STEP Journal: March 2014

Compared to the US and continental Europe, family offices are rare in the UK. But, argues Martyn Gowar, with wealth increasingly less dependent on land, and the principle of primogeniture on the wane, that could soon change.

Richard Frimston considers power-sharing in the EU since the Lisbon Treaty.

Luigi Belluzzo and Alessandro Belluzzo discuss Italy’s new reporting obligations for trustees and beneficiaries.

STEP Board and Council member John Lawrence balances a family office practice in the Bahamas with expansion of the Society in Latin America. Here, he tells Hannah Downie about the challenges and rewards of establishing family businesses and STEP chapters in new jurisdictions.

John Harper looks at some of the issues relating to keeping trust accounts when there are underlying companies.

Amanda Edwards on the perils of settlors making loans to their settlements.

Hannah Downie caught up with Rob Rowe, Course Director at CLT International, to hear about online provision of STEP courses to jurisdictions with a small or fledgling need for succession-planning training.

Omonike Robinson-Pickering on how to deal with the shares of a deceased sole shareholder under BVI law.

Alex Potts reviews the Supreme Court of Bermuda’s jurisdiction over trust disputes with a foreign angle.

Liza Harridyal-Sodha on the introduction of real estate investments trusts in Barbados.

Jerome Dwight explains why Latin American families intent on diversifying their holdings outside of their home countries are looking to the Caribbean for solutions.

Helena Mendes reviews changes in the tax landscape affecting Brazilian investors.

Recent cases have raised questions over the ‘golden rule’ on assessing testamentary capacity. STEP’s UK Practice Committee plots a course through the apparently conflicting case law to provide clarity on practitioners’ duties.

Lynne Bradey reviews the changes made to disabled trusts following amendments to the Inheritance Tax Act 1984.

Karl Dowling discusses the implications of Ireland’s new mental capacity legislation.

Alex Elphinston provides a timely reminder of the duties of an attorney under a property and financial affairs lasting power of attorney, and a deputy under a deputyship order, when it comes to investment and general management of money, following Senior Judge Lush’s comments in Re Buckley.

Steven Appleton comments on a case that demonstrates the unique challenges involved in acting as litigation friend for a person lacking mental capacity in England and Wales.

Christine Smyth discusses the factors a third party must establish in order to succeed in a divorce application for an incapacitated adult in Australia.

Michael Young TEP, Chair of STEP’s Professional Standards Committee, speaks to Hannah Downie about the Society’s recently launched Code for Will Preparation in England and Wales.

Julian Washington discusses some of the issues posed by 21st-century families.

James O’Neal and Michael Ng Ping Ching look at current anti-tax avoidance trends and their impact on select EU IP tax regimes.

Dawn Register assesses HMRC’s alternative dispute resolution procedure.

Katie de Swarte outlines the practical steps to be taken when a vendor or buyer dies after exchange but prior to completion.

Andrew Nolan considers the changing role of the family office.