Protecting assets from lawsuits

[joeea]

Quote:

Originally Posted by street Very poor advise.

I didn't post any advice.
I asked if the OP was in a profession that might provide specialized insurance. It was a question.

[lwp2017]

Quote:

Originally Posted by Stormy Kromer If you have a young driver in your household get the title in their name and have them insure it themselves. .

Great advice ^^^

We did the same based on similar advice from our attorney.

Attorney also shared that the best strategy is to have an umbrella policy equivalent to the value of all assets that you could lose in a settlement. Exceptions would be homestead, 401k.

[Amethyst]

Anyone can sue for anything. Frequently they are looking for a settlement to make them go away.

[Luvdogs]

In our state there are many billboards for attorneys advertising giant settlements--$1+ million.

I know people in the insurance liability industry and they say that it is becoming more difficult to settle claims for a fair/reasonable amount of money because many people see the billboards/advertising and think that their little pinky injury is worth a million dollars.

Then we get our insurance bill and it goes up by 10% each year without having filed a claim in 10+ years.

Greed, ugh, get a job and don't pee your $ away and don't keep trying to get something for nothing!

[ncbill]

Umbrella liability policy - even $5 million coverage is inexpensive.

Don't drink & drive.

[Brat]

FL is one of the few states that protects a resident's home from litigation without regard to value. Sink all the cash you can afford in your home (pay off your mortgage). IRAs (Roth and traditional) are also protected so fatten them up as much as you can. Then make sure your insurance covers litigation. As others have mentioned don't come across as someone with a chunk of change.

[ShokWaveRider]

Quote:

Originally Posted by Brat FL is one of the few states that protects a resident's home from litigation without regard to value. Sink all the cash you can afford in your home (pay off your mortgage). IRAs (Roth and traditional) are also protected so fatten them up as much as you can. Then make sure your insurance covers litigation. As others have mentioned don't come across as someone with a chunk of change.

I think you will find Annuities are also protected in Florida.

[meierlde]

Apparently if you have a distinct bank account into which you deposit your social security money only it is also protected. Never deposit any other money into that account.

[Helen]

Quote:

Originally Posted by meierlde Apparently if you have a distinct bank account into which you deposit your social security money only it is also protected. Never deposit any other money into that account.

I have not heard this before. I will have to look into it.

[Ready]

I happily carry a $5M umbrella policy for peace of mind. And I try really hard not to piss anyone off.

And yet, I've still been sued twice in the past four years. And the insurance did not cover either lawsuit. Live and learn.

[zack59]

Quote:

Originally Posted by Ready I happily carry a $5M umbrella policy for peace of mind. And I try really hard not to piss anyone off. And yet, I've still been sued twice in the past four years. And the insurance did not cover either lawsuit. Live and learn.

That's scary, care to share any details?

[pb4uski]

Never sued anyone and never been sued... never even had an arbitration. $2 million umbrella costs me $341 the most current year. Sleep soundly.

[pb4uski]

Quote:

Originally Posted by street Very poor advise.

What advice are you objecting to? There was none.

[meierlde]

Quote:

Originally Posted by Helen I have not heard this before. I will have to look into it.

A link:
https://www.thebankruptcysite.org/re...ing-bankruptcy

[zack59]

Quote:

Originally Posted by meierlde A link: https://www.thebankruptcysite.org/re...ing-bankruptcy

I saw another thread about this and it seemed to conclude that only 2 months of checks were exempt. This link seems to state its unlimited.

I wonder how you can not comingle the SS funds with even one non SS dollar.
Won't it require a non SS dollar to open a separate account to have the SS checks deposited into?

[Cayman]

Comments and advice here can be helpful, but always check with your attorney.
Someone in this thread suggested to title your kid's car is their name only.

I am not an attorney, and I am not advising anyone. My insurance agents in this state and in another state (I live in 2 states and have assets in both states) told me that I can be held liable for any auto accident that my college age child has because I pay the college bills. Even though my 21 yo child paid cash for the car, titled it in their name only, and insured it in their name only, and the auto insurance bills are sent to my child's full-time apartment address and ins. bills are paid by my child. (it's totally absurd that I'm liable, but that's another thread)

So, if you have questions/concerns about asset protection consult an attorney or an appropriate professional. And, thanks everyone for the discussion as this topic is important to us all.

[OnTheBeach]

Per my legal counsel's advise, I have an umbrella policy as well as putting assets in a Delaware limited partnership.

[Sunset]

Quote:

Originally Posted by meierlde Apparently if you have a distinct bank account into which you deposit your social security money only it is also protected. Never deposit any other money into that account.

I suppose if you never spend your SS, that could build up, but otherwise it's just going to save one from going to the food bank.

[Sunset]

Quote:

Originally Posted by Stormy Kromer ..... As others have said, an Umbrella Liability Policy is what you (and everyone else) should have. They are readily available and quite reasonable. One of the most important features of these policies is that they provide defense coverage, usually above and beyond the limit of coverage. Insurers don't want to see a judgment settle for any more than you do since it's their money on the line. They will fight hard to defend you and basically hold your hand through the whole traumatic event of a lawsuit. With adequate limits of coverage an excess verdict is very rare. Make sure you have enough liability coverage to protect what you have to lose. One size does not fit all. .....

+1
I feel as long as the insurance company is going to be paying the first $2 Million, that they will fight hard.
Of course nothing stops someone from suing for much much more, in which case I'll be glad I have $$ in an IRA and 401K, and a sleeping bag...

[bingybear]

Quote:

Originally Posted by Cayman Comments and advice here can be helpful, but always check with your attorney. Someone in this thread suggested to title your kid's car is their name only. I am not an attorney, and I am not advising anyone. My insurance agents in this state and in another state (I live in 2 states and have assets in both states) told me that I can be held liable for any auto accident that my college age child has because I pay the college bills. Even though my 21 yo child paid cash for the car, titled it in their name only, and insured it in their name only, and the auto insurance bills are sent to my child's full-time apartment address and ins. bills are paid by my child. (it's totally absurd that I'm liable, but that's another thread) So, if you have questions/concerns about asset protection consult an attorney or an appropriate professional. And, thanks everyone for the discussion as this topic is important to us all.

I find that a bit surprising unless your college support is more than half his support. I would think he would be your dependent if you paid half his support which would likely make who pays the insurance irrelevant. (my assumption. It would be easy to have tuition room and board be the majority of support.