Mainebiz

V O L . X X I I I N O. X X I S E P T E M B E R 1 8 , 2 0 1 7 12 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 Realty and Newcastle Vacation Rentals all in Damariscotta, pledged $10,000 to the Damariscotta River Association's soon-to-be announced capital campaign. The National Heart, Lung, and Blood Institute awarded a two-year, $1.5 million Small Business Innovation Research Grant to Novo Biosciences Inc. in Bar Harbor. The grant will sup- port research on developing treatment methods for healing damaged heart tissue caused by heart attacks. Ashland's Northeast Pellets suffers re A re at Northeast Pellets mill in Ashland destroyed tons of bulk pellets stored in two silos. e Fiddlehead Focus reported it was the second catastrophic re su ered by the plant since it opened in . Chief Don Bouley of the Ashland Fire Department told the paper the cause is under investigation. "With this type of industry, you get a lot of ne-powdered dust, and that's not good," Bouley said. Owner Matt Bell, who started Northeast Pellets as the state's rst pellet manufacturer, said he planned to rebuild. e plant employs . e company still has , tons of bagged pellets in inventory. Northeast Pellets are sold through more than retailers in Maine and four stores in Massachusetts and New Hampshire, as well as in bulk to large customers such as the University of Maine at Fort Kent. Bell said Corinth Pellets has o ered to help with contracts for bulk accounts. Demand was slack for the wood pellet industry this past win- ter, due to continued low oil prices and an average winter . N O T E W O R T H Y N O R T H E R N & E A S T E R N Maine Savings Federal Credit Union in Hampden announced that it will provide its employees with up to eight weeks of paid leave for absence due to pregnancy related disability or for the birth of a son or daughter and to care for the newborn child or for place- ment with the employee of a son or daughter for adoption. FOLLOW US @MBEVENTS #MBCEO17 Tickets are $30 and include breakfast. Register for a table of 10 to save 10% SP ONSORED BY Family Wealth Management Partners UBS Financial Services Inc. Join us for the Mainebiz CEO Breakfast! IS M A I N E OPEN FOR BUSINESS? Separating the facts from fiction about doing business in Maine. Mainebiz brings together a panel of Maine CEOs and leaders to share their personal stories, offer advice and insight as it pertains to doing business in Maine. S AV E T H E DAT E DoubleTree by Hilton Hotel, South Portland Wednesday, October 18 7:30–10:30am R E G I S T E R O N L I N E T O D AY ! www.mainebiz.biz/CEOForum Peter DelGreco President and CEO, Maine & Company M O D E R AT O R Q. Should a family member serve as trustee of a trust? ACE Advises: Sometimes a family member is appointed trustee in a living trust document or under a will to administer a trust for a grantor and/or other bene ciaries. The trustee family member may also be a bene ciary of the trust, which can present a con ict of interest in making trustee decisions. There are many matters to consider when serving as trustee. For example, trusts must be administered in compliance with the trust terms and all laws and regulations. Trustees have a le gal duty of loyalty to the trust and must be objective. Trustees' decisions during trust administration can have serious duciary tax consequences or can have an adverse impact on bene ciaries' ability to participate in nancial programs that are critical to their care. Also, it can be hard to keep one's personal feelings in check when making decisions as trustee. A trustee may be faced with dif cult situations that affect the trustee who is also a bene ciary differently from other family members. Those are among reasons why in most instances it is important to have a quali ed and experienced objective third-party co-trustee serve with the family member trustee. The co-trustee can be a trust company, an attorney a CPA or some other cre- dentialed, quali ed individual who has the appropriate education and experience to help the family member trustee administer the trust accurately and ef ciently. The cost of enlisting the assistance of a quali ed partner can be justi ed by the help it provides in avoiding greater costs to the trust down the road. A S K AC E , , • • 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 can be reached at felicia.garant@gmail.com N O R T H E R N & E A S T E R N

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