Model Rule of Professional Conduct 1.14 and Clients With "Diminished Capacity"
The American Law Institute Continuing Legal Education Course Materials: Estate Planning for the Family Business Owner 2021
An appointment has been made for Elaine Parham to discuss with you some matters relating to her personal estate planning and the family business of which she is the founder. The appointment was made by her son, Lewis. You assisted Elaine in her estate planning two years ago but have not seen her since then. When Elaine arrives at your office, she is accompanied by Lewis and she insists that he join in your meeting. Elaine is nicely dressed but appears to be somewhat frail physically. She also appears to be very agitated, a condition that you had not noticed when you originally met with her. Elaine frequently looks to Lewis to help her remember details and explain the reasons why she has contacted you. You do not recall that she was this forgetful when you initially worked with her. You know from your past interactions that Ellen and her husband founded a company several years ago, Parham Oil Company, Inc., that sells fuel oil and propane for home-heating units. After her husband's death, Ellen became the sole owner of the business and, over time, has gifted shares of stock to her three children, including Lewis. She currently retains 40% of the stock and each child owns 20% of the stock. Ellen tells you that she wants to transfer a portion of her stock to a trust to care for her two prize Persian cats, Lola and Brigitte. Lewis, of course, will be the trustee. Ellen also tells you that, due to current physical ailments, she does not plan to attend the upcoming shareholder meeting and she would like you to prepare a proxy to allow Lewis to vote her shares.
Mary F. Radford, Model Rule of Professional Conduct 1.14 and Clients With "Diminished Capacity", in The American Law Institute Continuing Legal Education Course Materials: Estate Planning for the Family Business Owner 2021 (2021).
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Mary F. Radford,
Model Rule of Professional Conduct 1.14 and Clients With "Diminished Capacity",
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