Days before his inauguration, President Trump stood by his tax attorney at a press conference as she announced that his vast business holdings would go into a trust, a move that would alleviate fears the new President could exploit his presidency for personal gain. However, his eldest son, Donald Jr., and his chief financial officer, Allen H. Weisselberg, have been named trustees of the trust, giving them broad legal authority over his assets and creating speculation for many of his opponents. Further, President Trump will receive notice of any profit or loss on his company and can revoke the trustees’ authority at any time. The purpose of the trust is to hold assets for the exclusive benefit of the President, as the trust remains under his Social Security number for federal tax purposes. Consequently, many are questioning just how far removed Trump is from his businesses so that he abides by the conflict of interest rules.
See Susanne Craig & Eric Lipton, Trust Records Show Trump Is Still Closely Tied to His Empire, N.Y. Times, February 3, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
