Can I Protect My Assets By Putting Them in Trust?

A client recently asked me whether they should put their financial accounts and property into trust in order to protect their assets now that their oldest child got a driver’s license. I thought I’d share my answer with you.

Putting your assets in a trust would NOT give you the protection you are seeking as creditors could still reach the assets of a trust during your lifetime.  Instead, I recommend getting an auto policy of at least $250,000/$500,000 with a $1 million umbrella on top of it.   

Check with your insurance agent because each company is different in terms of the minimums you need to have before an umbrella policy is written.  

Of course, if you are getting an umbrella policy, make sure that the coverage also extends to your uninsured/underinsured policy.

If you have questions about personal injury claims please contact Scott for a no cost, no obligation consultation and case evaluation.