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STEP Journal: Issue 3, 2022

06 June 2022

Welcome to Issue 3 of the STEP Journal, which features a regional focus on the Crown Dependencies that covers the latest legislation and regulatory updates. This issue also shines a spotlight on investments, delving into the world of non-fungible tokens, cryptocurrencies, cannabis and other alternative assets that are changing the investment landscape and how we advise.

Madness reigns

Foreword: German philosopher Friedrich Nietzsche said that ‘madness is the result not of uncertainty but of certainty’, which is certainly something to which we can relate in these uncertain times...

STEP News

Private Client Awards | Diary dates | STEP Diploma | Diversity awareness

A matter of policy

Simon Hodges provides an update on STEP’s policy positions

A two-way conversation

Paula Myers describes how clear communication and empathy are key to making a smooth transition to hybrid working post-pandemic

STEP’s fresh faces

In this issue of the STEP Journal, we chat to one of STEP’s newest members, Alexander Lyden-Horn TEP, of STEP Mid-Atlantic

The common good

Sarah Manuel outlines the obligations STEP members have to the public, as well as to their clients

A principled stand

In this new title published by STEP, Philip Marcovici, Kenneth T Goh and Iraj Ispahani assess a new governance and sustainability framework

STEP Global Congress 2022

STEP Global Congress is coming to London, UK, on 7–8 July 2022.

Boosting literacy worldwide

As the World Literacy Foundation enters its last year as STEP’s Private Client Awards charity partner, we look back on what it has achieved through our members’ support

Book review: Inheritance Tax Planning Handbook

Denese Molyneux TEP reviews Inheritance Tax Planning Handbook

When the dust settles

Two years on from COVID-19, Helen Swire examines how legislators responded, the impact on practitioners and clients and the possible future implications

Cause for action

Ruth Abernethy explains new legislation regulating the charitable sector in Guernsey

Where there’s smoke there’s a fire(wall)

Andrew Peedom, David Harby, David O’Hanlon and Simon Hurry discuss the difficulties of enforcing onshore judgments in offshore jurisdictions

The road to recovery

Kevin O’Loughlin outlines recent developments in double-taxation agreements between the Isle of Man and other jurisdictions

Regulatory refresher

Matthew Guthrie and Diana Rodriguez outline recent changes to fiduciary regulation in Guernsey

Navigating reputation and risk in turbulent times

In a world of increasing transparency and regulation, a recent STEP Journal roundtable, sponsored by Equiom, examined the management of trust assets under threat of increased litigation risk, family disputes and privacy challenges

A wealth of problems

Robin Melley outlines how practitioners can best advise clients in vulnerable circumstances acquiring ‘sudden wealth’

Digital dilemmas

Robert Hines considers issues arising over non-fungible tokens during relationship breakdown and divorce in England and Wales

Safe as houses?

Michael Giraud and Mark Carpenter explore a trustee’s considerations when investing in residential property

The joy of ownership

Helen Freely and Alice Johnson evaluate lifestyle investments and their associated risks from a lawyer’s perspective in the UK

Strength in numbers

Danielle Cottignies and Tony Hind detail the shift toward co-investment for family offices

The grass ceiling

Tanya Cohen outlines the legality requirements in cannabis‑related investments

Token to ride

Charlotte Digby explores how NFTs are altering the digital investment landscape

Which way the wind blows

Mark Northway explains why the growing popularity of ESG investment demands a new perspective from trustees

Laying the foundations

Monique Bhullar and James Glover review the benefits of foundation companies in the Cayman Islands, five years on from their introduction

Stepping stones

Hannah Mantle and Charles Hancock review case law in England and Wales that illustrates how the courts are adapting to the modern definition of ‘family’

A post-death lacuna

Joe Brophy explores a lacuna in English and Welsh law; when a protected party in a Court of Protection dispute dies during the proceedings

Don’t get lost in translation

William Ahern and Carmen Chu stress the complexities of making a probate application in Hong Kong with foreign elements

A game of give and tax

Adea Meidani and Carole Darbès explains the tax treatment of donations made to charities and the harmonisation of tax regimes in France

Know your options

Ken Pope, Dianne Verano and Peter Zachar discuss estate planning for children with disabilities in Ontario, Canada

Member Q&A: Camilla Wallace

Camilla Wallace TEP took home the coveted Trusted Advisor of the Year award, voted for by STEP members, at STEP’s 2021/22 Private Client Awards. We sat down with Camilla, Partner at Wedlake Bell, to discuss her career and what this award means to her.