Volume 12 Issue 3 - Trusts & Trustees

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WE SEE ELEGANCE WHERE OTHERS SEE OBSTACLES. BY LOOKING AT THINGS DIFFERENTLY, WE CAN BE MORE CREATIVE WITH OUR TRUST SOLUTIONS. As a professional advisor, you understand that not everyone sees things the same way. One person’s obstacle is another’s opportunity. We believe that by looking at things from a more creative perspective we can work together with you to identify solutions that may not be obvious to others. Our creative approach has earned us an international reputation for excellence. Our trust professionals possess trust, legal, accounting or tax qualifications as well as an in-depth understanding of the international trust environment and a wealth of experience. These strengths are combined with flexibility and both traditional and innovative methods to provide clients with tailor-made solutions. Perhaps it’s time to look more closely at Royal Bank of Canada. To find out more, please contact us on: Telephone: +44 (0) 1534 501101 Email: trustint@rbc.com Website: www.rbcprivatebanking.com/gpb/bitrust A more creative perspective. Trademark of Royal Bank of Canada, used under licence. Issued by Royal Bank of Canada on behalf of the RBC Financial Group® subsidiary companies that comprise Royal Bank of Canada's Global Private Banking network. Trust services may not be available to clients resident in certain jurisdictions, or through all subsidiaries.
Editor John Goldsworth Advertising and Marketing Manager Richard East Commercial Manager Jennifer Crook Design and Production Manager Daniel East Subscriptions info@gostickhall.com Specialist Editors Helen Bright Ralph Ray Gostick Hall Publications (Elmscroft Limited) The Mill Office Wendens Ambo Saffron Walden Essex Nr Cambridge CB11 4JX Registered in England No: 2166080 ISSN 1363-1780 Contact Information: Editorial +44 (0) 1799 541152 Advertising & Marketing +44 (0) 1799 542292 Facsimile Number: +44 (0) 1799 541972 E-mail: trusts@dial.pipex.com Internet: www.trusts-and-trustees.com www.gostickhall.com Contents Volume 12, Issue 3, February 2006 Item Page Opinion 4 A widow’s plight, Texas style Trends and Developments 5 British Virgin Islands, Dubai, Hong Kong, Liechtenstein, United Kingdom, United States of America The Hastings-Bass Principle in the Cayman Islands 10 The Grand Court of Cayman has considered the Hastings-Bass principle in a case instituted by the beneficiaries of a trust which had been restated with adverse consequences. This decision considered whether a breach of fiduciary duty is necessary before the principle can be applied, and whether a trustee’s actions are void or voidable. by J Ross McDonough and Melanie Crinis Corporate trustees: a fresh look at the value-added for generational transitions 13 “The time has come the Walrus said to speak of many things. Of shoes and ships and sealing wax and cabbages and kings.” Alice in Wonderland The time has come for a fresh look at the value a corporate trustee can add for generational transitions. We are in a trustee “wonderland” now with a plethora of trustee choices and a fractionalisation of the trustee role. Should we suggest forming a new private trust company? Should we add a “protector” to have many of the trustee powers? What is a trustee for anyway? A different version of this article was published in Trusts & Estates, August 2005. by Barbara R. Hauser A new star is born: the Israeli Underlying Company 18 Israel’s taxation system has been significantly revised and has undergone a major reform over the past few years.This commenced with the new taxation laws of 2003, pursuant to which an Israeli resident is taxed on worldwide income, and continued with the Taxation of Trusts Law (“the Law”) which became effective on 1st January 2006.This new law has great relevance for Israeli residents with respect to the taxing of trusts and may be advantageous to foreign residents from a tax perspective. If the Law is utilised correctly by foreign individuals, Israel may become a major international business and financial centre for non-residents. by Alon Kaplan, Lyat Eyal and Shai Dover Trusts in a civil law environment: the new laws of San Marino 20 A major innovation to the trust laws in Europe is the introduction of trusts in San Marino. San Marino has pioneered the introduction of trust law in an Italian-speaking country and has shown the way to introduce trusts where some countries have been reluctant to do so. by Paolo Panico Singapore Trust Companies Act 25 This information is reproduced from Baker & McKenzie, Wong & Leow’s Client Alert, Singapore. by Edmund Leow and Dharshi Wijetunga Case Notes 27 ■ Power of variation of trusts on divorce: a matter for matrimonial not trust law Charalambous v Charalambous [2004] EWCA Civ 1030 ■ Jersey court ignores an English finding of a sham Minwalla v Minwalla (Royal Court of Jersey 20th July 2005) ■ Equity’s inflexible rule under scrutiny: Murad v Al-Saraj by Tom Fyfe ■ Corporate residence: taxpayer wins appeal in Wood v Holden; company ruled to be resident for tax purposes in the Netherlands, not UK by Jonathan Conder Book Reviews 32 ■ Tolley’s UK Taxation of Trusts Fifteenth Edition by Matthew Hutton and Ian Ferrier ■ Tolley’s Estate Planning 2005-06 by Simon McKie and Sharon Anstey and chapters by Ken Chapman, Gillian Arthur and Simon Bruce ■ Preowned Assets and Tax Planning Strategies by Emma Chamberlain and Chris Whitehouse ■ Goff & Jones: The Law of Restitution First Supplement to the Sixth Edition by Lord Goff of Chieveley and Gareth Jones Trust Register 36 Copyright: prior written consent is required before reproduction Every care has been taken over the accuracy of the contents of this publication but liability is not accepted by the publisher, editor, editorial advisors, contributors: their firms, partners, employees or colleagues, for any errors or omissions. Appropriate professional advice should be taken before embarking upon any transaction in connection with any matters contained in this journal. TRUSTS & TRUSTEES February 2006 Contents 1
Page 1: TRUSTS & TRUSTEES Opinion,Trends an
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