Liability and assets

[milk man]

What is the name of your state? Kansas

Say I or my children where in an accident and I/we where at fault.

So my insurace limit is exceeded and I'm sued.

I've read they can take my assests. Is anything excluded?

House?

Retirement accounts?

Can they take assests that are in a Trust?

 

[alnorth]

They probably couldnt take assets in a qualified retirement account or assets you dont own, but your house would probably be available. There's nothing special about this situation that would seperate from any other lawsuit such as destroying someone else's property, wrongful death, etc.

 

[milk man]

Thank you for your reply

 

[ecmst12]

Better to increase your liability limits and/or get an umbrella policy now, before you have to worry about it!

 

[milk man]

Better to increase your liability limits and/or get an umbrella policy now, before you have to worry about it!

Done and done.

I have kept $100,000 on the autos for a long time now. I had a traffic collision that I was at fault. It cost the insurance company around $78,000. I was sure glade I had higher than the minimum limits.

I also have an umbrella for one million.

I'm just paranoid.