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TQR: June 2019

STEP Journal: May 2019 - Full Issue

  • Foreword - May 2019Oscar Wilde once said that ‘life imitates art far more than art imitates life’. In the 21st century, this phrase is becoming ever more true. We are seeing social, cultural, economic and political shifts across the world, with outcomes that were once thought to be the subject of only fiction or fantasy.
  • Unlike ‘trust-like’Richard Frimston assesses the ambiguity around the approach to ‘trust-like’ structures in the EU’s Fifth Anti-Money Laundering Directive
  • Does one size fit all?Sally Edwards considers the use of family offices in offshore jurisdictions
  • The time is nowThere is never a wrong time to start investing new cash, writes James Johnsen
  • Join the flexible revolutionJo Summers makes the case for non-traditional working practices
  • Can mutual wills ever work?Julie Bell highlights the difference between mirror, joint and mutual wills in England and Wales
  • No more ‘bald assertions’Sheena Grattan considers a recent Northern Ireland High Court decision that provides guidance on the termination of rights of residence
  • States of playSince the collapse of the US Department of Labor’s ‘Fiduciary Rule’ in 2018, a number of US States have drafted their own regulations
  • Planning with multiple willsSusannah Roth reviews the recent overturning of Re Milne and assesses its impact on drafting multiple wills in Ontario
  • Broken hearts and higher taxesCarlyn McCaffrey and Nicole Pearl examine divorce under the US Tax Cuts and Jobs Act of 2017
  • The digital tsunamiSharon Hartung provides Estate planning advice for the digital age
  • Transatlantic familiesDamian Bloom, Alison Cartin and Stephanie Moll highlight key tax considerations for clients relocating between the US and the UK
  • Register an interestDaniel Frajman takes a look at Canada’s new beneficial ownership register
  • Coming homeIn the first of a two-part series, Robert D Colvin offers a US perspective on the analysis and design of foreign trust structures, pre-domestication
  • A taxing eventMilan Topolovec outlines the various kinds of life insurance available in Canada, highlighting tax efficiency and the new passive income rules.
  • It’s time to review CFCsMarisa Stern and Peter Harper explain how the US Tax Cuts and Jobs Act of 2017’s downward attribution rules affect global family office structuring
  • Money for art’s sakePeter Brigham and Karolina Blasiak outline what to look out for when considering art-secured lending.
  • Upsides and downsidesProtecting a sale with an art market guarantee or ‘irrevocable bid’ can mitigate the risk involved in art handling, writes Simon Wills
  • The art of estate planningTim Maxwell and Rudy Capildeo detail the nuances of UK artists’ estates and how to manage them
  • Questions of interpretationPaolo Ludovici outlines the key legal and tax issues related to collecting art in Italy
  • A complex pictureHelen Conybeare Williams asks what claims for the restitution of artefacts looted during the colonial era mean for art and antiquities collections
  • Power surgeDr Alon Kaplan and Meytal Liberman introduce Israel’s new continuous power of attorney for vulnerable clients
  • Strengthening tiesLilach Asherov and Claire Shelemay review anticipated changes from the new protocol to the existing Israel-UK double taxation treaty
  • Holistic wealth planningA recent STEP Journal roundtable, sponsored by St. James’s Place Private Clients, discussed the importance of cross-disciplinary financial advice at a time when lawyers and accountants are taking on increasingly complex wealth management for clients
  • Caring and sharingEleni Dinenis comments on the meaning of ‘maintained’ under s.1(3) of the England and Wales Inheritance (Provision for Family and Dependants) Act 1975
  • Bon voyageFrédéric Roux assesses the tax measures for both inward and outward expatriates in France’s 2019 Finance Act
  • TQR: the latest trusts and estates developmentsBelow is a sampler of the latest Trust Quarterly Review (volume 17, issue 1, 2019), published by STEP in association with TACT. Download the PDF and access the archive at
  • Book review: Tax Planning 2018/19This book is in its 12th edition, and its preface states: