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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

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.