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V O L . X X V N O. I X A P R I L 2 9 , 2 0 1 9 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E Saved from ruin, waterfront Lubec tavern awaits a buyer A historic building in Lubec that was listed for $680,000 has "turn-key" potential, central location and a water view — but, five years after its listing, still has no takers. "It takes the right type of buyer," listing broker Alyssa Bouthot told Mainebiz. It is listed with the Swan Agency Sotheby's International Realty. e downtown property, at 12 Water St., is viewed as an opportunity to leverage Lubec's summer economy. e two-story, 6,700-square-foot building on 0.14 acre was built in 1840. Over the years, it housed a sardine-packing opera- tion, a cat food factory named Fuzzy Wuzzy and a feed and grain store. In 2007, a multi-year restoration was begun to rescue the building from ruin. Today, it houses the Water Street Tavern & Inn, which has 48 seats in the dining rooms and 10 seats at the bar. It has five guest rooms, all with views of the water. N O T E W O R T H Y M I D C O A S T & D O W N E A S T Down East Credit Union named Matthew Fleming as its new chief financial officer. CMP project clears key hurdle, others remain Central Maine Power received a critical "certificate of public convenience and necessity" from the Maine Public Utilities Commission on April 11 for its $950 million New England Clean Energy Connect transmission proj- ect. e unanimous vote by the three- member PUC, all political appointees www.mdf.org Developing leaders. Doing trusted research. Building creative partnerships. Driving Maine's long-term economic growth. Proud to partner with Mainebiz for 25 years. Yeah, that's us. Q: I agreed to be named as trustee of a family member's trust. Practically speaking, what does that mean for me? ACE advises: By choosing you as trustee, your family member showed confidence that you will respect her wishes and take your legal responsibilities seriously. Here are some of the duties a trustee can expect when administering a trust: Impartiality: You must treat all the beneficiaries of a trust fairly and accord- ing to the grantor's intent. Sometimes this means standing firm in the face of family pressure. Asset management: You need to be diligent and capable, and have enough knowledge and experience, to collect, store, maintain, invest, sell or dispose of many different types of assets, some common (e.g., bank accounts) and some unique (e.g., artwork). Know when to ask a professional expert for help. Reporting: There are laws governing the frequency and manner of reporting to beneficiaries. The trust document may also have unique reporting requirements. Improper reporting may result in serious liability for the trust and the trustee. Tax considerations: A trustee's decisions may have tax consequences. You need to know when to consult with an attorney, accountant, investment or other professional. Trust administration can be very time-consuming. There are experienced and credentialed professionals qualified to serve as trustee or as trustee's agent who will work with you, your attorney and other members of your professional services team to perform many of the hands-on tasks required. Finally, this article is not intended as legal advice. A S K AC E A n s w e r e d b y F e l i c i a G a r a n t o f G a r a n t C o n s u l t i n g The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Felicia Garant of Garant Consulting LLC can be contacted at www.garantconsulting.com. If you have a question for ACE, contact Jim Milliken at jim@millikenproject.com. M I D C O A S T & D O W N E A S T N O R T H E R N & E A S T E R N

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