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STEP Journal: November 2013

  • Web exclusive: Pawson cancelled but hope existsIt could be argued that the Pawson case as chosen by HMRC to challenge in the Courts was too weak and there has to be the challenge of more balanced or strong FHL cases.
  • From the editor - Nicholas Dale introduces STEP Journal November 2013 issueNicholas Dale reports in from Switzerland on how much has stayed the same in 30 years of practice.
  • Looking ahead - how to continue to bring value to clients in a world of constant change
  • Last of the summer babel fishRichard Frimston becomes acquainted with the Inter-Active Terminology for Europe.
  • It runs in the familySTEP Council member Simon Morgan speaks to Hannah Downie about the importance of conviction, empathy and education.
  • Sins of omission - failure to exercise a right may be chargeable to IHTAmanda Edwards explains that a failure to exercise a right may be chargeable to IHT
  • The title’s the thingJohn Harper considers some of the challenges involved when trustees accept chattels into trust.
  • The extended familyVal Cox explains how advisors of all walks could benefit from developing the non-technical skills needed to succeed in the family office field – and what STEP can offer to help
  • A night to rememberAn evening of celebration, success and charitable achievement at the STEP Private Client Awards 2013/14
  • Jersey in an evolving global private client landscapeTen years ago it could have been said that the private client landscape progressed at a leisurely pace. Today, however, things couldn’t be more different. Governments struggling to tackle their fiscal deficits have instituted an avalanche of measures designed to increase their tax take. The private client world constantly has to adapt to these new regulations as well as developments in case law. But as the pace of change is set to continue, and competition in the world of international financial centres (IFCs) heats up, how will Jersey fare? This was the central question addressed by a panel of industry experts at a STEP Journal roundtable discussion hosted by Jersey Finance
  • The child gardenBarbara R Hauser explains how family businesses can nurture and inspire the next generation
  • Leaving on your mindRichard Joynt and Ian Slack consider strategies for exiting the family business.
  • A label of qualityFranck Cera introduces Luxembourg’s new licensing regime for family offices.
  • A second portionNatasha Carolan studies Kloosman v Aylen and asks whether a child should inherit twice in England and Wales
  • Freedom and protectionAriane Michellod Berney provides an overview of the new Swiss law on adult incapacity
  • Atlantic DivideTina Wüstemann and Basil Zirinis provide an overview of issues that arise in the context of Swiss-US estates
  • Where we are nowDr Ariel Sergio Goekmen summarises Liechtenstein’s distinctive jurisdictional characteristics.
  • Exotic animal or useful tool?Nikolaus Wilhelm discusses Liechtenstein’s charitable foundations.
  • The battle continuesJohn Carlson discusses the Financial Action Task Force’s new standards for combating money laundering and terrorist financing.
  • A tale of two systemsCarol Haworth compares civil-and common-law approaches to succession.
  • Guns, gametes and googleThe tasks of personal representatives are ever-changing as the nature and scope of property evolves with technological advances and societal change. Here Barbara Janzen, Michelle Isaak and Debra Thomas examine what’s involved for Canadian personal representatives administering some of the more unusual asset types
  • Key changeChristopher McKenzie analyses the significant amendments to VISTA and other BVI trust and estate legislation.
  • Kostic and beyondMark Lindley discusses the legacy of Kostic v Chaplin and others.
  • Care planning for elderly clientsChris Cain provides a case study highlighting the benefits of independent care advice in the UK.
  • Book review: The Jersey Law of Trusts (Fourth edition)The Jersey Law of Trusts (Fourth Edition) by Harriet Brown - Reviewed by Edward Buckland.

STEP Journal: October 2013

  • From the Editor - Rosemary Marr introduces STEP Journal October 2013 issueRosemary Marr guides you through this issue’s investment and Crown Dependencies focuses
  • Saying what we meanMartyn Gowar on the importance not just of transmitting the right message, but of making sure the client hears that message
  • Make mine a sham, babyRichard Frimston examines civil-status documents, bogus marriage and the ICCS
  • Rewritten rulesJulien Dif and Vaïk Müller discuss the new Swiss legal framework for the distribution of collective investment schemes to qualified investors
  • The personal touchIan Macdonald, STEP Scotland’s representative on Council, talks to Hannah Downie about the human focus of family businesses and Scotland’s distinctive legal tradition
  • The lost legacyAmanda Edwards considers the burden of expenses incurred on specific bequest in wills
  • Succession crisesJohn Harper looks at the dangers that arise during the transfer of wealth from one generation to the next – and what trustees can do about them
  • Hours to rememberCPD isn’t a bureaucratic exercise: it’s an opportunity to make sure you’re at the height of your professional powers. Val Cox explores how to make the most of your time
  • Top DogsJudging the performance of a portfolio is no easy task. Chris Donoghue explains how to make sure your investment manager meets your specific requirements
  • Asking the right questionsSimon Ward considers the extent of trustees’ duties in managing and investing in corporate assets
  • Alternative cultureKeith Heddle on the increasing popularity of premium collectible investments
  • Skill or chance?Charlotte Thorne sets out the importance of quantitative and qualitative factors in due diligence
  • The beginning of the endPaul Clifford discusses the US Federal Reserve’s quantitative easing programme
  • The Crown JewelsCraig Brown explains why asset-protection trusts are still popular centuries after their inception
  • Who holds the gun?In the wake of a Jersey judgment, Dawn Goodman and Sarah Aughwane dismiss the theory of the ‘all-powerful protector’
  • Hastings-Bass and mistakeEmma Jordan provides an overview of the amendments to the Trusts (Jersey) Law 1984
  • Make do and amendNigel Sanders on the approach of the Jersey Court to correcting the defective execution of documents, short of rectification
  • An alternative you can trustElaine Graham explores the development of the security trust agreement, a new trust structure available in Guernsey and the Isle of Man
  • United we standDaniel Martineau reviews how regulation, tax, litigation and IT have inspired industry consolidation
  • The hidden economyUgo Bassi presents the European Commission’s proposal for a Fourth Anti-Money Laundering Directive
  • Inland answersAs international criticism lessens the attractiveness of traditional offshore jurisdictions, Greg McNally suggests the Canadian transnational trust as an onshore alternative
  • Marriage counselGideon Rothschild, Daniel Rubin and Arlene Dubin provide a planning update for same-sex married couples in the US
  • Immigration updateMeir Linzen, Alon Kaplan and Guy Katz discuss new changes to the tax benefits available to those moving to Israel
  • A practitioner’s guide to SlovakiaRichard Wernick provides an overview of inheritance law and tax in this central European civil-law jurisdiction
  • Farm complacencyJulie Butler considers active husbandry and the surviving spouse exemption in the UK
  • Book review: The Good Will Guide