Exactly. Step 1 is they check your net worth. Then they

Exactly. Step 1 is they check your net worth. Then they
by btd (2019-04-22 21:07:43)

In reply to: Sure ..... posted by BIGSKYND

sue. If you have a net worth over 250k you absolutely need an umbrella policy. As I described in my top post -- one event can ruin your entire life if you don't have one. $250 per year covers that use case.

If you have over 1 MM of assets combined with ability to pay -- you need 3 MM to 5 MM policy. Don't forget ability to pay. If you are working and making 100k per year and are young-ish (below 40) they will factor that in and will sue for more than you have, get a judgment and then put a lien on your future earnings. Ultimately driving you into a settlement above what your assets are but below what a 20-30 year payment plan would have been.

I know this first hand from people that have been sued for what their kids have done -- car accidents of adult aged kids.

Replies:

They can go after the parents of adult aged children? * - Jeash 2019-04-23 09:16:33
- Not normally. They might be able to get the parent on - milhouse 2019-04-23 09:48:10
Are IRA/401(k) accounts part of the net worth calculation? * - G.K.Chesterton 2019-04-22 22:02:18
- This gets into whether or not the assets are collectible - KeoughCharles05 2019-04-22 22:46:51