Georgia residents may be aware that President-elect Donald Trump is set to become the wealthiest president in U.S. history. With a portfolio of about 500 companies and business deals in several foreign countries, Trump has a multi-billion dollar empire that is raising a lot of questions about potential conflicts of interest.
Many people who enter political office assuage the public’s fears about conflicts of interest by placing their assets into a blind trust. Though Trump’s long-time attorney Michael Cohen told CNN that Trump plans to use a blind trust, legal experts say it is unlikely Trump will actually do that. To stay ‘blind” to his investments while he is in office, Trump would have to liquidate his assets and then hand the cash over to an independent trustee to manage. Trump has not said anything about selling his many real estate assets that include Trump Tower in Manhattan, a new hotel in Washington, D.C., golf resorts in Scotland and the Mar-a-Lago estate in Palm Beach.
Another indication that Trump won’t be using a blind trust is the fact that he has made statements about leaving his business assets in the control of his three eldest children. By allowing his children to manage his businesses, Trump would more than likely remain aware of what is going on with the businesses.
There are many different types of trusts that can be used to hold a person’s investments. An estate planning attorney may be able to look at an individual’s investment portfolio and determine what kinds of trusts may help to further the individual’s financial goals.