President-elect Donald Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE says he will announce in December that is leaving his business "in total" to focus on running the country.

An event is planned for Dec. 15 in New York, he said in a series of tweets early Wednesday morning.

Trump said that while he is not mandated to hand off the business, he feels it is "visually important, as President, to in no way have a conflict of interest" with his businesses.

I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my ... — Donald J. Trump (@realDonaldTrump) November 30, 2016

great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to .... — Donald J. Trump (@realDonaldTrump) November 30, 2016

do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.. — Donald J. Trump (@realDonaldTrump) November 30, 2016

Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task! — Donald J. Trump (@realDonaldTrump) November 30, 2016

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However, there are several questions swirling around Trump's plan, including whether it will actually address the fundamental conflicts that exist between his business and his presidency.

If Trump hands off the business to his children, as he has indicated he would like to do in the past, it could still present conflicts or perceived conflicts of interest between the Trump administration and the Trump family. In the past, presidents have placed their funds in a blind trust, operated without their knowledge by an independent party. Meanwhile, Trump remains close to his children, with many currently occupying official roles in his presidential transition.

Trump tweeted that his children will be present at the Dec. 15 conference, suggesting they will be playing some role in his business going forward — which also means that the fundamental issues surrounding Trump's business empire and his upcoming presidency will largely remain as well.

Earlier this month, Rep. Katherine Clarke (D-Mass.) introduced a bill that would require the president and vice president to place all assets in a blind trust or to notify the Office of Government Ethics when they take a course of action that would affect their finances.

Peter Schroeder and Mallory Shelbourne contributed to this report, which was updated at 7:29 a.m.