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Home › Forums › Financial Markets/Economics › Is a house in CA sheltered from a personal lawsuit?

Viewing 15 posts - 61 through 75 (of 111 total)
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  • February 26, 2011 at 10:21 AM #672656
    carli
    Participant

    Okay, I’m confused…unless you commit some sort of OJ-style crime or do some other atrocious thing that is clearly your fault (such as driving while under the influence and ending up killing someone in a car accident), why else would a person need to declare bankruptcy and have to worry about sheltering assets? Unless we’re talking about bankruptcy due to investments gone bad, but I thought the concern was about worst case/liability issues, not investments gone bad?

    Doooh, doesn’t a PEL policy address the concern? Or is there some potentially risky scenario about which I should have been worried all these years, but have remained blissfully ignorant?

    Maybe this is more for all the legal experts out there – I thought that with a PEL, as long as you remain crime-free, you’ll be covered…no?

    February 26, 2011 at 11:48 AM #671537
    Coronita
    Participant

    deleted

    February 26, 2011 at 11:48 AM #671598
    Coronita
    Participant

    deleted

    February 26, 2011 at 11:48 AM #672208
    Coronita
    Participant

    deleted

    February 26, 2011 at 11:48 AM #672347
    Coronita
    Participant

    deleted

    February 26, 2011 at 11:48 AM #672692
    Coronita
    Participant

    deleted

    February 26, 2011 at 11:49 AM #671532
    Coronita
    Participant

    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.

    February 26, 2011 at 11:49 AM #671592
    Coronita
    Participant

    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.

    February 26, 2011 at 11:49 AM #672203
    Coronita
    Participant

    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.

    February 26, 2011 at 11:49 AM #672342
    Coronita
    Participant

    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.

    February 26, 2011 at 11:49 AM #672686
    Coronita
    Participant

    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.

    February 26, 2011 at 12:59 PM #671557
    CDMA ENG
    Participant

    [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

    February 26, 2011 at 12:59 PM #671618
    CDMA ENG
    Participant

    [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

    February 26, 2011 at 12:59 PM #672228
    CDMA ENG
    Participant

    [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

    February 26, 2011 at 12:59 PM #672367
    CDMA ENG
    Participant

    [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

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