QUESTION
How to determine the amount of personal umbrella insurance coverage?
Asked on Apr 04th, 2014 on Personal Injury - Nevada
More details to this question:
For us to determine the amount of personal umbrella coverage we need, am I correct in assuming that IRA’s and 401k accounts are safe from civil litigation?
5 ANSWERS
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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You have apples and oranges in the same bag umbrella coverage and 401ks are not in the same subject area, what is your real question?
Answered on Apr 09th, 2014 at 6:25 AM
IRA's and 401k's are generally exempt from the claims of creditors. However, I am not sure how that affects your decision on the prudent amount of insurance to carry.
Answered on Apr 08th, 2014 at 7:35 AM
Personal Injury Attorney serving Pasadena, CA
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Law Offices of Pius Joseph
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You must consult with an asset protection/Tax attorney. 401K is generally protected from creditors. As to IRA check with the Asset protection lawyer.
Answered on Apr 08th, 2014 at 6:35 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally yes, but generally a high umbrella limit is quite inexpensive after the original coverage is in place. Check the prices and determine how well you want to sleep if you are sued.
Answered on Apr 07th, 2014 at 8:35 PM
That depends on your state's laws. In Nevada, qualified accounts like an IRA or 401k are exempt up to an aggregate of $500,000 per person.
Answered on Apr 07th, 2014 at 8:33 PM