Glad to find this thread. I have been searching something similar. My wife and I are no where near the top 1%, but we are in the profession where lawsuits are very common (cough, medicine). We are quite modest and were able have a little bit of savings. A friend of mine and his practice were in a settlement and the amount is larger than what I imagined. That prompted us to think about asset protection.
1) Setting up a trust seems very expensive, we just consulted a friend of friend and he said it costs about 5k just to set up.
2) We live in Texas, and it appears the house is off the limit of creditors, so i think we're going to pay down the mortgage as quickly as we can and limit our savings.
3) Opening up a bank account for our kid, who's a minor, regularly put some money there for gift and also part of estate planning. Is that account also off limit to the plaintiffs? I cant imagine it is. Say if my dad is a doctor and got sue, no way they'd get money from my bank, correct?
4) Heard of KISS trust, not sure if i can trust the legality of it.
Any other forms you guys are aware of? Any help is appreciated.