BRITS ATTACK TRUSTSBRITS ATTACK TRUSTS
From G. Warren Whitaker, a partner in the New York office of Day, Berry & Howard LLP, we have this report: The budget proposal submitted in March by the United Kingdom's current Labor government unexpectedly included provisions that would dramatically and negatively impact the use of trusts in the United Kingdom. The final bill is not expected to be passed until July. Meanwhile, prominent law firms
June 1, 2006
Rorie M. Sherman Editor in Chief
From G. Warren Whitaker, a partner in the New York office of Day, Berry & Howard LLP, we have this report:
The budget proposal submitted in March by the United Kingdom's current Labor government unexpectedly included provisions that would dramatically and negatively impact the use of trusts in the United Kingdom.
The final bill is not expected to be passed until July. Meanwhile, prominent law firms and the Society of Trust and Estate Practitioners (STEP) are lobbying feverishly against its passage. If adopted, the law would produce major changes in estate planning for U.K. individuals, including reduced use of trusts for children, elimination of some key planning opportunities for spouses, and the rewriting ...
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