Foreword - November 2015
STEP’s governing bodies, committees, branches and chapters are all run by volunteers, and it is thanks to them that STEP has evolved into the organisation it is today, with close to 20,000 members across 95 jurisdictions. The work and level of commitment of these volunteers is staggering. On page 8, we announce the results of recent STEP Board, STEP Council and regional elections, and thank all those who took part in the process and who offer their time and expertise to provide essential direction, leadership, guidance, development and support for the Society.
The success of STEP Canada can be held up as an example of what STEP volunteers can achieve. It is one of the country’s most highly regarded professional private client associations, and, on page 41, Michael Cadesky, a Vice-President of STEP, explains how STEP Canada has evolved, while STEP Canada Chair Tim Grieve discusses his vision for its future.
Michael and Tim’s interview is part of our regional focus on Canada and the US, which also includes: K Thomas Grozinger’s overview of the creation of valid inter vivos trusts in Canadian common-law jurisdictions on page 45; Lauren E Jones and J Andrew P Stone’s analysis of the recent US proposed regulations on tax on gifts and bequests from covered expatriates (page 37); Siobhán Corbett, John Gill and Allison Dey’s consideration of tax issues for individuals connected to Ireland and the US on page 29; and a contribution from Carmina Y D’Aversa on page 33 that will prove very useful to US and Canadian residents who cross the border on business.
We have a comprehensive family business special focus on pages 47–63, which looks at, among other issues, best practice in family businesses, the results of a recent survey of Asian family businesses, tips to overcome wealth creators’ reluctance to hold family meetings, and how culture plays an important part in family dynamics.
In this edition, I also recommend you read ‘Protection from protectors’, in which Dawn Goodman and Emma McCall highlight a recent Guernsey case where the protector of a trust who clung to office for too long was removed (page 72). I’d further add to your reading list a discussion by Dr Istvan Illes on how Hungary treats foreign trusts (page 78), and a recent STEP Journal roundtable in which Jersey trust experts explain that investment in people and technology is key to the future of international finance centres (page 64).
The STEP Journal Editorial Board is also made up of volunteers, and I am sorry to announce that we are losing one of our number, as Martyn Gowar is stepping down. Martyn’s columns have delighted readers over the years and his dedication to the STEP Journal has been immeasurable. On behalf of myself and fellow Editorial Board members, I would like to thank him for all his hard work and dedication, and wish him well in his future endeavours.
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