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16 ALI-ABA Est. Plan. Course Materials J. 3 (2010)

handle is hein.ali/aaespl0016 and id is 1 raw text is: ALI-ABA Estate Planning course materials journal volume 16 1 number 11 february 2010 Risk Management For Trustees: Mark T Carroll, Editor HerbPowll, rodctio an Des~gnBecoming III-Suited For Litigation Herb Powell, Production and Design Joseph Mendicino, Circulation Manager John T Brooks and Samantha E Weisshluth 7 Litigation against fiduciaries has grown from fairly rare to commonplace and continues to increase each year. Disputes frequently arise due to THE AMERICAN LAW INSTITUTE- the unique relationship and power imbalance between a fiduciary AMERICAN BAR ASSOCIATION AMERCAN AR ASOCITIONand beneficiaries. The increasing codification and modernization CONTINUING PROFESSIONAL of fiduciary law have provided fuel for new causes of action, and EDUCATION BOARD OF DIRECTORS high-profile cases have drawn attention to these potential new claims to Maury B. Poscover, President an increasingly litigious populace. Effective risk management requires Robeta oope Rao, Hnorry Cairtrustees to carry out their fiduciary duties with great diligence and Roberta Cooper Ramo, Honorary Chair Caroyn B Lam, Hnoriy Cairintegrity and to adopt a best practices approach to serving as trustee. Carolyn B. Lamm, Honoraryv Chair The result of these efforts will be that the trustee will more effectively Tsan Abrahamson serve the beneficiaries. The bottom line: Proper risk management should Jennfer usbymake for happier beneficiaries and, as a result, minimize fiduciary Jennifer Busby Corinne Cooper litigation. Michael E. Flowers Updatedfrom the ALI-ABA Course of Study, Representing Estate and Trust Leonard H. Gilbert Beneficiaries and Fiduciaries, July 16-17, 2009. Thomas Z. Hayward, Jr. Peter M. LaSorsa Dealing With Divorce And Non-Traditional Relationships JohnJ. McKetta, III In The Family Business Bettina B. Plevan Myron E Sildon 39 Barbara J. Rothstein BarbraJ.RothteinDivorce must be recognized as a real possibility in a family business. John R. Tarpley Counsel must assume that a client, one or more of his or her children, or Steven 0. Weise his or her business partner or co-shareholder Will get divorced sometime Julene Franki, Executive Director during the life cycle of the family business. Owners have agreements to address the undesirability of having a deceased partner's spouse in the Bennett Boskey Ex Officio family business. Having a former spouse in the family business after a Lance Liebman Ex Officio divorce is even more undesirable. There are many techniques available Henry E White, Jr. Ex Officio on a favorable tax and sound business-planning basis to assist in removing a former spouse from the business. To further complicate matters, non- traditional relationships, both straight couples living together without ALl-ABA has a history of outreach to underrcprcscnted marnage and gay couples, are becoming far more accepted. Such re- groups in the legal community and is firmly committed lationships need to be recognized when they exist among the owners of to providing a welcoming environment and ensuring that a family business. the attorneys who speak and write for our organization represent the increasing diversity of our profession. We Updatedfrom the AL-ABA Course of Study, Estate Planning for the Family welcome suggestions for new speakers and authors to Business Owner, 7iy 22-24, 2009. support the full participation of all of the talent in our profession. To purchase the online version of this issue, go to www.ai-aba.or Back issues, individual articles, and forms are also available there. [he ALI-ARA Estate Planning Course Materials journal (ISSN: 1082-8206) is published bimonthly by American Law Institute-American lar Association Continuing Professional Education. Publication office: 4025 Chestnut Street, Philadelphia, PA 19104-3099b Editorial telephonee(215) 243-1604; circulation alephonc-(215)a243-1644. Subscription rate: $59 per year. A single issue is $14. Periodicals postage is paid at Philadelphia, PA and at an additional mailing office. POSnMASTER: Send address changes to ALI-ABA Estate Planning Course Materials journal, 4025 Chestnut Street, Philadelphia, PA 19104-3099. D 2010 byfor American Law Institute. Visit AIl-ABA at www.ali-aba.org. Nothing in this periodical should be considered as the rendering of legal advice. Non-lawyers should seek the advice of a licensed attorney in all legal matters. Readers should assure themselves that the material in this periodical is still current and applicable at the time it is read. Neither ALl-ABA nor the authors can warrant that the material will continue to be accurate, nor do they warrant it to be completely free of errors when published. Readers should verify statements before relying on them. he materials in this periodical reflect the viewpoints of their authors and do not necessarily express the opinions of ALl-ABA Continuing Professional Education or its sponsors.

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