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re: Protecting Net Worth (Assets) against Liability. Parental Liability ?
Posted on 10/14/22 at 6:35 am to La Place Mike
Posted on 10/14/22 at 6:35 am to La Place Mike
Gotcha. I interpreted it differently as a one line punchline. 
1
Posted on 10/14/22 at 7:12 am to BottomlandBrew
Posted on 10/14/22 at 12:55 pm to Doctor Strangelove
quote:
Also consider putting assets in a trust that you and your wife manage.
Self-settled trusts in Texas offer no asset protection (i.e. I can't create a trust where I'm the beneficiary and put my assets into it to protect them from creditors). Trusts are protected only if they are created for the benefit of others (i.e. kids, etc.). You can put your assets in a trust for your kids, but then you lose the ability to use such assets.
Recommendation: hire an experienced asset protection attorney. Between Texas's homestead and exempt property laws, retirement plans, insurance policies, etc., a Texas attorney should be able to get you judgement proof (to bad the FL atty isn't licensed in TX...he sounds like he knows what he's doing).
Remember...when you get free advice, you usually get what you paid for it.
Posted on 10/14/22 at 2:04 pm to Tiger Prawn
quote:
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
I carry a million for liability on a rental property. I can't remember exactly what it costs, but it's not much.
Posted on 10/14/22 at 2:42 pm to TigerTatorTots
Wife and I pay around $650 a year for $2 million in liability and UM through Chubb. You should be able to find something cheaper than a few thousand for $1MM.
This post was edited on 10/14/22 at 2:43 pm
Posted on 10/14/22 at 3:38 pm to The Torch
Umbrella-it is rated and priced on risk. I think mine, with multiple cars and young drivers, is about $1,600/ yr for $1mill. Would probably be dirt cheap if no kids on the policy.
Posted on 10/15/22 at 7:27 am to meansonny
quote:
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
Was Louisiana for what it's worth
Posted on 10/15/22 at 10:37 am to Puffoluffagus
quote:
Was Louisiana for what it's worth
I can back you up on this. My mom wrecked a vehicle i owned. She was sued, her insurance was sued, my insurance was sued, and the guy sued his insurance since he had underinsured motorist. I didnt get sued. If they could have I would have been sued no doubt. A wreck going 15 moh caused this dudes sex life to be ruined and ended his marriage. His wife was included on the suit as well since the wreck also ruined her sex life and marriage. Blaine barrileaux was doing work making shite up.
Posted on 10/16/22 at 3:11 pm to TheOcean
How do you like the asset protection field of law versus others in terms of workload and profitability?
Posted on 10/16/22 at 3:23 pm to diat150
quote:
my insurance was sued, and the guy sued his insurance since he had underinsured motorist. I didnt get sued.
Ummm. If they sued your insurance, they were suing you. That is what insurance does. It transfers the risk of lawsuit to the insurance company for you.
Posted on 10/16/22 at 4:16 pm to meansonny
quote:they could only sue my insurance and not me personally. The only way they could have sued me personally was if my mom was drunk and I knowingly let her drive…. Which wasnt the case obviously. Thats what we are talking about here, protecting your personal assets if someone is driving your vehicle. In my example my mom and her insurance were both named in the suit. Only my insurance was named.
Ummm. If they sued your insurance, they were suing you. That is what insurance does. It transfers the risk of lawsuit to the insurance company for you.
This post was edited on 10/16/22 at 4:20 pm
Posted on 10/16/22 at 7:36 pm to diat150
Oh, sweet child. Lol
Posted on 10/17/22 at 4:07 pm to The Torch
I think you have some pretty good advice. I would probably opt for more than one layer of protection. An umbrella policy is a great start. For one, if I or a family member truly caused someone great financial or other distress, I would feel better if they got paid without bankrupting me. Assuming your homestead is protected, paying off the house rather than having money laying around might be a good idea. Retirement plans, including annuities and life insurance is probably a good idea, but you want to have all of that in place long before the event occurs. Obviously, rely on professionals and not this message board. I was in an accident in Central City in N.O. many years ago. One of the people that sued me was already disabled from a previous accident. They had drug habits, and they refused any treatment at the scene. Too much shady stuff to mention, but I was afraid of a jury of their peers. However, I had all of my assets in my home, insurance, retirement plans and insurance, so I felt pretty sure that they would get what they could from the umbrella. It's not important until it's important, and then it's real important.
This post was edited on 10/17/22 at 8:48 pm
Posted on 10/17/22 at 6:03 pm to texn
Look into a Charitable Remainder Uni Trust, (CRUT). You can use assets from the trust to buy property, boats, cars, etc and even borrow against. The main purpose of this kind of Trust is to provide for family and charities that you, the co-manager, designate. These assets do not incur federal and state income tax until the trust is terminated, then a 15% tax is paid.
I am not a trust expert but I have one of these and am liking it very much so far. I would not put all of my assets into the CRUT but it is good for a case like this where you want to protect the bulk of your assets from liability suits.
I am not a trust expert but I have one of these and am liking it very much so far. I would not put all of my assets into the CRUT but it is good for a case like this where you want to protect the bulk of your assets from liability suits.
Posted on 10/17/22 at 7:14 pm to PetroBabich
I do it since it goes together with estate planning, tax planning, and business planning. Also enjoy when clients can give the middle finger to potential creditors
Posted on 10/17/22 at 8:54 pm to The Torch
One other thing about the umbrella policy, which I consider a positive is that I am pretty sure that you have to have substantial auto accident coverage before they write you. They want most claims to go against your auto policy, which is why the coverage is fairly inexpensive. This combination gives you a lot of protection.
This post was edited on 10/18/22 at 6:48 am
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