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STEP Journal: October 2019 – Full Issue

  • Foreword - October 2019‘No man is an island, entire of itself; every man is a piece of the continent, a part of the main; if a clod be washed away by the sea, Europe is the less [for it].’ This is an excerpt from a poem by the British metaphysical poet John Donne who lived in the 16th century.
  • Get on boardSTEP’s committees of the Board are recruiting, and applications open on 28 October. Zoe Willenbrock encourages Full STEP members to apply
  • Who’s in control?Paolo Panico takes a closer look at the beneficial owners of companies controlled by trusts and what this means in EU Member States
  • Be careful what you wish forSally Edwards discusses the challenges for trustees when dealing with multiple letters of wishes
  • The psychology of wealthMargaret O’Sullivan explores the personal challenges families face in transitioning their wealth
  • Behavioural investing (part 2)In the second of this two-part article, Andrew Prosser looks at how emotional biases can adversely shape investment decisions
  • When forever is too longAlana Petraske discusses the rise of time-limited philanthropy and leaving a lasting legacy
  • Chattel rules for UK capital gains taxMegan Saksida explains how to approach the chattel rules for UK capital gains tax and highlights the importance of doing two calculations
  • Finding the Holy Grail of employee engagementJenni Hutchinson considers ways to boost employee engagement and reap the benefits of a productive, positive workplace
  • Navigating stormy seasAs the Crown Dependencies align with global transparency and anti-abuse policies, Helen Swire examines the challenges for practitioners
  • A matter of substanceAlice Bricogne and Richard Laignel discuss the impact of new economic substance rules on family offices in Jersey and Guernsey
  • Trust bustingRupert Morris explores the Guernsey Royal Court’s recent judgment clarifying the relationship between Saunders v Vautier and the island’s trust law
  • A step into the void?Ciara Smith on how the Crown Dependencies plan to comply with the EU’s DAC6 legislation
  • When trusts go publicKevin O’Loughlin discusses how the EU’s 5AMLD makes trustee information available to the public and considers what this means for the Crown Dependencies
  • To intervene or not to intervene?Lydia Essa gives her practical perspective on the modern usage of ‘anti-Bartlett’ clauses and when, or if, trustees should use one
  • CDs play alongDavid Dorgan examines the implications of transparency in beneficial ownership information
  • Keeping it in the familySara Adami-Johnson lays out the fundamentals of maintaining and curating a family art collection
  • Strengthening a crumbling structurePetros Fatouros presents a case study in which a lack of adequate tools in Greece led to the devaluation of a family business structure
  • 21st-century wealth structuringAlex Baker and Alicia Dimitrova explain how modern wealth structuring can help families maintain control through generations
  • Change at the topRose Chamberlayne takes a look at the subjects of disruption and professionalising family business boards
  • How to protect a legacyDr Priscilla Mifsud Parker explains how to use succession-planning vehicles to preserve wealth for family businesses
  • 5 steps to successful successionSean Cortis provides recommendations for building an effective family succession plan
  • The age of the digital familyRebecca Bettany looks at how increased connectivity and digital innovation is changing the way families plan for the future
  • Diverse dynastic driversFor global families, managing wealth across one or more jurisdictions engenders numerous complexities. A recent STEP Journal roundtable, sponsored by RBC Wealth Management, examined these challenges
  • Great expectationsJoanna Caen and Richard Norridge look at a recent Hong Kong trust judgment on legitimate expectation and assess the lessons for practitioners
  • The finer things in life (and death)James Russell considers the treatment and protection of unique movable assets in a trust
  • The hair to my kingdomPhilip Youdan explores the obligations on personal representatives in England and Wales when a potential beneficiary emerges claiming to be a biological heir
  • Planning to protectOliver Embley lays out the versatility of protective trusts in succession planning
  • Book Review: Your Business, Your Family, Their Future: How to ensure your family enterprise thrives for generationsBook Review: Your Business, Your Family, Their Future: How to ensure your family enterprise thrives for generations

TQR: September 2019