morven McMillan explain that, In the Matter of the Y Trust No 1, the Grand Court of the Cayman Islands demonstrated, once again, that it is willing to take a pragmatic and purposive approach to the construction of Cayman Islands trust deeds.
  • No strings attached Diana Wierbicki, N Todd Angkatavanich and Sarah Pickering offer US estate-planning strategies for high-value artwork. They address federal-transfer and income-tax issues, as well as New York sales and use-tax implications
  • Seeking acceptancePaul Fairbairn discusses acceptance in lieu, the UK tax relief that encourages state-sponsored giving.
  • Collect and protectSandrine Giroud, Nigel Glenday and Deborah Lechtman consider the opportunities and legal considerations of asset-based lending against art.
  • Structural artVivian Haines discusses alternative ways of holding art for UK-resident and domiciled art collectors.
  • Public affairsTwo solutions are being advocated to ‘clean up the offshore industry’: registers of beneficial ownership, and regulation of trust- and corporate-service providers. Here, Professor Jason Sharman and Geoff Cook say effective solutions require a combination of the two.
  • Abuse of trust?Public access to France’s trust register was suspended by the Conseil D’État just two and a half weeks after the register was launched. Adea Meidani and Agnès de l’Estoile-Campi give an overview of the register and discuss the implications of the court ruling.
  • All in the familyTrustees working with family businesses in Asia should consider introducing a formal family governance structure, says Melanie Ison.
  • Border controlDora Clarke, Michelle B Graham, Hannah Bond and Helen S Cheng discuss common problems arising in US-UK estate planning
  • Act of charityJacqui Lazare assesses the impact on trustees’ responsibilities of England and Wales’ Charities (Protection and Social Investments) Act 2016.
  • A problem sharedDaniel Ugur and Alfred Liu remind practitioners in the UK that income tax can come into play when shares in a family business are passed down to family members.
  • TQR: game on
  • Book Review - Trusts in Prime Jurisdictions, Fourth EditionBy Dr Alon Kaplan Reviewed by Dr Angelo Venardos