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STEP Journal: October 2014

  • From the Editor - Rosemary Marr introduces STEP Journal October 2014 issueRecently, a hoard of at least 70,000 coins, as well as jewellery, saw the light of day for the first time in 2,000 years, having been buried in a field in Jersey. In the modern era, families are still seeking safe havens for their wealth, albeit rarely with enemy soldiers at their heels
  • A wasted opportunity Martyn Gowar rues a client’s refusal to let his children learn about the family’s inherited wealth for fear of them becoming spoilt.
  • Tangled up in treatiesSome conventions will override the EU Succession Regulation, notes Richard Frimston. But which ones are they?
  • Who owns what?Luxembourg has enacted new legislation regulating bearer shares. Companies and shareholders have a limited period of time to comply with the ownership and identity requirements, reports Julien Dif.
  • New world orderAlasdair McLaren, a member of STEP Council, talks to Hannah Downie about changes to both international trusts and regulation over the years.
  • Trial and clerical errorAmanda Edwards examines the courts’ approach to rectifying clerical errors in wills.
  • The Bartlett legacyJohn Harper looks at one of the most important trust cases of the past 35 years, the Bartlett v Barclays Bank Trust Co Ltd case.
  • Managing clients who manageImproving your own management skills can help you to spot clients’ leadership mistakes too, writes Val Cox.
  • Family business advising: the Asian angleWith the inaugural launch of the STEP Advanced Certificate in Family Business Advising in Singapore, Nigel Race, STEP Director of CPD, asks Zac Lucas and Ken McCracken what the certificate offers practitioners working in the family business field.
  • All change - implications of legislative developments for Jersey practitioners - 2014Jersey practitioners have been faced with a number of significant legislative developments in recent months. Here, Henry Wickham summarises the most important and considers their implications.
  • Leading the herdTim Cartwright provides a snapshot of the year’s regulatory and economic developments in Jersey, aimed at ensuring the island remains a leader in the offshore field.
  • Espousing the prenupSamantha McFadzean considers the likely treatment of prenuptial agreements in Jersey and Guernsey following the Law Commission of England and Wales report into matrimonial property.
  • TIEAs: tread carefullyAnnemarie Hughes and Donna Matthews consider the impact of tax information exchange agreements on Isle of Man trustees.
  • Call of dutyJersey trustees must fully understand their duties if they are to avoid litigation in relation to investment of trust assets, writes Mason Birbeck.
  • Eggs in many basketsNick Barran stresses the importance for trustees of creating a diverse investment portfolio.
  • The facts of life insuranceStuart Chapell asks if a high-death-benefit insurance policy makes sense for the wealthy and whether you can guarantee returns.
  • Beyond bondsMark Despres and Paul Garrard discuss fixed-income investing in challenging times.
  • Private partyCharlotte Thorne explains the ‘reverse Al Pacino effect’, whereby wealthy individuals are struggling to invest in private equity.
  • Peak performanceKevin Custis on using investment policy statements and benchmarks to get the most out of investment managers.
  • Gateway to EuropeDr Jean-Philippe Chetcuti explains Malta’s Individual Investor Programme, a citizenship-by-investment scheme.
  • Strait talkin’Chris Keightley-Pugh on the administration of estates and the probate system in Gibraltar.
  • The ‘de-offshorisation’ of the Russian economyKira Egorova on Russia’s drive to curb use of offshore structures.
  • A better family officePatricia Woo explains three key ingredients for a successful family office; independent thinking, sustainability and the ability to mix and match financial solutions.
  • Surveying the VISTA: part twoChris McKenzie considers the application of the rule against perpetuities to VISTA trusts and the issue of the recognition of VISTA trusts by the courts of other jurisdictions.
  • The future of forced heirshipHow do England and Wales compare to other European jurisdictions when it comes to forced heirship, and what impact will the EU Succession Regulation have? Rachel Jones investigates and uses the Bernard Matthews case as an example.
  • Catering for LGBT clientsUK advisors need to be sensitive when dealing with lesbian, gay, bisexual and transgender clients, explains Richard Roberts, but they must not shy away from asking difficult questions.
  • Private Foundations World SurveyThis book provides an extremely helpful comparison of the features of foundations in 21 countries around the world.

Bermuda supplement 2014