Privacy vs. secrecy (asset protection planning) - LayRoots

Having privacy and keeping secrets are not the same thing. I was so impressed by one of my clients that I worked with through some trust issues she experienced in her relationship. Toward the end of her treatment, she shared this statement about her thoughts on how important allowing her partner to have privacy was for her: - Secrecy is different from privacy, … but I think it's often confused. … I think when you hear the word privacy, … and it depends where you were born and raised as well, … it's also a cultural definition of privacy. … Many people have said to me, … "Wow, this is information that I use in public." … Asset protection planning offers privacy and anonymity as a benefit. Asset protection is not for secrecy though. You can't set up a plan to hide your assets from the tax man or to open a bank account without people asking who the customer is behind the entity. Secrecy is the practice of hiding information from certain individuals or groups who do not have the "need to know", perhaps while sharing it with other individuals. That which is kept hidden is known as the secret. Secrecy is often controversial, depending on the content or nature of the secret, the group or people keeping the secret, and the motivation for secrecy. Maintaining privacy and confidentiality helps to protect participants from potential harms including psychological harm such as embarrassment or distress; social harms such as loss of employment or damage to one's financial standing; and criminal or civil liability. Understanding privacy vs. secrecy is one of the most important things for relationship success. Here are some techniques for setting boundaries. 1-800-755-4364 [email protected] Your privacy is compromised, and your security is maintained. The bank sells some of your information to a marketer. Note: You may have agreed to this in the bank's privacy disclosure. The result? Your personal information is in more hands than you may have wanted. Both your privacy and security are compromised. The bank gets hit by a data

The difference between privacy and secrecy is a question of ethics. It can be difficult to determine what is ethical versus unethical, but nevertheless, it is still important to distinguish between the two. While privacy can be ethical, secrecy is usually not. Secrecy carries a negative connotation, as most secrets have the capability to harm

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