Do not listen to anything about protection schemes. All schemes can be attacked in courts. Savings provide no significant interest growth nowadays. Take the money and put it in a safe deposit box. Do you have a sister or brother you trust? Transfer portions of it to their accounts. If you are in risk of a lawsuit, losing the interest is your protection. Bullet proof way without having to go to live in Florida.
i do agree with all above,but..brother or sister can be sued too.. losing the interest because you poor and have no assets is one part..hard to achieve..second part(or approach) is to show, that there is will be no easy money for lawyers.
Well, there are some more sophisticated schemes to discourage lawyers. if a lot of money is involved, some setup a few corporations with straw men and create liabilities for themselves, like getting loans from the corporations. They appear like someone so deep in debt they can get nothing from.
What state do you live in? Asset protection schemes vary widely state by state. Buying an umbrella policy is a good option. I am not sure if these "umbrella" policies protect against work related lawsuits, ie, I don't believe doctors can use an umbrella policy as a cheap substitute for malpractice insurance.
What about buying gold and gemstones and hiding them in various safes buried around the country & abroad?
The standard caveat of: Don't make a crappy investment just because of tax or asset protection attributes. Living an outwardly modest lifestyle also reduces your chances of someone thinking of suing you instead of playing lotto.