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Presentation: Advising Trustees Who Manage Closely-Held Business Interests


David F. Johnson presented “Advising Trustees Who Manage Closely-Held Business Interest” to the WealthCounsel webinar on June 30, 2022.Settlors often place some or all of the ownership in a closely-held business in a trust. A trustee managing a trust with an interest in a closely held business has difficult management issues to address and this often raises disputes. This presentation addressed: (1) considerations for placing closely-held business interests in trusts, (2) considerations that a trustee should undertake in managing a closely-held business interest, (3) managing an ownership interest versus being a controlling person in the entity and the risks associated with holding both roles, (4) best practices for addressing conflicts of interest and for avoiding breaches of fiduciary duties, (5) attorney-client communication and privilege issues, (6) disclosure obligations to beneficiaries, (6) directed trust issues, and (7) co-trustee issues.



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