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IN JANUARY, STEP Orange County chapter, in partnership with the University of California at Irvine School of Law and Paul Merage School of Business, sponsored its second annual institute on tax, estate planning and the economy. It was held at the Newport Beach Marriott Hotel at Fashion Island in California. The event consisted of three days of intense estate and income tax planning issues for domestic and international clientele. The third day involved an interactive workshop on planning and strategy.

The conference drew

175 attendees from around the world, including from Australia, the UK, the Channel Islands and various states in the US. The attendees

consisted of a wide variety of practitioners, members and prospective members, attorneys, financial advisors and accountants.

Delegates were impressed

by the level of speakers and the networking opportunities available. Jeff Matsen of Bohm Matsen LLP commented: ‘The calibre of speakers was exceptional. I enjoyed the collegiality and contact. I made a critical contact at the conference upon which I can immediately follow up.’ The conference featured interactive presentations from a range of high-level speakers on topics including powers of appointment, Employee Retirement Income Security Act reform, wealth transfer strategies, Supreme Court review, trends in international tax, offshore asset-protection


APPROVED APRACTICE DIRECTION has now been issued by the Senior District Judge of the Family Division for the STEP Standard Provisions second edition. The STEP Standard

Provisions provide an easy way for will-drafting professionals in England and Wales to incorporate provisions that are common in almost all wills. The second edition, published in October 2011, is the first change to the provisions since their initial publication in 1992. They were redrafted to respond to changes in the law and to highlight the distinction between provisions that are common to almost all wills and those provisions – known in the document as the Special Provisions – that are either more contentious or require more careful explanation and may therefore not be appropriate in every case. The Senior District Judge of the Family Division issued


the Practice Direction on 30 January 2013, enabling the incorporation of the STEP Standard Provisions second edition into wills by reference. The author of the guidance

notes to the STEP Standard Provisions second edition, Toby Harris TEP, said: ‘The issue of this Practice Direction is wonderful news and is the culmination of a lot of work by a lot of people. ‘These provisions have given practitioners an extra facility to make the drafting of wills and trust deeds simple and cost-effective. ‘Will-drafting practitioners

have been eagerly awaiting this news and we at STEP look forward to the growing use of these provisions, where the circumstances of the client are appropriate, across England and Wales.’ For further information, please refer to the STEP Standard Provisions webpage:


STEP’S BOARD OF DIRECTORS held its third annual away-day in Oxford, UK, at the beginning of February. This intensive two-day session focused on a range of topics, including: • Teamdynamics across the Board,andcementing relationships between it and senior staff.

• Various aspects of governance, including the Board’s strategic and fiduciary roles and different models for non-profit boards.

• Thecurrentandfuture nature ofSTEP(whether as a fully fledged professional body or as an educational networking organisation of professionals), and external pressures to adopt a regulatory function.

• Related to this, thememberconsultation exercise to take place through 2013 under the heading ‘STEP 2021’. This will address STEP’s desired future place, and how to get there.

• Thetop-level objectives for the2013/14operational planand the broad canvas for the five-year business plan for2014-19. The away-day outcomes are now being worked up and will be put to Council in April. For further information, please email

trusts, estate-planning techniques, the beneficiary defective inheritor’s trust (BDIT), estate tax reform in the new Congress, developments in estate and gift tax, economic forecast, shared ownership, planning for professional athletes and entertainers, and international fiduciary regulations. A post-conference workshop included a dynamic discussion, interchange and presentation on ‘Putting the BDIT into perspective, and other strategies’. The2014STEPOC

conference is scheduled for 30 January to 1 February at the Newport Beach Marriott Hotel at Fashion Island in California. For additional information, contact Chapter Chair Mark Silberfarb at msilberfarb@


DIGITAL THE FIRST all-digital Trust Quarterly Review (TQR), published by STEP in association with The Association of Corporate Trustees (TACT), was launched in March. It can be viewed on PC, Mac, tablet or smartphone, or can be printed in hard copy. STEP continually reviews its member offering to ensure maximum value. Digital publishing has developed rapidly in recent years, and STEP and TACT decided to publish TQR online based on member response to the idea and to enable us to maintain the standard of content in a financially sustainable way. To view the digital TQR,

go to tqrvol11iss1 Email with any comments or questions.

APRIL 2013


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