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We are here to serve your Estate planning and Asset protection needs. A Private Express Trust is a valuable tool in your financial tool box. It is used to: Protect something, Manage something, Grow something, or Hold something.
Public Trusts (or Charitable Trusts) are created for the benefit of a religious or charity, or for a charitable purpose. They are often established for the benefit of the public, too, though. An example of this would be if you belong to an organization or religious institution, and you made that institution beneficiary of a Private Trust, the money that the organization receives will ultimately benefit all members of the group, not just the organization as a whole.
One of the major differences between a Private Trust vs Public Trust is that Public Trusts are open for scrutiny. As a result, transparency is both necessary and important for a Public Trust, since at any time anyone with an interest in the Trust has the right to demand he or she knows specifics about the management of the Trust.
By contrast, a Private Trust is set up to benefit one or more specific people. Private Trusts typically terminate upon the completion of their purpose, such as a given amount of money being dispersed in monthly installments until the funds are depleted.
Private Trust vs Public Trust What’s the Difference?
Asset protection is the adoption of strategies to guard one’s wealth. Asset protection is a component of financial planning intended to protect one’s assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors’ access to certain valuable assets while operating within the bounds of debtor-creditor law.
Asset protection refers to strategies used to guard one’s wealth from taxation, seizure, or other losses.
Asset protection helps insulate assets in a legal manner without engaging in the illegal practices of concealment (hiding of the assets), contempt, fraudulent transfer (as defined in the 1984 Uniform Fraudulent Transfer Act), tax evasion, or bankruptcy fraud.
Jointly-held property under the coverage of tenants by entirety can work as a form of asset protection.