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STEP Journal: May 2014

  • Foreword, Volume 22, issue 4 - A welcome from Stanley A Barg
  • Beauty parades: don’t you hate them?Nobody enjoys beauty parades, but clients can make them better by doing their homework beforehand, writes Martyn Gowar.
  • The EU in 2014: the Home ProgrammeRichard Frimston considers the EU Succession Regulation and choice of law.
  • Italian trust alternativesMartina Moscardi takes a tour of Italian structures similar to trusts.
  • Golding for CanadaRecently elected to represent Canada on STEP Council, Nancy Golding QC TEP is a current member and former chair of the STEP Calgary Branch, a former director on the STEP Canada Board, and is present Chair of STEP Canada’s Membership Services Committee. Here she talks to Hannah Downie about the effect US policies and domestic initiatives will have on Canadian TEPs, and the challenges STEP faces in trying to achieve a truly global outlook.
  • Preferential treatmentJohn Harper provides an overview of preferred stocks and their various incarnations.
  • Receipt by minors How should a personal representative proceed where a legacy is due to a minor under a will that lacks a minor’s receipt clause? Amanda Edwards explains
  • New CPD resources for membersVal Cox introduces three new resources, available for free on the STEP CPD Centre.
  • Wrestling with WESA
  • Portability: a game changerLouis A Mezzullo reviews the US provisions relating to ‘portability’ between spouses of the unused applicable exclusion amount.
  • Canada’s FATCA pactMark Fleming and Ralph Awrey consider the facts and implications of the US and Canada’s intergovernmental agreement.
  • Revenge of the NRTsJason Trenton and Michael Rosen-Prinz explain what Canadian non-resident trust rules mean for US practitioners.
  • A clearer test of capacityKathleen Cunningham considers Canadian legislation that explicitly sets out when an adult is incapable of appointing a decision-maker.
  • Suffering for your art?Dr Ariel Sergio Goekmen outlines the risks associated with alternative investments.
  • Papering over the cracksMartyn White looks at the risks associated with owning paper gold.
  • How alternative is gold anyway?Robin Newbould looks at the oldest investment known to man.
  • Budget briefingHarry Joffe highlights some of the more interesting announcements in South Africa’s 2014 Budget.
  • Succession lessonsAs a growing number of Middle Eastern family businesses seek advice on succession planning, James Howe offers some tips for practitioners.
  • Will India embrace the prenup?Samira Varanasi and Abhinav Harlalka review the enforceability of prenuptial agreements in India.
  • Tax evaders unveiledEkaterina Butler examines the Russian Commercial Court’s approach to piercing the corporate veil in cases of tax evasion.
  • Under the cloak of multiformityJavier Enrique Ayuso gets to grips with Nevis’ Multiform Foundations Ordinance.
  • A word from the wisePhilip Marcovici TEP won STEP’s Lifetime Achievement Award at the STEP Private Client Awards 2013–2014. Here he talks to Hannah Downie about some of his career highlights, and how STEP has helped to shape the industry.
  • Lost in a moral mazeTom Glanville discusses ethics, morals and investment policy statements.
  • Managing threats to wealthEducation and flexibility are key to keeping wealth in the family, write Charles Gowlland and Frank Akers-Douglas.
  • A perfect matchDavid Bell offers some pointers for trustees seeking a wealth manager capable of meeting the needs of multi-jurisdictional clients.
  • Administrator auditionsNadine Whyte discusses the appointment of an administrator for the estate of a member of a BVI company who died intestate and domiciled outside of the BVI.
  • Separation anxietyThe Law Commission’s report on ‘Matrimonial Property, Needs and Agreements’ makes welcome recommendations for reform, but many questions remain unanswered, writes Tracey Dargan.
  • Painting or plant? Ann Stanyer examines an ‘extraordinary’ case in which a famous painting was deemed to constitute ‘plant’, and outlines the tax reliefs available in the UK for owners of high-value heritage assets.
  • Drafting Trusts and Will Trusts in Scotland: A Modern ApproachJames Kessler’s seminal work Drafting Trusts and Will Trusts: A Modern Approach is now in its 11th edition, and has encompassed its tenth jurisdiction with the publication of this Scottish version, co-written with Glasgow-based STEP member William Grant TEP.

STEP Journal: April 2014

  • Foreword Volume 22, issue 3This, the third issue of the STEP Journal in 2014, has a Crown Dependencies focus and also contains features on family businesses, as well as columns from our regular contributors, Martyn Gowar, John Harper, Richard Frimston and Val Cox.
  • Taking control of investment servicesMartyn Gowar considers how trustees should act in circumstances where they are answerable to beneficiaries for decisions made by investment advisors.
  • The child is father of the manRichard Frimston considers how habitual residence will be determined where elderly adults lack capacity.
  • Trusts and trust-like structuresWhen is a trust not a trust? And when is a company not a company? Patrick Delas explains.
  • Ahead of the gamePractitioners in the Isle of Man face new laws and regulations - the UK’s statutory residence test came into force, the Isle of Man Disclosure Facility opened, and new reporting obligations under the intergovernmental agreements signed with the US and the UK are on the way.
  • In case of needJohn Harper looks at the provisions of sections 31 and 32 of the Trustee Act 1925.
  • Bursting out of the boxStay too long in your comfort zone and you might find yourself stuck in a ‘comfort box’ that stops you learning new skills. Val Cox offers an escape route.
  • Offshore foundation navigationThe Crown Dependencies of Guernsey, the Isle of Man and Jersey have enacted foundations legislation in recent years. Here, an industry expert from each of the Dependencies reviews their island’s foundation regime.
  • Stepping up to FATCALaila Arstall charts Guernsey’s path to automatic exchange of information.
  • Know your limitationsElaine Gray stresses the importance for trustees of adopting limited recourse language, in light of the Royal Court of Guernsey’s decision in Investec Trust (Guernsey) Ltd and others v Glenalla Properties Ltd and others.
  • A victory for privacyKevin O’Loughlin reviews a case demonstrating the Isle of Man’s treatment of privacy in trustee applications.
  • The appeal of the FLPKevin O’Connell on the rise of the family limited partnership in the Crown Dependencies.
  • Liechtenstein’s foundation migrationOver the last year or so, several Liechtenstein Stiftungs have migrated to Jersey. Steve Meiklejohn explains that this is largely down to Liechtenstein’s new tax legislation.
  • Aviation registry aims for the skiesIn December 2013, Guernsey introduced the 2-REG, the Channel Islands Aircraft Registry. Here Fiona Le Poidevin explores what it offers international clients
  • Family business: a portraitThe second STEP Journal roundtable, sponsored by Northern Trust, saw family business advisors gather together for an animated discussion about philanthropic trends, how best to achieve an orderly succession, and wealth-structuring strategies.
  • When family farming partnerships go wrongDebbie King explains why family business advisors need to take a more active role.
  • The founding father of family business adviceHannah Downie speaks to Peter Leach, founder and Chairman of Peter Leach & Partners and winner of STEP’s Family Business Advisor of the Year award 2013–2014.
  • A safe pair of handsKen McCracken of Withers Consulting Group, and lead author on the STEP Advanced Certificate in Family Business Advising, considers how families themselves see the role of the advisor, and the importance for advisors of becoming ‘professionally ambidextrous’.
  • Better together?Ian Slack and Richard Joynt speak to Hannah Downie about the changing dynamics of the single family office and multi-family office market.
  • Weathering the storm - when crisis strikes a family business...When crisis strikes a family business, advisors need a clear plan, with an emphasis on honesty, to minimise reputational damage, write Alex Finnegan and Richard Meredith.
  • Planning for posterity’s prosperityRichard Bertin on why planning is key to preserving the legacy of a family business.
  • Successful succession planningPenny Lovell explores the longevity of family businesses in Scotland and highlights the issues that need to be addressed during family business succession planning.
  • Hungary for businessDr Ákos Menyhei and Dr Krisztina Gyepes present a practitioners’ guide to Hungary.
  • A clean slateNatasha Miklaucic and Stephanie Wong outline the Canada Revenue Agency’s Voluntary Disclosure Program.
  • Tipping the balanceHow many extra services must a property-letting business provide to be deemed ‘mainly’ a trading business, and therefore qualify for inheritance tax business property relief? Julie Butler weighs up a recent case.
  • The FATCA effectFiona Fernie explains the latest developments in international tax reporting agreements.
  • Statutory Will Applications: A Practical GuideTina Cockburn reviews Statutory Will Applications: A Practical Guide, which provides a timely and valuable contribution to Australian succession-law scholarship and will also be of great interest to comparative law scholars.