Advising Trustees Who Manage Closely-Held Business Interests

Advising Trustees Who Manage Closely-Held Business Interests

Regular price $129.00

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 will address how counsel can advise trustees who are administering trusts with closely-held business interests. The presentation will include a discussion about:

  • Proper considerations that a trustee should undertake in managing a closely-held business interest (management decisions, distributions, capital expenditures, diversification of business lines, diversification of trust, and sale or divestiture of some or all of the business) Managing an ownership in a closely-held business versus being a controlling person in the entity,
  • The differing fiduciary duties that arise from being a trustee versus being a controlling person of a closely-held business,
  • The risks associated with holding both roles,
  • Best practices for addressing conflicts of interest,
  • Best practices for avoiding breaches of fiduciary duties,
  • Attorney-client communication and privilege issues,
  • Disclosure obligations to beneficiaries regarding closely-held business interests,
  • Directed trust issues for managing closely-held businesses,
  • Co-trustee issues for managing closely-held businesses.

CLE: 1.0 general credit

States Pre-Approved: AR, CA, NJ, NV, NY, OK, PA, VT

(AK, AZ, CT, MO, ND, NH, TX eligible to claim credit)

States Pending Approval: CO, GA, IL, NC, OH, TN, UT

We will supply you with the information needed to apply in other states.

Contact shopcle@wealthcounsel.com for CLE assistance. 

WealthCounsel members: This CLE eligible program is complimentary for WealthCounsel members.  Please access and view it here via the member website for optimal experience and inclusion in your CLE Profile Account.


More from this collection