[quote=flu]I believe one misconception is that trust automatically provides asset protection. I believe that revocable living trusts generally offers no asset protection.

If you are really concerned about exposure to liability/lawsuits, you probably should first ensure you don’t skimp on insurance. For most people, having a $2million umbrella insurance is all one really needs.[/quote]

Flu,

How did you come up with the number 2 million? Just curious? Today’s society is overly litigious and these days, I would think, they would find 2 million a lowly sum. Especially if there is a car accident with, let’s say, 4 people. That is only 500k per person and prolonged hospital expenses easily could exceed that. I know that insurance will cover some of that but there is always the pain and suffering cost as well.

I respect your math and comments as they are always well thought out so I was just wondering what your thoughts are on this one.

CE

PS This week I quit my old job and moved on to the dark side… AT&T