Failure to Yield/How Can I Protect My Assets

[TBP]

2 1/2 years ago i was sited for failure to yield in an accident. the insurance was in my wifes name. bare minimum...10,000/20,000. lately we have been getting notices from my wifes insurance company saying the other party has filed a bodily injury claim, and they will keep us posted...but no further information is available. this has been going on every few months for over a year now...

i'm ready to retire from the air force and my wife has just started a corporation to buy, renovate and sell houses. so far we have three rentals from years ago in our name. we have one house in a trust..my wife is trustee..and we have two houses in her corporate name.

all of a sudden we are starting to worry about these houses and the bodily injury claim we keep hearing about....can anyone suggest if we need to do something with these properties...or is the insurance good enough that we can go on buying houses without worrying...thank you...

mark (tampa, florida)

 

[LawScott]

Assume that the plaintiff takes a judgment against you. You may satisfy that judgment first with the limits of your insurance policy and second with assets. Assets are assets whether cash, real estate, or a bag of gold that your brother is hiding in his basement.

It does not matter who had the insurance. It matters who was negligent. Here you say it was you. Your wife, under these facts, is not responsible for your negligence. I do not think she should give you anything of value, just in case.

You make a good case for carrying higher liability limits.