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STEP Journal: July 2014

  • Foreword Volume 22, Issue 6Welcome to your latest STEP Journal, which this time puts Asia Pacific in the spotlight, and also includes a special focus on contentious trusts and estates. Before anyone gets the wrong idea, those two do not, of course, go hand in hand for any particular reason (other than the vagaries of annual STEP Journal content planning)!
  • Thinking timeLiberate yourself from the tyranny of your inbox and treat yourself to some quality thinking time, urges Martyn Gowar.
  • We are children of the worldRichard Frimston highlights an anomaly in EU measures concerning inheritances due to children.
  • The privatstiftung explainedMichael Petritz and Andreas Kampitsch review Austria’s trust alternative.
  • Hot propertyIan Huddleston, STEP’s Council member for Northern Ireland, talks to Sally Percy about the worlds of real estate and regulation
  • Incorporation by referenceAmanda Edwards on the steps for successfully incorporating documents in a will.
  • The battle of the titansJohn Harper recalls aspects of the Thyssen case, which was under way in March 2000, when he went to live and work in Bermuda.
  • Streets aheadHugo Struthers, Charlie Seligman and Mike Townsend are the first chartered surveyors to become STEP members. Hannah Downie asks them what benefits STEP membership can offer those in the property industry
  • Four steps to TEPAhead of the launch of the new STEP Qualifications and Membership Framework, Nigel Race explains what this initiative means, some of its features and how it will benefit STEP and its stakeholders.
  • Enduring complexityKate Hanslow provides an overview of the various tests for capacity to execute instruments appointing enduring guardians in Australia.
  • An IPO safety netLara Mardell on the benefits of using a trust in pre-IPO structuring.
  • Intention is everythingS Sharma examines the Singapore Court of Appeal’s approach to tax avoidance in a case of corporate restructuring with a financing arrangement.
  • The wisdom of eldersChristian Stewart discusses the role of family elders in preserving the wealth of Asian families.
  • Disclose or withhold?James Laycock offers a checklist of points for trustees to consider when faced with a beneficiary’s request for disclosure.
  • Will rectification after Marley v RawlingsAdam Carvalho calls for yet greater reform after a case extending the courts’ ability to rectify wills.
  • Purpose trusts: a perplexing rulingKeith Robinson questions the reasoning behind a recent decision on disclosure in the case of Bermuda purpose trusts.
  • Lifting the lidToby Graham review the Bermudan case of In Re A Trust, the first post-Schmidt authority on the courts’ willingness to override trust information control mechanisms and order disclosure.
  • A blow to bank secrecyChristian Girod examines a recent Swiss court decision allowing a foreign estate to obtain information about a Swiss bank account held in the name of an entity.
  • Clause for concernTrust lawyers should revisit their precedents in light of the Jersey Court of Appeal’s redefinition of ‘exclusive jurisdiction’ and ‘forum for administration’ in the landmark case of Crociani v Crociani, writes Jonathan Speck.
  • An estate-planning smörgåsbordAlice Palmer and Frederick Bjørn compare the inheritance tax, succession law and matrimonial regimes of Denmark, Sweden and Norway.
  • A brush with death taxesDhana Sabanathan and Shu-Ping Shen offer estate-planning advice to international couples from the US and the UK.
  • Selling art: the big pictureWilliam Hancock offers some practical tips on the sale of fine art in the UK.
  • IP: ignore at your perilJackie Maguire explains why family businesses should not overlook the importance of their intellectual property.
  • Tax tips for trusts turning tenRobert Jamieson reviews some inheritance tax aspects of discretionary trusts.
  • Ripe for further reformThe Jackson reforms took effect on 1 April 2013, significantly affecting the way litigation might be funded in England and Wales. Nicholas Holland and Lorraine Jeffery revisit the reforms one year on.
  • Probate Disputes and RemediesProbate Disputes and Remedies has not been written purely for practitioners – far from it. The legal practitioner is among its intended audience, but this book is also aimed at the overlooked or disillusioned beneficiary and the non-legally qualified personal representative.

STEP Journal: June 2014

  • Foreword, Volume 22, issue 5Considering Switzerland’s size, articles in the world press on the subject of its finance industry or political landscape appear with disproportionate frequency.
  • Engaging with the next generationMartyn Gowar discusses the importance of families adopting ‘a culture of engagement’.
  • Plebiscites, referenda and electionsRichard Frimston wonders whether upcoming votes herald more turbulent times.
  • Dutch trust substitutesAnneke Vrenegoor outlines Dutch legal structures similar to trusts.
  • Born in the USA - Larry Heller shares his journey with Sally PercySTEP Council member Larry Heller has played a pivotal role in building up STEP in the US. Here, he shares his journey with Sally Percy.
  • Trustees de son tortAmanda Edwards highlights the potential consequences of defects in trustees’ deeds of retirement, including the invalid appointment of successors.
  • Meeting expectationsJohn Harper takes a critical look at the role of chairperson and offers some practical advice.
  • STEP’s new CPD policyVal Cox explains the three core principles underpinning the revamped policy.
  • STEP moves towards new qualifications structureNigel Race explains the benefits of the forthcoming Qualifications Framework.
  • Life insurance: an industry in fluxHow is the life insurance industry faring in the new era of compliance and transparency? And what are the challenges and opportunities that lie ahead? A panel of experts gathered to thrash out the answers to these questions and more at the latest STEP Journal roundtable.
  • To serve and protect?Russian settlors, wary of the trust concept, may be tempted to appoint Swiss protectors with broad powers to safeguard their interests. But such a strategy is not without perils of its own, warns Dmitry A Pentsov.
  • A say on payMarie Flegbo-Berney reviews the new Swiss regulation on compensation within listed companies.
  • A two-way streetRalph Thiede reviews the tax-planning opportunities under the Liechtenstein and UK double-taxation treaty.
  • Liechtenstein’s trust transplantProfessor Dr Francesco A Schurr examines the Liechtenstein law of trusts, 88 years after the principality imported the concept from the common-law world.
  • The Swiss role in FATCAPeter Cotorceanu and Quan Nguyen consider which FATCA rules apply to Swiss trust companies and their trusts.
  • Imperfect harmonySangna Chauhan and Michael Wells-Greco ask whether the EU Succession Regulation will achieve its goal of promoting greater coherency in cross-border succession law.
  • Unsettling questionsIan Watson considers the treatment of US revocable trusts in the UK.
  • Carving up marital assetsIn this comparative article, the authors provide an overview of the financial consequences of divorce, prenuptial agreements and the death of a spouse in England and Wales, France and New York.
  • Double troubleLeonardo Almeida reviews the double-taxation treaties governing cross-border successions in the EU, and calls for greater harmonisation.
  • Foreign settlor trusts: regime changeMeir Linzen and Guy Katz outline the Israel Tax Authority’s proposed tax settlements for foreign settlor trusts.
  • The downsides of stepping upAlon Kaplan, Lyat Eyal and Shai Dover consider the tax implications for Israeli residents of requesting a step-up in relation to inheritances and gifts from abroad.
  • Israel’s foundationBenjamin Grunberg looks at the hekdesh, Israel’s take on foundations.
  • High stakesDawn Goodman, winner of STEP’s Trusted Advisor of the Year award for 2013, talks to Sally Percy about private client litigation and working with families in crisis.
  • Buzzkill for the taxmanIn light of the taxpayer victory in Buzzoni v HMRC, Georgia Bedworth reviews the UK reservation of benefit provisions.
  • Cretney & Lush on Lasting and Enduring Powers of Attorney - a review by Aileen BarryAileen Barry reviews 'Cretney & Lush on Lasting and Enduring Powers of Attorney'