Vegetative fuels management for wildfire risk mitigation is increasing recognized as a crucial complement to suppression. We develop a nested rotation model to examine the fuel treatment timing in the context of a forest environment where part of the values at risk are standing timber to be harvested. Simulations are performed for a representative ponderosa pine forest, and implications of the model for policy issues are discussed, including 1) the effects of public suppression of wildfire on private fuel management incentives, 2) externality problems when non-timber values such as wildland-urban interface property is not accounted for in private fuel management decisions.