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The incorporation thread under "Other Topics" got me wondering about protecting my assets. That thread had more to do with protection against health related expenses causing bankruptcy in retirement.
But as a young dreamer who is just now debt free and having under $100k liquid assets I wonder if I should start thinking about protection.
What kind of protection might I want, and how much relative to my assets? Almost all of my money is in a 401(k) and an IRA. I don't yet have after-tax savings to speak of, but it will start accumulating this year.
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I would consider ratcheting up liability limits on insurance as you have more to lose. Umbrella policies can be quite cheap so at some point you might look into that.
I wouldn't let the tail wag the dog. Inotherwords, don't buy something you don't want , just because that asset is protected from creditors. But it is still nice to know what exemptions are available in your state.
Just thoughts, not legal advice.
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Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.
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