FOX Trustees and Beneficiaries Workshop - June 22-23, 2016
Overview
Wednesday, Jun 22, 2016 - 02:00am
Thursday, Jun 23, 2016 - 11:00am
The FOX Trustees and Beneficiaries Workshop will provide attendees a deeper understanding of the core trustee duties and powers as well as the trustee’s responsibilities for educating and mentoring the beneficiaries.
Region
Location
Princeton Club of New York
Recommended For
Personal trustees serving as fiduciaries for family trusts and the beneficiaries of the family trusts. Qualified advisors may attend with a family trustee or beneficiary client.
About
A trusteeship is a critical, active role that has significant influence on the welfare of the beneficiary and the sustainability of the assets, businesses, or properties that are in the trust. Being appointed a trustee is a tremendous honor, but it comes with very real responsibilities and exposure to liability.
But a trust is more than a legal structure or series of transactions—it sets in motion a working relationship between the trustee and beneficiary. Although trusts are a vital and prominent component of family wealth planning, it's surprisingly hard to find training to prepare trustees and beneficiaries for their responsibilities.
This unique workshop is designed to help trustees and beneficiaries be more confident, better prepared, and develop a stronger relationship. The workshop covers all the roles, risks and responsibilities of both trustees and beneficiaries, so all trustees and beneficiaries are strongly encouraged to attend.
This workshop is eligible for CPE credits.
Agenda
Wednesday | June 22 - Trustee Focus
8:00 am | Registration and Breakfast
8:30 am | Welcome and Program Introduction
Speakers: Mariann Mihailidis, Managing Director of Councils, Family Office Exchange; Amy Hart Clyne, Executive Director, Family Office Exchange
8:45 am | The Foundation of Wise Trusteeship
Speakers: Keith Whitaker, Ph.D., President, Wise Counsel Research; Susan Massenzio, Ph.D., Wise Counsel Research
A trustee’s success is highly dependent on how he or she approaches the job. There are five foundational principles that underlie the noble profession of trusteeship beyond such traditional duties as investing, distributions, and administration. Keith Whitaker and Susan Massenzio will introduce us to the five qualities including Do No Harm, Regency, Discernment, and Courage.
9:45 am | Duties and Powers of the Trustee
Speakers: Sarah Kerr Severson, Partner, Schiff Hardin LLP; William I. Sanderson, Partner, McGuireWoods LLP
The trustee is the legal owner of all of the trust’s property and has a fiduciary duty to the beneficiaries. Our speakers address the many required duties and powers of the trustee. There is a complex canon of legal responsibilities the speakers will lay out simply and discuss to enable the trustee to knowledgeably approach their duties.
11:15 am | Lunch
12:30 pm | Distribution Provisions: Understanding the Issues and Options
Speakers: Sarah Kerr Severson, Partner, Schiff Hardin LLP; William I. Sanderson, Partner, McGuireWoods LLP
Two leading trust attorneys discuss the key issues related to trust distributions, including discretionary versus required distributions, the unitrust concept, and problems arising from exhausting trust assets. This session will also cover the many factors that trustees should consider when faced with requests for discretionary distributions.
2:00 pm | Break
2:15 pm | Understanding Prudent Investment Practices
Speaker: Joan Crain, Senior Director, BNY Mellon Wealth Management
This session examines the evolution of fiduciary standards for the investment of trust assets and the ramifications for trustees under the Uniform Prudent Investor Act. In addition to the Prudent Investor Rule, this session highlights certain practices that can be incorporated in trust administration as best practices.
4:15 pm | Bringing It All Together–The Case Studies
Speaker: Kim Kamin, Principal, Gresham Partners, LLC
Our moderator, a licensed attorney and career-long wealth management practitioner, will bring to life the learning from the morning and afternoon sessions by demonstrating its application through several intriguing case examples. This will be an interactive session with speakers and attendees addressing how they would respond to real-life situations and comparing their approach to the real outcome.
The session will conclude with attendees having the opportunity to ask questions of the day’s speakers.
5:30 pm | Adjourn
6:30 pm | Group Dinner - The Lambs Club, 132 W 44th Street, New York, NY 10036
Thursday | June 23 - Trustee Focus/Beneficiary Focus
TRUSTEE FOCUS (CONTINUED)
8:30 am | Breakfast
9:00 am | Selecting The Right Trustee: Know Your Options
Speakers: Mark K. Harder, Partner, Warner Norcross & Judd LLP, Family Office Industry Group
One of the most important decisions the grantor of a trust will make is picking the person or institution to be in-charge of the assets and executing the fiduciary duties the trust requires. Building on the prior sessions, Mark Harder will review various trustee options, the pros and cons of each option, and identify how to select the most qualified trustee for your family’s circumstances.
10:15 am | Break
10:30 am | Managing Fiduciary Risk
Speakers: David C. Blickenstaff, Partner, Schiff Hardin LLP; Tera Rica Murdock, Associate, Waller Lansden Dortch & Davis, LLP
Using real cases, our speakers–two leading fiduciary litigators–will discuss how fiduciaries can get into trouble. They will share the lessons learned from their cases so you can avoid litigation. They will provide a checklist of best practices to mitigate the risk of litigation.
12:00 pm | Lunch
BENEFICIARY FOCUS
1:00 pm | Beneficiary Rights And Responsibilities (NEW)
Speakers: Elizabeth P. Munson, President, Rockefeller Trust Company, N.A.; Karin McNair, Vice President, Rockefeller Trust Company, N.A.
If you are a beneficiary of a trust, you have a number of responsibilities and rights to ensure that the trust is administered for your benefit. This session will develop the foundation to ensure that you have a basic understanding of these responsibilities and rights in order to become an active participant in the trustee-beneficiary relationship.
2:00 pm | Building Positive Long-Term Relationships Between The Trustee And Beneficiary (NEW)
Speakers: Pamela Lucina, Managing Director, BNY Mellon Wealth Management; John Welsh, Vice President, Family Wealth and Investment Strategy, BNY Mellon Wealth Management
This session will explore how the trustee can build a positive long-term relationship with the beneficiary which will significantly impact the family’s long term wealth preservation plan. The discussion will develop the concepts that trusts are relationships dependent on care and feeding, communication, and expectation management by both the trustee and beneficiary.
3:30 pm | Break
3:45 pm | Becoming An Excellent Beneficiary: Office Of The Beneficiary (NEW)
Speakers: Keith Whitaker, Ph.D., President, Wise Counsel Research; Susan Massenzio, Ph.D., Wise Counsel Research
Keith and Susan will discuss how an office of the beneficiary can take a beneficiary through a process of becoming an excellent beneficiary. Learn what the office’s goal is, what it does and how long it lasts.
5:00 pm | Program Adjourn
*Agenda subject to change
Up to 12 CPE credits can be earned by attending this event. CPE credits are accepted at the option of state certifying boards. Requirements, compliance procedures and acceptance may vary by state.
Speaker(s)
David C. Blickenstaff, Partner, Schiff Hardin LLP
David C. Blickenstaff is a partner in the Chicago office of Schiff Hardin LLP and the leader of the firm’s national trust and estate litigation practice. He is a trial lawyer who represents corporate and individual fiduciaries as well as beneficiaries in trust, estate, and guardianship litigation and related matters.
Mr. Blickenstaff has handled scores of fiduciary disputes in courtrooms across the country, including extensive appellate work. He is also a regular lecturer and panelist on topics relating to fiduciary litigation and managing fiduciary risk.
Mr. Blickenstaff graduated magna cum laude from Northwestern University School of Law in 1994 after serving as the Coordinating Note and Comment Editor of the Northwestern University Law Review. He earned his bachelor’s degree in 1990 from Princeton University, where he studied political philosophy and played intercollegiate water polo.
Joan K. Crain, CFP, CTFA, TEP, Senior Director, Global Wealth Strategist, BNY Mellon Wealth Management
Joan Crain is a senior director for BNY Mellon Wealth Management. As a global family wealth strategist, Joan works closely with wealthy families and their advisors to provide comprehensive wealth planning. Joan joined the firm in 2001 and has more than 25 years of experience working with large multi-generational families. She specializes in multinational planning, business succession, family governance and philanthropy.
Joan received her MBA from the Rollins College, Bachelor of education from Queens University, and Bachelor of music from McGill University. She is a Certified Financial Planner™, Certified Trust and Financial Advisor, and Trust & Estate Practitioner.
A frequently quoted fiduciary and family governance expert, Joan has spoken at conferences and seminars for wealth planning groups, including the American Bar Association, American Institute of CPAs, STEP and numerous estate planning councils throughout the United States. Her articles have been published in business publications including The Wall Street Journal, The New York Times, Trust & Estate magazine and Barron’s.
Joan serves as a member of Executive Committee of Florida Bankers Trust Division, and is past Chair of Board of Directors of the Community Foundation of Broward. In 2009 she was named Trust Banker of the Year by Florida Bankers Association (FBA).
Mark K. Harder, Partner, Warner Norcross & Judd LLP, Family Office Industry Group
Mark K. Harder is a partner with the law firm of Warner Norcross & Judd LLP and serves as Chair of the firm’s Family Office Group. He concentrates his practice in estate planning and administration for high net worth individuals and in the representation of family owned businesses and their owners.
Mr. Harder is a Fellow in the American College of Trust & Estate Counsel and is listed in Best Lawyers in America and Michigan Superlawyers. He was named 2010 Lawyer of the Year for Trusts and Estates in Grand Rapids, Michigan by Best Lawyers in America and was recognized as a 2010 Thought Leader in the Law by the West Michigan Business Review.
He served as Chair of the State Bar of Michigan’s Probate and Estate Planning Section and was the Chairman and Reporter for the Michigan Trust Code Committee. He also is the co-author of Estates and Protected Individuals Code with Reporters’ Commentary published by the Institute for Continuing Legal Education and is an active speaker for the Institute of Continuing Legal Education and other professional organizations.
Mr. Harder received his B.B.A., with high distinction, from the University of Iowa College of Business Administration, and his J.D. with highest distinction from the University of Iowa College of Law.
Kim Kamin, Principal, Gresham Partners, LLC
Kim Kamin is a Principal at Gresham Partners, LLC where she serves as Chief Wealth Strategist and a Client Advisor. In that capacity, she leads Gresham’s development and implementation of estate, wealth transfer, philanthropic and fiduciary planning activities, and advises clients. Until recently she was a partner in the Private Clients, Trusts and Estates Group at Schiff Hardin LLP where for many years her legal practice involved all aspects of trust and estate planning, administration and dispute resolution; advising individuals, families and closely held businesses on a wide array of wealth preservation, asset protection and succession planning issues; representing fiduciaries, custodians, and beneficiaries in estate administration and contested trust and estate matters; and serving as counsel for the formation and operation of not-for-profit entities.
Kim is an adjunct professor at the Northwestern University School of Law where she has taught Advanced Trusts and Estates, the Income Taxation of Trusts and Estates, and Estate Planning.
Kim is on the Editorial Advisory Board of Trusts and Estates Magazine. She has published on various topics relating to asset protection, estate administration, powers of appointment and funding with discounts. She is also a frequent lecturer in a variety of venues (including Family Office Exchange, ALI/CLE, American College of Trust and Estate Counsel, Chicago Estate Planning Council, Chicago Bar Association, Illinois Institute for Continuing Legal Education, Institute for Paralegal Education, and CLE International’s Visual Arts and the Law Conference). She is also an "Xpert" for Trust & Estates' IdeaXchange, http://wealthmanagement.com/author/kim-kamin.
Kim serves on the Board of Directors for the Chicago Estate Planning Council, the Chicago Community Trust Professional Advisory Council, the Art Institute of Chicago Gift Planning Advisory Committee, the Northwestern Memorial Foundation Council for Philanthropy, the Goodman Theatre Spotlight Advisory Council, and the Chicago Foundation for Women Professional Advisory Council. She is a member of The Economic Club of Chicago, where she serves on the Young Leaders Committee.
Kim is a Fellow with the American College of Trust and Estate Counsel where she chairs the New Fellows Steering Committee. Professional awards and recognitions include Illinois Attorney Under 40 To Watch by the Law Bulletin Publishing Company (2008), The Best Lawyers in America® in the practice areas of both Trusts and Estates, and Litigation - Trusts & Estates, U.S. News and World Report (2012-present), Illinois Rising Star in Illinois Super Lawyers (2009, 2011), Super Lawyer in Illinois Super Lawyers (2012-present), Leading Lawyer in Trust, Will & Estate Planning Law with the Illinois Leading Lawyer Network (2010-2014), and "AV Rated" by Martindale-Hubbell. Kim is a member of the Chicago Bar Association and the American Bar Association.
Kim received her B.A., with distinction and departmental honors, from Stanford University and her J.D. from the University of Chicago Law School.
Pamela Lucina, Managing Director, BNY Mellon Wealth Management
Pamela Lucina is a managing director for BNY Mellon Wealth Management. In this role, she leads a team of wealth strategists, advice and analytics nationally. The Wealth Strategist group consists of partner level experts in tax, trusts, estates and international transactions. They work to develop innovative strategies in wealth transfer in philanthropy, cross-boarder planning, analytics and ownership structures to maximize our global clients' wealth after taxes and across generations
Pamela has more than 19 years of experience providing comprehensive wealth planning advice to individuals and families. Most recently, she was with JPMorgan, where her key responsibilities included providing wealth and estate planning services to the firm’s largest and most complex clients, and advising families on governance issues and philanthropic matters.
Prior to joining JPMorgan, Pamela spent 10 years in private practice, both as a tax consultant with Arthur Andersen and in the trust and estates department of Mayer Brown in Chicago. She is well published, and is a frequent speaker at industry conferences and events.
Susan Massenzio, Ph.D., Wise Counsel Research
Susan is a psychologist with extensive experience consulting to senior executives and leadership teams of Fortune 500 financial services firms. She helps firms design effective organizations, develop high potential executives, plan leadership succession, and integrate key leaders into new roles. Firms leverage her knowledge of psychology and organizational dynamics to optimize performance within financial services divisions. As an executive consultant, she enables leaders to gain greater insight into their leadership and management styles and to maximize their influence and impact.
Susan has also consulted extensively with family businesses. She helps families make a positive impact through enhanced communication, decision making, cultivation of next generation leaders, and philanthropy. Susan is co-author of The Cycle of the Gift and The Voice of the Rising Generation, both published by Bloomberg Press.
Susan served as the Senior Psychologist for John Hancock Financial Services, Senior Vice President for Wells Fargo Bank, and Professor and Program Director at Northeastern University.
Susan holds a Ph.D. in Psychology from Northwestern University and a BA in Sociology and Education from Simmons College.
Karin McNair, Vice President, Trust and Estate Advisor, Rockefeller Trust Company, N.A.
Karin McNair serves as a trust and estate advisor with Rockefeller Trust Company, N.A. In her role, she counsels the Trust Company on fiduciary matters, and advises clients on estate planning matters and tax-efficient wealth transfer techniques. She also works closely with private foundations on their grant-making and governance issues.
Prior to joining Rockefeller Trust Company, N.A. in 2013, she practiced trusts and estates law for eight years with Hughes Hubbard & Reed LLP in New York. Her practice focused on advising high net worth families on estate planning matters, conducting estate administration proceedings, creating and administering private foundations, and advising all types of not-for-profit entities.
Ms. McNair received a JD from Columbia Law School, and a BA in English literature and art history from Vanderbilt University.
Elizabeth P. Munson, President, Rockefeller Trust Company, N.A.
Elizabeth P. Munson is the President of Rockefeller Trust Company, N.A. and The Rockefeller Trust Company (Delaware). She is also a Managing Director and Senior Client Advisor of Rockefeller & Co. As an advisor to high-net-worth individuals, families and family offices, Liz specializes in trust and estate planning and philanthropic matters. Prior to joining Rockefeller & Co. in 2001, Liz was a partner in the Private Clients Group at White & Case, LLP, where she practiced from 1983.
Liz received an L.L.M. in taxation from New York University School of Law, a J.D. from the Harvard Law School and a B.A. in English from Yale College. She is extensively involved in non-profit organizations, including positions as Board Chair of Lenox Hill Neighborhood House, Vice President and Secretary of Sheltering Arms Children and Family Services, Secretary of FWWB (Friends of Women's World Banking)/USA, and Secretary of the Cancer Schmancer Foundation. She is also a director of CPA®17 and CPA®18, which are real estate investment trusts advised by WP Carey & Co. LLC.
Tera Rica Murdock, Associate, Waller Lansden Dortch & Davis, LLP
Tera Rica Murdock is a skillful litigator and an effective advocate in complex business, trust, and employment disputes. Tera Rica has extensive trial experience. She has been an advocate in jury trials and bench trials in both state and federal court as well as in private arbitrations.
She has both defended and prosecuted claims of breach of fiduciary duty and breach of trust, representing corporate trustees, family offices, and beneficiaries. Clients count on Tera Rica to craft strategies for resolution which preserve relationships while keeping in accordance with the terms of the trust instrument.
Tera Rica has prosecuted and defended claims of breach of contract in the financial services, manufacturing, and healthcare industries. Whether enforcing a contract on its terms, recovering damages, or defending against these claims, Tera Rica has the experience needed to advocate for businesses while respecting their organizational objectives.
Additionally, she is experienced in the representation of management in the manufacturing industry in all aspects of employment law. She has litigated complex multi-plaintiff claims involving the Equal Employment Opportunity Commission, assisted companies in enforcing non-compete agreements, and defended businesses against alleged violations of federal and state employment law.
William I. Sanderson, Partner, McGuireWoods LLP
Bill is a member of the firm's fiduciary advisory services and private wealth services practice groups. He represents both high-net worth individuals and families on a variety of sensitive and complex estate and business planning matters. His practice focuses on the areas of estate planning and estate and trust administration.
A frequent speaker, Bill has also taught Federal Taxation Practice and Procedure at Virginia Commonwealth University School of Business.
Prior to completing his law degree at the University of Virginia School of Law, Bill completed coursework at the University of South Carolina School of Law. While attending the University of Virginia, Bill was a member of the Raven Society and the Jefferson Literary and Debating Society.
Sarah Kerr Severson, Partner Schiff Hardin LLP
Sarah Kerr Severson takes a holistic approach to helping individuals and multigenerational families implement and manage comprehensive estate plans and business succession plans. Sarah brings an instinct for facilitating transition and a keen awareness of the “softer side,” familial and social issues, which uniquely position her to guide clients through special needs planning, wealth transfer planning and charitable planning techniques.
A counselor to those with significant wealth, Sarah assesses her client’s circumstances, diagnoses the issues and coordinates a plan that meets both immediate and long-term goals. Her holistic approach takes into account all of the financial, personal, tax and non-tax objectives in play.
Sarah recognizes that her client’s plans and established entities have lives of their own; they need continuous care and feeding. Sarah quarterbacks all issues that affect her clients and takes very seriously her role as a trusted business adviser and confidant for current and future generations.
John Welsh, Vice President, Family Wealth and Investment Strategy, BNY Mellon Wealth Mangement
John T. Welsh has over 9 years of experience providing comprehensive wealth and tax planning advice to individuals, families and private business owners. As a member of the BNY Mellon Wealth Management team, John assists in both the wealth and investment strategy for clients nationally.
Most recently, he was with a major Chicago law firm, where he was a part of the private client group providing wealth and estate planning services to ultra high net worth individuals, families, family offices and foundations. Prior to that, John spent 5 years as a tax consultant with a Big Five accounting firm and a consulting firm in Chicago.
John has a Bachelor’s degree from the University of Notre Dame and a JD from Northwestern University School of Law. In his spare time, he enjoys spending time with his wife, Katie, and their 2 children, Grace and Jack.
Keith Whitaker, Ph.D., President, Wise Counsel Research
Keith is President of Wise Counsel Research. He has consulted for many years with leaders of enterprising families. He helps families plan succession, develop next generation talent, and communicate around estate planning. With a background in education and philanthropy, he enables family leaders to better understand their values and goals as well as to have a positive impact on the world around them. Family Wealth Report named Keith the 2015 "outstanding contributor to wealth management thought-leadership."
Keith is an independent trustee and adjunct professor of management at Vanderbilt University. He has served as a Managing Director at Wells Fargo Family Wealth, an adjunct assistant professor of philosophy at Boston College, and a director of a private foundation. He was also a special assistant to the President of Boston University.
Keith’s writings and commentary have appeared in The Wall Street Journal, The New York Times, The Financial Times, and Philanthropy Magazine. His Wealth and the Will of God appeared in 2010 from Indiana University Press and he is co-author of The Cycle of the Gift: Family Wealth & Wisdom, The Voice of the Rising Generation, and Family Trusts: a Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, all published by Bloomberg Press.
Keith holds a Ph.D. in Social Thought from the University of Chicago and a BA and MA in Classics and Philosophy from Boston University. He serves on the board of directors of the National Association of Scholars.
Family Office Exchange Speakers
Amy Hart Clyne, Executive Director, Knowledge Center
Amy Hart Clyne is Executive Director of the Knowledge Center for Family Office Exchange (FOX), supporting the firm’s extensive global community of ultra-wealthy families and advisors. Her effort is concentrated on knowledge acquisition, development, management and distribution. Focused on transforming creative, best practice and innovative ideas into practical solutions, Amy collaborates with all of the teams within FOX to ensure that the firm’s collective learning is used to enhance existing member relationships, attract new members, and support the work of the consulting practice. Amy is also responsible for program design & development at FOX, including all forums, events and webinars. She is actively engaged in FOX strategic planning, relationship management, marketing and research planning, sales and training meetings, member events and workshops, and new product launch.
Leveraging over 25 years of extensive experience in private wealth management, Amy joined Family Office Exchange in 2012. Over the prior dozen years, she has worked as a consultant to some of the country’s leading private wealth management firms and private family foundations. Previously, Amy was appointed Global Marketing Director of The Chase Manhattan Private Bank for seven years. Prior to joining Chase, Amy worked in Marketing and Training at Bankers Trust Private Bank and previously served as a Portfolio Manager for Lehman Management Company, a subsidiary of Lehman Bros. Kuhn Loeb, for six years, in the high net worth individual area.
Amy received her MBA in Marketing from the Columbia Business School at Columbia University in New York, and her BA degree cum laude in International Affairs from Colgate University. She is a Certified Financial Planner (CFP) and holds an Accredited Asset Management Specialist (AAMS) designation. Amy lives in New York with her family.
Mariann Mihailidis, Managing Director, Councils
Mariann Mihailidis serves as managing director and consultant to family office members of the Family Office Exchange. In her role she oversees the management of all domestic family office relationships. As a practicing tax and estate-planning attorney, she develops strategies in wealth transfer issues, taxes, and corporate structures. Ms. Mihailidis has served as an executor and trustee, and her fiduciary responsibilities included administrative, legal, and accounting duties of various trusts and estates.
Prior to joining FOX in 1996, Ms. Mihailidis worked in one of America’s leading family offices for four years as an accounting manager for the family’s investment partnerships and operating companies.
She also spent more than six years in public accounting, including work as an auditor for Price Waterhouse. Ms. Mihailidis received a Bachelor’s Degree in accounting from the University of Notre Dame and a JD from IIT-Kent College of Law.
Sponsor and Host Information
Sponsors
Thank you to our 2016 FOX Trustees and Beneficiaries Workshop Sponsors!
