Answered on Oct 02nd, 2013 at 4:05 AM
A very complicated question involving substantial legal work by an expert. Here's an answer that I hope doesn't seem too flip: if you don't want to spend the legal fees to afford professional asset protection planning, then you don't have an estate large enough for asset protection to be an issue. And, protection from what? Lawsuits? For everybody other than the One Percent, the answer is, "buy insurance." Buy as much insurance as you're comfortable paying for. The more the insurance company has "on the table," the more serious they are about defending claims against you. Your regular auto and home policies, business insurance if you own a business, and a good umbrella liability policy should be as much protection as you need. If you're worried about "frivolous lawsuits" (much less common than advertised) then the feature of an insurance policy that matters to you is that the insurance company handles the cost of defending against claims. And insurance companies are really good at defending against claims. Obviously my opinion, rather than a legal opinion, but there it is.