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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 56,131
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? on umbrella ins and being sued
Nothing has happened, this is purely hypothetical, and I assume would vary some from state to state, but I'd like to hear if you know about your area.
We have umbrella insurance and renters insurance and car insurance. My wife was asking, if something happened (say your dog bit someone) and you were sued. Could they get money from things like 401k and IRA or what?
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa  SOLD 2004 - gone but not forgotten
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08-18-2017, 12:42 PM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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Quote:
IRA, depends, safe from bankruptcy, not always from Law Suits. State laws vary on this. That's how I understand it.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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08-18-2017, 12:55 PM
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Registered
Join Date: May 2014
Location: T-Town
Posts: 316
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Call your insurance agent.
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08-18-2017, 01:06 PM
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Registered
Join Date: Jul 2008
Location: New Jersey
Posts: 8,910
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I am in the insurance business and deal with umbrellas on a regular basis. You are asking two separate questions.
Stomachmonkey's answer regarding the question in your post is correct. Your title is a completely separate question. An Umbrella is policy is over and above your underlying auto, home, boat, RV, etc. policies. If you have a $300,000.00 auto liability policy and a $1,000,000.00 umbrella policy and are sued for $1.5 Million and lose the case. Your auto will pay $300K, Umbr $1M. you pay the $200K or could be ordered to liquidate assets to pay the balance. That's the short answer. Last edited by drcoastline; 08-19-2017 at 02:13 AM.. |
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08-18-2017, 03:52 PM
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Check your policy. Some things are excluded.
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08-19-2017, 09:38 AM
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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 56,131
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Quote:
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa SOLD 2004 - gone but not forgotten
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08-19-2017, 11:30 AM
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Registered
Join Date: Mar 2003
Location: Charlottesville Va
Posts: 5,796
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Depends on how its titled. If its "me and my wife as tenants by the entireties" in most states nothing unless the judgement is against both of you. If in some other form of joint ownership, your half is exposed.
Practical answer, unless there's millions involved, atty's rarely go thru the hassle of going after personal assets. More trouble than reward unless your name is Cheney or Trump. But nothing is ever 100% untouchable unless in a spendthrift trust, and even then distributions may be. You buy insurance to hedge these bets
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Greg Lepore 85 Targa 05 Ducati 749s (wrecked, stupidly) 2000 K1200rs (gone, due to above) 05 ST3s (unfinished business) |
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08-19-2017, 11:58 AM
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Bollweevil
Join Date: Dec 2003
Location: Fulshear, Texanistan
Posts: 3,361
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One of the few things our state govt. does right is protect your property rights. The following article details everything that is protected in Texas from seizure and these protections include your retirement accounts, ten acres and two mules.:
Texas Bankruptcy Exemptions | Nolo.com https://www.dallasnews.com/business/money/2012/08/17/texas-law-puts-protective-umbrella-over-debtors Note: none of this really applies when concerning the IRS... 
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Jack 74 911 Coupe 2.7L - K21 Option - S suspension Last edited by 74-911; 08-19-2017 at 12:11 PM.. |
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08-19-2017, 12:07 PM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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Quote:
Maybe IRA, depending on state laws and how it was funded. 401k funds rolled into an IRA are protected at the Fed level from bankruptcy but not lawsuit. Your State may have it's own rules on the IRA depending on where the funds came from. It may protect them if the funds came from a retirement investment.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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08-19-2017, 12:49 PM
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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 56,131
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Good info guys, especially Jack.
Thanks everyone.
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa SOLD 2004 - gone but not forgotten
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08-19-2017, 01:08 PM
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