Quote: (11-16-2015 11:39 PM)monster Wrote:
I think this depends on the person. I think that if you take a look at your assets and say to yourself, wow, I worked really really hard for all this and if someone sued me now they could really do some damage and erase years of hard work then you probably have enough to look into LLCs, trusts, etc.
I think if you're asking though "Do I have enough to look at asset protection strategies" you probably don't have enough to warrant getting too hung up on asset protection yet because I think you'll know in your gut when you have enough that other people want a piece of it.
This is where I have to disagree. Making financial and legal decisions with your gut is what poor people do.
I understand there isn't an exact cut-off point, but it's pretty obvious that a person who makes minimum wage shouldn't be looking into offshore accounts. Same thing for an English teacher who makes $1000/month in Asia (could be different for an English teacher who has another business or source of income on the side).
I'm just looking for guidelines. For example, "don't even bother with offshore accounts unless you have $X+ of net worth". Maybe there are no simple guidelines which is fine.