Trust Records Show Trump Is Still Closely Tied to His Empire
While the president says he has walked away from the day-to-day operations of his business, two people close to him are the named trustees and have broad legal authority over his assets: his eldest son, Donald Jr., and Allen H. Weisselberg, the Trump Organization’s chief financial officer. Mr. Trump, who will receive reports on any profit, or loss, on his company as a whole, can revoke their authority at any time.
What’s more, the purpose of the Donald J. Trump Revocable Trust is to hold assets for the “exclusive benefit” of the president. This trust remains under Mr. Trump’s Social Security number, at least as far as federal taxes are concerned.
.. “First it is revocable at any time, and it is his son and his chief financial officer who are running it.”
.. But lawyers who specialize in federal contracts say the trust arrangement simply creates an additional legal step between Mr. Trump and the hotel — meaning he will still profit from it.
.. “Formally he is no longer the owner, but functionally he still is,” he said.