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, ME, MO, NJ, NY, OK, PA, VT

(AK, AZ, CT, NH eligible to claim credit)

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

We will apply for approval in other US states as registrations warrant,* with exception to the following: KS, RI, VA, WA**

* Approval process times will vary

** We will supply you with the information needed to self-apply

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