market-ticker.org / By Karl Denninger / April 7, 2013, 13:23
I’ve laid this out before but it’s time to do it again, because it’s coming folks.
The recent ditty on how ”nobody needs more than $3m for retirement”, defined as “whatever you need to get a $200,000 annuity”, is just one facet of how this will play out.
Since I started writing The Ticker I have been repeatedly asked where one should put their assets to evade confiscation, whether through outright acts of theft, devaluation or any other means.
The simple answer: There isn’t a reasonably-safe means of doing that for anyone who does not possess enough wealth to be willing to write off 20, 40 or even 60% of itand who doesn’t have enough to be able to***** away 1% or more of it annually in compliance, monitoring and associated costs.
That basically means if you don’t have tens of millions (and the first digit isn’t a “1″ either) you’re not in that game. If you are then you can do a whole host of things that are reasonably certain to “work”, where “work” is defined as “won’t lose enough of it to wind up in the street” with a confidence level in the 90s or better.
This isn’t where virtually everyone is, so listening to advice on how to do that is dumb since you’re almost-certainly not in that position, and if you are you don’t want to ask people like me, you want to get the legal, tax and accounting advice from licensed professionals who can actually do it.
Thanks to BrotherJohnF