A New Orleans tax attorney explains the difference between privacy and secrecy for people with public profiles. The feature shows how lawful structure, insurance and a disciplined team lower exposure to claims, and why protection must be arranged before a dispute begins.
By Dr. Tamara Patzer
Fame brings an odd side effect. People assume you are wealthy, they assume you are an easy target and they assume they know where you live and what you own. Some of those assumptions are wrong and a few are dangerous. Todd M. Villarrubia, a New Orleans attorney who focuses on tax and estate planning, tackles the subject in Entrepreneurial B.E.A.S.T. Mode™ with a line that sets the ground rules: “Asset protection isn’t about secrecy or hiding assets.”
What is the difference between privacy and secrecy?
Privacy is the right to decide what the world sees. Secrecy is an effort to conceal facts from people who are entitled to them, such as tax authorities or courts. A legitimate plan aims for the first and avoids the second. Reports are filed, taxes are paid and records are kept. What changes is how assets are owned and who can reach them.
The distinction matters because shortcuts sold as privacy tools often fail, and the failure can be costly. A sound structure can be explained to a judge without embarrassment. If a plan only works when no one looks at it, it is not a plan.
Why do public figures attract claims?
Because they are visible, and visibility suggests resources. The book is blunt about it: “Plaintiffs do not seek fairness; they seek deep pockets.” It also treats suits as an ordinary part of business life.
A public figure may face claims from many directions, such as a contract partner, a former employee, a person injured at an event or someone who objects to something said online. Most are not about the merits as much as about who can pay. That is why the structure of ownership matters as much as the facts of the dispute.
How large is the group of people who might benefit from planning?
Larger than the famous. The Federal Reserve’s distributional accounts, reported through FRED, show about $60.3 trillion of net worth held by the top 1 percent in the second quarter of 20261. Many in that group are not widely known. They are business owners, professionals and investors whose names appear on documents, not in headlines.
The author reminds readers that wealth is not about fame: “Membership doesn’t require a Gulfstream; it simply requires having built or accumulated significant financial power.” The tools in this article apply to a local business owner as much as to a performer.
What does lawful structure look like?
Separate entities for separate risks. The book states the principle simply: “The principle is simple: separate entities for separate risks.” A person might hold the brand and the income in one company, real estate in another and investments in a third. Each entity has its own records, bank account and purpose.
Entities also carry different tax treatment. The IRS explains the entity classification election on Form 88322, and the right choice depends on the facts. A family should expect its attorney and accountant to decide that together.
Ownership of a home, vehicles and valuable property also matters. Exposure tends to grow with holdings, since every property adds both cash flow and potential liability. Insurance and sensible titling reduce that exposure.
When must protection be arranged?
Before trouble. The book states the rule clearly: “These vehicles must be established before claims arise to provide effective protection; they offer no protection against existing liabilities.” A transfer made after a claim has been threatened can be challenged by a court. The time to build structure is a quiet period, for ordinary business reasons, with documents that explain why.
A person who is already facing a dispute should seek legal advice about what is possible. Some steps remain available, and others do not.
What else belongs in a privacy plan?
Practical points that people overlook. Property can be held in a way that does not display a home address in public records. Staff and contractors can sign confidentiality agreements. Online accounts can be protected with strong security. Family members can be coached on what to share. Public records, social media and data brokers can all reveal more than people expect, and some of the steps to limit that are inexpensive.
None of this replaces legal structure, and none of it requires secrecy about money from the people entitled to see it. It reduces the amount of material that can be used against you or your family by people with no legitimate claim. It also lowers the temperature at home, because family members know what to say, what to ignore and whom to call when a stranger asks about money.
Who should run the plan?
A coordinated team. The SBA counts 36,207,130 small businesses in the United States3, and many public figures run businesses that look much the same as theirs. The difference is the volume of attention. A team that includes an attorney, an accountant, an insurance professional and a financial adviser should meet together regularly and share one list of entities, accounts and policies.
The book names the underlying risk: “Concentration without protection is not strength; it’s exposure.” Spreading ownership across properly built entities, with insurance and records to match, is how a visible person lowers the risk.
What is a sensible first step?
List what you own and how you own it. Mark anything held in your personal name. Ask your attorney which items belong in a separate entity and which are better left alone, and ask your insurance professional whether coverage matches the exposure. Then set a date to repeat the exercise each year.
Common questions
Can I keep my address out of public records? There are lawful ways to reduce what appears. Ask your attorney what is available in your state.
Will an entity make me immune to claims? No. It can limit what a claim reaches if it is set up and run properly, and it does not cover everything.
Is this legal everywhere? Rules differ by state and country. Seek legal advice before acting.
Sources
- Federal Reserve Distributional Financial Accounts, Net Worth Held by the Top 1% (FRED)
- Internal Revenue Service, About Form 8832, Entity Classification Election
- U.S. Small Business Administration, Office of Advocacy, Frequently Asked Questions About Small Businesses 2026
About the author. Dr. Tamara Patzer is a publisher and former newspaper editor. She was on the staff of The Charlotte Sun when it was named a 2005 Pulitzer Prize finalist for its Hurricane Charley coverage.
About the source. Todd M. Villarrubia is an attorney with an LL.M. in Taxation and a Juris Doctorate. He is an Accredited Estate Planner, a Board Certified Expert in Estate Planning and Administration, and a Fiduciary Investment Advisor Representative. He is the author of Entrepreneurial B.E.A.S.T. Mode™. Wealth Planning Law Group, 101 W. Robert E. Lee Blvd., Ste 404, New Orleans, LA 70124. Phone: 504-982-8207; email: todd@lawealthplan.com; website: https://lawealthplan.com/?utm_source=newsanchored&utm_medium=famous-times&utm_campaign=family-office
Attorney advertising. Sponsored feature written on behalf of Todd M. Villarrubia. This article is general information, not legal or tax advice, and reading it does not create an attorney-client relationship. Results vary.
