Representing Estate and Trust Beneficiaries and Fiduciaries
What You Will Learn
This annual advanced course of study, comprising more than 12 hours of instruction, is designed for:
Corporate investment officers and relationship managers
Advisors to fiduciaries and beneficiaries
Lawyers who act as trustees
Lawyers interested in estate and trust litigation, and
Estate planning and estate and trust administration professionals
The course examines four areas in particular:
A survey of current fiduciary law and cases
A drill-down from generalities to numerics for the prudent investor
The unique challenges facing the lawyer-trustee
Retirement benefit issues
The faculty also discusses:
The current fiduciary litigation landscape
The industry standard for testing adjustments under Principal and Income Acts
The meaning of "risk tolerance" in the trust context
The probability for preserving real trust value that prudence requires
The extension of the Unfair Trade Practice Act to trustees
The receipt and release reality
The "compensated risk" that trumps diversification
Tax consequences of settlements that usually surprise
Pressures on lawyer-trustees, and
The challenge of retirement benefits payable to trusts
Time is reserved throughout the program to address registrants’ questions.
Planning Chairs
Donald P. DiCarlo, Jr., Director, Trust and Estate Planning, Vanguard National Trust Company, The Vanguard Group, Valley Forge, Pennsylvania
Steven M. Fast, Day Pitney LLP, West Hartford, Connecticut
Robert Whitman, Professor of Law, University of Connecticut School of Law, Hartford
Faculty
Grace Allison, The Northern Trust Company, Chicago
Debra J. Berns, Vice President & Senior Counsel, Benefits, CBS Corporation, New York
Dominic J. Campisi, Evans, Latham and Campisi, P.C., San Francisco
Stephen Campisi, CFA, Bank of America, Hartford, Connecticut
Natalie B. Choate, Bingham McCutchen, LLP, Boston
John H. Clymer, Nixon Peabody LLP, Boston
George L. Cushing, Kirkpatrick & Lockhart Preston Gates Ellis LLP, Boston
David M. English, William Franklin Fratcher Professor of Law, University of Missouri School of Law, Columbia
Mary J. Hackett, Reed Smith LLP, Pittsburgh
Leonard H. Hersh, AllianceBernstein L.P., New York
Paula M. Jones, McCarter & English LLP, Philadelphia
Julie K. Kwon, McDermott Will & Emery LLP, Chicago
William A. Lowell, Choate, Hall & Stewart LLP, Boston
Susan Porter, United States Trust Company, N.A., New York
Susan L. Repetti, Nutter McClennen & Fish LLP, Boston
Hanson S. Reynolds, Rackemann, Sawyer & Brewster, Boston
Mark E. Swirbalus, Day Pitney LLP, Boston
G. Warren Whitaker, Day Pitney LLP, New York
Jeffrey C. Wolken, Wilmington Trust Company, Wilmington, Delaware
Raymond H. Young, Young & Bayle, Boston
ALI-ABA Staff Attorney: William S. Stevens, Assistant Director, Office of Courses of Study
Program Schedule
Times listed are Eastern Time
THURSDAY, JULY 19, 2007
8:30 a.m. Registration and Continental Breakfast
9:00 a.m. Introductory Remarks
9:05 a.m. Fiduciary Litigation Update: Survey of Current Law – Mr. Dominic Campisi
10:45 a.m. Networking Break
11:00 a.m. New Rubric of Risk: Unfair Trade Practices – Mr. Swirbalus
11:30 a.m. Prudent Investment in an Uncertain World – Mr. Hersh
12:00 noon Lunch Break
1:30 p.m. Diversification vs. Compensated Risk – Mr. Wolken
2:00 p.m. Emerging Issues under the Prudent Investor and Principal and Income Acts – Ms. Porter
2:45 p.m. Networking Break
3:00 p.m. Prudence: From Fuzzy to Precise – Messrs. Stephen Campisi and Fast
Defining the Payout Required by the P&I Act: Is It "What Income Would Have Been with 50% Invested for Income Beneficiaries Only and 50% for Remainder Beneficiaries Only"?
Defining the Prudent Investment Objective: Is It "The Maximum Return Consistent with Distribution of the P&I Payout and Preservation of True Principal Value"?
Defining the Probability for Achieving the Investment Objective Required by Prudence: Is It "At Least an 80% Probability of Preserving 75% of True Principal Value"?
3:30 p.m. Prudence: Getting on the Same Page with Its Numeric Meaning – Mr. DiCarlo, Moderator; Ms. Porter; and Messrs. Stephen Campisi, Fast, Hersh, and Wolken
4:00 p.m. Dealing with Power of Attorney Problems and Retirement Benefits – Ms. Berns
4:15 p.m. When Retirement Benefits Are Payable to a Trust – Ms. Choate
5:15 p.m. Comments and Questions
5:30 p.m. Adjournment for the Day
FRIDAY, JULY 20, 2007
8:30 a.m. Continental Breakfast
9:00 a.m. Fiduciary Litigation Update: Survey of Current Law (continued) – Mr. Dominic Campisi
10:30 a.m. Networking Break
10:45 a.m. Trust Situs: When Is There a Duty To Move? – Mr. Cushing
11:15 a.m. Sorting Out Receipts and Releases – Professor Whitman
11:45 a.m. Comments and Questions
12:00 noon Lunch Break
1:30 p.m. Issues for the "Lawyer-Trustee" – Professor English, Moderator; Mss. Jones and Repetti; and Messrs. Clymer, Lowell, Reynolds, and Young
Is There an "Incidental" Securities Law Problem? Is the Prudent Investor Act or UTC an Issue? How Do You Explain the Effect on Exculpatory Provisions? Is There a Conflict with the Duty of Loyalty to Your Partners? How Much of an Investment Expert Do You Need To Be?
2:45 p.m. Networking Break
3:00 p.m. Foreign Assets, Foreign Trusts – Mr. Whitaker
3:30 p.m. Settlements: Oh, the Difference a Tax Makes! – Ms. Kwon
4:00 p.m. Delegation and Investment in Affiliated Funds – Ms. Hackett
4:30 p.m. New Compliance Concerns for the Charitable Trust Plan – Ms. Allison
5:00 p.m. Comments and Questions
5:15 p.m. Adjournment
Total 60-minute hours of instruction: 12.75
Here's what registrants have said about this course:
This course keeps me informed of potential litigation issues in the trust business and provides guidance that our business model is operating in a sound fashion.
Faculty was outstanding. Program was well organized, and materials very helpful.
The course was very informative. The faculty are well versed on their topics and interact well.
This seminar is excellent. I have been attending annually for five years. This year was the best because of more time spent to discuss practical litigation issues.
