LIFETIME BENEFITS
|
With a Will
|
Corporation or LLC
|
Living Trust
|
Private Asset Trust
|
Buy, Sell, Loan, Borrow
or Pledge Assets
|
Normal
|
Officer Must Sign
|
Trustee Must Sign
|
Trustee or Manager
Must Sign
|
Flexibility to Do as You Want
|
Normal
|
Shareholders Must Approve
|
Yes, Sometimes
|
Yes
|
Maintain Privacy of Beneficiaries |
No
|
Seldom
|
Sometimes
|
Yes |
Maintain Privacy of Control |
No
|
No
|
No
|
Yes |
Separate and Protect Individual Assets
|
No
|
Sometimes
|
No
|
Yes |
Establish Credit Separate from Personal Credit
|
No
|
Sometimes
|
No
|
Sometimes
|
Separate Business and Personal Affairs
|
No
|
Sometimes
|
No
|
Yes |
Limit State and Federal Taxes
|
No
|
Sometimes
|
No
|
Yes |
Limit Self-Employment Taxes
|
No
|
No
|
No
|
Yes |
Limit Lawsuit Liability
|
No
|
Sometimes
|
No
|
Yes |
Change Beneficiary Interests as Desired |
N/A
|
No
|
Sometimes
|
Yes
|
Allow for Private and Government Health Care |
No
|
No
|
Sometimes
|
Yes |
Earn Income Without Affecting Social Security |
No
|
No
|
No
|
Sometimes |
Documentation and Accounting Requirements |
Normal
|
Extensive
|
Normal
|
Normal |
Annual Reporting and Annual Fees
|
No
|
Yes
|
No
|
No |
Valid in Multiple States
|
Sometimes
|
No, Unless Each State Paid
|
Sometimes
|
Yes |
Startup Costs
|
Minor
|
High if Properly Organized
|
About 1/2 of a Corporation
|
About Same as Corporation |
Annual Costs
|
Minor
|
High if Properly Organized
|
Minor
|
Minor |
Difficulty of Management
|
Minor
|
Medium if Properly Maintained
|
Minor |
Minor |
|
|