Ethical Challenges in Representing Families in Family Limited Partnerships
American College of Trust and Estate Counsel Journal, Vol. 35, p. 2, 2009
65 Pages Posted: 24 Aug 2009 Last revised: 28 Sep 2009
Date Written: 2009
This article discusses the complicated lawyer-client representation issues raised when a family entity (such as a family limited partnership) is created. The article also addresses the issues, and material risks, associated with the multiple representation by one lawyer of the entity, the general partner and the limited partners. Depending on state law and the entity involved, some lawyers may be surprised to learn that the creation of the entity might force them in the future to withdraw from representing everyone in the family.
Keywords: family law, professional responsibility, ethics, family limited partnership, limited partnership, attorney-client relationship
JEL Classification: K19, K40, K49
Suggested Citation: Suggested Citation