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STEP Journal: December 2018 - January 2019

  • Foreword - December 2018 - January 2019
  • Foundations in the Middle EastUrs Stirnimann introduces the latest foundation innovations from the ADGM and the DIFC
  • Optical illusionsPeter Hodson assesses the risk of the sham doctrine in the context of reserved powers trusts and the crucial elements of certainty and intention to preserve trust validity
  • Discretionary trusts, dividends and distributionsIris Wuenschmann-Lyall explains how the ‘tax pool’ of a discretionary trust can produce some nasty surprises for trustees
  • Excellence awardsWe are pleased to announce the highest-scoring students from the 1 January to 30 June 2018 sittings across all STEP exams globally
  • Best in classNow in its 13th year, the annual STEP Private Client Awards took place on 7 November 2018 at the Park Plaza Westminster Bridge hotel in London, UK, just across the bridge from the Houses of Parliament and Westminster Abbey.
  • Tax treaty overviewEmilie Lecomte analyses the impact of the new tax treaty between France and Luxembourg on cross-border real estate investment structures
  • Il nuovo regimeCarlo Sallustio highlights the key features of the Italian ‘flat tax’ regime for new residents
  • Milestones achievedPhilippe de Salis provides a history of the Swiss-based trust industry and describes the latest developments
  • The age of scrutinyOlga Boltenko explains how Russian wealth managers and their clients may minimise risk in the era of international transparency and compliance
  • The AMLO countdownGuillaume de Boccard and Aurélie Hausin detail forthcoming changes to Switzerland’s anti-money laundering laws and the requirements for trust companies
  • The foreign fiduciary as global homeownerAndréa Daley-Taylor and Catja Carrell highlight practical considerations for foreign fiduciaries holding real estate for US beneficiaries
  • Don’t bet your lifeSimon Gorbutt assesses whether life insurance policies can offer a flexible solution to issues facing modern families’ succession planning
  • Juggling actMark Fleming looks at recent trends in offshore trusteeship and their impact on compliance best practices
  • Rags to riches and back again?Eesha Arora and Sophie Wettern offer some ideas for navigating intergenerational conflicts in wealthy families
  • Crossing the pondBoth the US and the UK have seen major political change and reform in recent years. A STEP Journal roundtable, sponsored by Schroders Wealth Management US, asked what this upheaval means for globally mobile private clients
  • New kids on the blockchainDavid Cooney looks at the issues facing trustees holding cryptocurrencies
  • Time to act on the BillJaco van Zyl and Anthea Stephens explain legislative developments intended to tax certain foreign trust distributions that were previously tax free
  • Safe harbour?James Campbell asks whether global political instability is driving new structuring in Jersey
  • Book review: STEP Accounting Guidelines, 3rd edition

TQR: December 2018