@originaldohnthornton: Most people open bank accounts using their personal name and Social Security number… without realizing how exposed that makes them.
Everything becomes directly tied back to them personally. Your banking activity. Your balances. Your financial footprint. And when lawsuits happen?
Those accounts can become easy targets. Most people never think about privacy until it’s too late. But with a contract law spendthrift trust…
the bank account is tied to the trust’s EIN number — not your personal Social Security number. That creates far greater separation and privacy.
And because the trust is not publicly registered with the state like an LLC / Corporation… there’s far less public visibility tied to the account structure itself. Plus, the funds inside the trust benefit from powerful lawsuit protection and no taxable events.
Same banking activity. Completely different financial outcome (info purposes only; not a licensed tax, legal, or accounting professional) #taxsavingstips #taxdeductions #taxsavings #taxreduction #bank account
