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Message
Protecting Net Worth (Assets) against Liability. Parental Liability ?
Posted on 10/13/22 at 7:27 pm
Posted on 10/13/22 at 7:27 pm
After reading the OT Post about the kid in the Range Rover running over and killing the guy, I worry about my own teen who's about to start driving.
I've recently inherited some cash, land etc etc and with what I've worked for my Net Worth is 500K + (not rich but it's my retirement plus college fund if needed).
I'd hate to lose it over one stupid mistake
What do people do in this situation to protect themselves against someone suing them since the kid obviously has no money.
I've recently inherited some cash, land etc etc and with what I've worked for my Net Worth is 500K + (not rich but it's my retirement plus college fund if needed).
I'd hate to lose it over one stupid mistake
What do people do in this situation to protect themselves against someone suing them since the kid obviously has no money.
11
Posted on 10/13/22 at 7:30 pm to The Torch
I would think an umbrella policy would be a good idea.
Posted on 10/13/22 at 7:54 pm to Theduckhunter
Second umbrella policy. More people should have them, it doesn’t cost much but you’ll have to have upper limits on your other insurance. Check with your agent.
Posted on 10/13/22 at 8:08 pm to The Torch
Umbrella is the way. When we had the gun store nobody would touch me with an umbrella but before that it was pretty cheap for millions in limits.
Posted on 10/13/22 at 8:24 pm to The Torch
I may get shite for saying it, but life insurance is a good way to protect cash from things like you're suggesting.
Posted on 10/13/22 at 9:11 pm to The Torch
Umbrella as mentioned.
Not sure about teenage years as I assume minors will have a different standing vs someone over 18, but anecdotally relating to your question, in college I was involved in an at fault wreck. I was sued and my dad was sued as well in attempt to collect past insurance limits.
My dad was easily dropped from the lawsuit. While my dad technically owned the vehicle and even paid insurance for it, I think it's harder to find the non driver owner of a vehicle liable unless certain conditions are met.
After my dad's suit was dropped, they subsequently dropped mine as well, because I was poor college student with no assets.
Not sure about teenage years as I assume minors will have a different standing vs someone over 18, but anecdotally relating to your question, in college I was involved in an at fault wreck. I was sued and my dad was sued as well in attempt to collect past insurance limits.
My dad was easily dropped from the lawsuit. While my dad technically owned the vehicle and even paid insurance for it, I think it's harder to find the non driver owner of a vehicle liable unless certain conditions are met.
After my dad's suit was dropped, they subsequently dropped mine as well, because I was poor college student with no assets.
Posted on 10/13/22 at 9:19 pm to BottomlandBrew
quote:
life insurance
The Rodney Dangerfield of financial products.
Posted on 10/13/22 at 9:42 pm to Puffoluffagus
quote:
My dad was easily dropped from the lawsuit. While my dad technically owned the vehicle and even paid insurance for it, I think it's harder to find the non driver owner of a vehicle liable unless certain conditions are met.
All of this is state specific.
In Georgia, insurance follows the vehicle and the dad is not getting off of the lawsuit when the insurance is exhausted.
Attorneys don't make money by not suing somebody. And that wouldn't be the Georgia way.
Posted on 10/13/22 at 9:51 pm to armsdealer
When yall say pretty cheap, what do you mean? The only time I've looked at an umbrella is was a couple thousand for just $1 million.
Posted on 10/13/22 at 10:05 pm to TigerTatorTots
quote:Thats high….unless you had multiple teenage drivers and/or some incidents on driving record
The only time I've looked at an umbrella is was a couple thousand for just $1 million.
ETA: usually sub-$1000 for most people. Obviously having more exposures (boats, jet skis, motorcycles, RV’s, multiple properties) or more drivers/vehicles then it’ll drive umbrella rates up
This post was edited on 10/13/22 at 10:10 pm
Posted on 10/13/22 at 10:08 pm to La Place Mike
quote:
The Rodney Dangerfield of financial products.
Was Rodney Dangerfield protected from creditors? I know a lot of smart and wealthy people that park cash in life insurance to protect it.
Posted on 10/13/22 at 10:22 pm to Tiger Prawn
Nope, was just me and my wife with no fancy toys. It was just something I ran through my car insurance app and didn't actively shop. I guess I should look around for something cheaper
Posted on 10/13/22 at 10:33 pm to The Torch
Looks like in TX your homestead, retirement accounts, 529s, and $60k personal property are protected assets.
What assets are protected in TX
What assets are protected in TX
Posted on 10/13/22 at 10:40 pm to TigerTatorTots
I’ve gotten $1M in coverage for a few hundred bucks.
Posted on 10/14/22 at 3:16 am to The Torch
Umbrella policy is a good plan. Also consider putting assets in a trust that you and your wife manage.
Posted on 10/14/22 at 6:07 am to TigerTatorTots
I’ve got $1m for like $330/yr through travelers
Posted on 10/14/22 at 6:13 am to The Torch
I'm an asset protection attorney. It all depends on your state's laws. My state (Florida) has awesome asset protection laws and we can typically structure assets so that they are completely protected.
And yes, I see parents getting sued all the time when their kids get into an accident
And yes, I see parents getting sued all the time when their kids get into an accident
This post was edited on 10/14/22 at 6:15 am
Posted on 10/14/22 at 6:17 am to TigerTatorTots
quote:
The only time I've looked at an umbrella is was a couple thousand for just $1 million.
$3M for $465/yr
Posted on 10/14/22 at 6:20 am to BottomlandBrew
quote:
Was Rodney Dangerfield protected from creditors? I know a lot of smart and wealthy people that park cash in life insurance to protect it.
You didn't get the joke. Life insurance, especially cash value life insurance, gets no respect.
Posted on 10/14/22 at 6:32 am to The Torch
Umbrella is the way to go. I have a $5M umbrella for under $1,000 annually
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