Helping Families Flourish

 
 

Chicago Trustee Collaboratory BLOG

  • May 03, 2016 8:04 PM | Deleted user

    The emotional upheaval caused by a large distribution of cash requires a calm and cool response.  The beneficiary requires a stabilization process where he is given the time to make one good decision at a time.  The active-pause is ancient wisdom where on takes stock I one is, assess a problem and settle on a future course of behavior.  The article discusses the six phases of the financial stabilization process.  


    Click here to read full article

  • March 29, 2016 1:20 PM | Daniel P. Felix (Administrator)

    Cathy Carroll spoke with Nicole Martin of HR Boost about what makes leadership in a family business unique.  The interview aired on Advisor TV on December 3, 2015.


    A member of the Chicago Trustee Collaboratory, Cathy is the founder of Legacy Onward which brings leadership and executive coaching services to family businesses.


    To view the interview, click here.


  • March 01, 2016 1:00 PM | Daniel P. Felix (Administrator)
    A family trust has lots of rules – but who wins? When can you say a trust is “successful”?  In the first of a series of articles, Daniel P. Felix, JD and Professional Trustee, offers some thoughts.

    The Chicago Trustee Collaboratory (“CTC”) has addressed this core concern. Besides being a continuing theme at monthly meetings, members of the CTC conducted a full-day seminar on various Keys to Successful Trust Administration.  The seminar was produced in collaboration with the Illinois Institute for Continuing Legal Education (“IICLE”), and you can get more information, including a recording here   


    To read the article, click here.

  • February 02, 2016 12:43 PM | Daniel P. Felix (Administrator)

    This article outlines five pitfalls to avoid in succession planning

    of a family business.


    Cathy Carroll wrote this article for the National Automatic Merchandising Association.  


    A member of the Chicago Trustee Collaboratory, Cathy is the founder of Legacy Onward which brings leadership and executive coaching services to family businesses.


    Read the full article by clicking here.


  • January 05, 2016 12:29 PM | Daniel P. Felix (Administrator)

    Chicago Trustee Collaboratory member Cathy Carroll wrote this article for the FFI Practitioner, whose theme for 2015 was “Myths and Realities.”  


    This case study highlights how emotions drive decision-making

    in a family business more often than not, since they can.  Bringing in an expert in emotional intelligence or family

    dynamics can help family businesses align needs and values.


    To open the article, click here.  [Article copyright 2015 The Family Firm Institute, Inc. Republished with permission.]

  • October 19, 2015 5:07 PM | Daniel P. Felix (Administrator)
    The Chicago Trustee Collaboratory learned about the Samoan Wisdom Circle by participating in the 5th annual Rendezvous Conference of the Purposeful Planning Institute (“PPI”), whose compelling theme was “The Road to Mastery”. We hope you find this new technique to be helpful in your world, and also an inspiration to connect directly with the presenters as well as the PPI.


    Read the full description of the process here.



  • July 14, 2015 9:00 AM | Daniel P. Felix (Administrator)

    Daniel Felix, founder and president of the Chicago Trustee Collaboratory, explains the mission of the Collaboratory.


    Check out the video:



  • May 19, 2015 9:00 AM | Daniel P. Felix (Administrator)

    Too often, the questions we ask don't necessarily elicit the response required or desired, nor do they allow us to drill down to the core issues that are troubling a client.  


    Frustration, added time, unhappy clients or families and ineffective solutions or unresolved matters may be the result.


    The learning of the Chicago Trustee Collaboratory: The frame used around questions leads to dramatically different responses.    


    Specifically, the use of an outcome-based frame tends to elicit more helpful and deep responses, than those questions that frame around the problem.


    Further, the technique of allowing the interviewee not to answer questions, but simply to rate the questions helpfulness toward discovering the problem added another powerful tool.


    For the full report on our two-month exploration of this issue, click here:   problem v. desired outcome - it's in the asking.pdf

  • May 12, 2015 9:00 AM | Daniel P. Felix (Administrator)

    Here's the viewpoint from the Chicago Trustee Collaboratory on one family who ended up in court against their trustee.    


    In the case called Spencer v. DiCola, the family lost their several attempts to remove their trustee.


    We’re taking a look at both the legal and practical lessons from a trust relationship that degenerated to the point of court hearing, appeal, and re-appeal.  


    In Part 1 of our focus, we studied the facts, legal arguments and the courts’ decisions.   Here in Part 2 we look more closely at what we can learn about trust administration.


    Part Two:  Administration and The Family


    Executive Summary:

    1)   The litigation was expensive, and could have been out of proportion to the size of the trust.


    2)   To what extent could the lawsuits have been avoided through:

      a.    the development of a distribution policy statement for the limited funds in the trust?


    b.   better communication through the down market?


    c.    mediation as the family became increasingly alienated from the trustee?


    Read all of Part 2 of our report here:  Spencer v. Di Cola -case analysis - PART 2.pdf


    And, here’s Part 1 as well: Spencer v. Di Cola -case analysis - PART 1.pdf


     

    The Chicago Trustee Collaboratory is also staffing a full day seminar using this lawsuit as a case study.   For more details of this offering from the Illinois Institute for Continuing Legal Education, click here.

  • May 05, 2015 9:00 AM | Daniel P. Felix (Administrator)

     
    Here's the viewpoint from the Chicago Trustee Collaboratory on one family who ended up in court against their trustee.    


    The family lost their attempt to remove their trustee in the case called Spencer versus DiCola.  Then the family appealed twice -- and lost both appeals.


    In Part 1, we look at The Lawsuit and the Legalities.


    Executive Summary:


    1)   It can be hard to remove a sitting trustee.   A trustee’s defense of his position is permitted, and not considered “self-serving” even if it goes against the family.


    2)   Drafting pointer: a trust can provide in what situations a sitting trustee may be replaced.


    3)   Court modifications of the trust are best memorialized with word-for-word changes to the trust document.


    Read our report here: Spencer v. Di Cola -case analysis - PART 1.pdf


    Stay tuned for Part 2, where we look more closely at the lessons of this case for trust administration.


     
    The Chicago Trustee Collaboratory is also staffing a full day seminar using this lawsuit as a case study.   For more details of this offering from the Illinois Institute for Continuing Legal Education, click here.



© Chicago Trustee Collaboratory
Powered by Wild Apricot Membership Software