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STEP Journal: Issue 6, 2022
Welcome to Issue 6 of the STEP Journal. In this issue, we delve into the complex world of technology and digital assets; from NFTs and social media to mental capacity and digital footprints. This issue also shines a spotlight on Europe, exploring the latest developments in taxation and cross-border planning.
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Unprecedented. Unthinkable. Unexpected.
We have repeated these words so often in the past two years that we almost fail to grasp their original strength. Yet few other expressions can better describe what the world has gone through since 2020.
STEP news
Awards update | Policy consultations | Volunteer vacancies
Empirical evidence needed
STEP’s response to the European Commission consultation on enablers of tax evasion and aggressive tax planning
Regulation ramps up
As 2022 draws to a close, Helen Swire looks at the major changes in regulation that concern practitioners worldwide
Helping you achieve your goals
An explanation of STEP’s reviewed CPD audit process
Effective mentorship, purposeful growth
The advantages of a formal mentorship programme
The end of fixed-date reporting?
Improving trustee investment monitoring in the UK
Crying out for coordination
Assessing the growing spectrum of philanthropic advice
The word on the Street
Liz Skinner encourages practitioners to put their clients forward for STEP’s Digital Memories campaign
Up in the heir
Caterina Martinoli explains the interplay of applicable Italian and Swiss laws in cross-border succession cases
A logical approach
Petros Fatouros explores the taxation of trusts in Greece
One will, two wills
Álvaro Aznar Azcárate, Emilie Bensmihen and Jessica Zama discuss advantages and pitfalls to using more than one will in cross-border estates
Sense of security
Frédéric Roux clarifies whether UK residents may benefit from a reduced social contribution tax burden under the French system
Cross (border) purposes
When advising UK clients moving abroad to Greece or Italy, particular attention must be paid to the international taxation agreements in force, writes Alessandro Belluzzo
French connections
Eugénie Berthet provides an update on the reporting obligations applicable to trusts connected to France
Around the world
Helen Swire compiles taxation, regulation and residency updates from Cyprus, Gibraltar and Malta
Meir and far
Daniel Paserman, Inbar Barak-Bilu and Moran Ben Dayan set out what one should consider before moving to Israel
Ins and outs
Betty Andrikopoulos and Paul Hunter on the need to structure assets appropriately when considering establishing financial ties to the US
Digital gold into digital ash
Olga Freer and Elias Cristante detail estate-planning pitfalls and solutions in the information age
The bulletproof digital profile
Allan Dunlavy on how and why to advise clients on building digital resilience and managing their digital portfolios
VASPs’ nest
Robert Lindley and Wesley O’Brien on virtual asset service provider legislation in the Cayman Islands and the BVI
Cloud control
Jack Burroughs examines the issues raised by digital assets in the event of mental incapacity in England and Wales
Will power
Gbolahan Oluyemi examines the legal impediments to maximising the use of technology in making Nigerian wills and testamentary trusts
High profile
Jacopo Crivellaro and Marnin Michaels assess social media’s impact on the private client world
Chain reaction
Dr Roderik J P Strobl explores the Swiss and Liechtenstein Crypto Valley and the growing importance of smart contracts
Window of opportunity
Peter Flynn looks at how the UK is embracing digital technology to enhance fund governance
YMMV over FOMO on NFTs [1]
Sara Adami-Johnson explores the construct of NFTs and the challenges and opportunities they present for collectors and estate planners
The great divide
Samara Dutton on high-net-worth widow/ers, their stepchildren and England and Wales inheritance provisions
Decisions, decisions!
Michael Giraud and Simon Grant describe prudent considerations for trustees investing trust property in an investment portfolio
Member Q&A - Harry Joffe
Harry Joffe TEP is Head of Legal Services at Discovery Life in Johannesburg, South Africa. He has been Secretary, Vice‑Chair and is now Chair of STEP Johannesburg. Most recently, Harry has been elected to STEP’s Council. We had a chat about his career, involvement with STEP and plans for the future.
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