Author Topic: A couple things I learned when I setup a trust.  (Read 1823 times)

Tempname23

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A couple things I learned when I setup a trust.
« on: November 20, 2018, 04:47:10 PM »
My wife and I recently setup a trust to avoid probate at our deaths.
 But a couple things I learned about avoiding liability seem worth passing on.
I live in Florida so what I say may be Florida specific.
 If you have two cars title, them in the name of the person that drives it the most.
That way if there is an accident only assets of the driver/owner can be attacked,
and money that is titled in both names is not reachable.
 We have a son at college, he has one of our cars, I was told, get that car in his name,
otherwise, if he has an accident your assets are at risk.
 Also bump your liability coverage up to the minimum required for an umbrella
policy, and then get an umbrella policy.
  Just a couple tips I thought I'd pass along.

soccerluvof4

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Re: A couple things I learned when I setup a trust.
« Reply #1 on: November 23, 2018, 03:35:33 AM »
My wife and I recently setup a trust to avoid probate at our deaths.
 But a couple things I learned about avoiding liability seem worth passing on.
I live in Florida so what I say may be Florida specific.
 If you have two cars title, them in the name of the person that drives it the most.
That way if there is an accident only assets of the driver/owner can be attacked,
and money that is titled in both names is not reachable.
 We have a son at college, he has one of our cars, I was told, get that car in his name,
otherwise, if he has an accident your assets are at risk.
 Also bump your liability coverage up to the minimum required for an umbrella
policy, and then get an umbrella policy.
  Just a couple tips I thought I'd pass along.





I have a son in college about 900 miles away driving a car in my name. That is for sure something I am going to look into. Never thought of that.  The liablity coverage I am not sure I am understanding? can you be more specific. Are you talking car specific? maybe its to early but Im not gettin it.

Thanks,

ROF Expat

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Re: A couple things I learned when I setup a trust.
« Reply #2 on: November 23, 2018, 12:48:39 PM »
Soccerluv,

I think what Tempname is suggesting is that you get an umbrella policy to give you more liability coverage.  However, your insurance company won't give you that additional coverage if you have only minimal coverage on your regular car and homeowner policies.  If you're interested in getting an umbrella policy, talk to your insurance company about their requirements. 

soccerluvof4

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Re: A couple things I learned when I setup a trust.
« Reply #3 on: November 24, 2018, 05:00:04 AM »
Soccerluv,

I think what Tempname is suggesting is that you get an umbrella policy to give you more liability coverage.  However, your insurance company won't give you that additional coverage if you have only minimal coverage on your regular car and homeowner policies.  If you're interested in getting an umbrella policy, talk to your insurance company about their requirements.



Gotcha! Thanks.  Yea i dont have any cars yet that are on minimum coverage but one is getting close.

Tempname23

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Re: A couple things I learned when I setup a trust.
« Reply #4 on: November 27, 2018, 05:46:34 PM »
I think you need to get your liability coverage up to $500k before you can get an umbrella policy.
But that would be a company specific number.

Stoic on FIRE

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Re: A couple things I learned when I setup a trust.
« Reply #5 on: November 28, 2018, 06:44:05 PM »
I think you need to get your liability coverage up to $500k before you can get an umbrella policy.
But that would be a company specific number.

It does depend on the company. When I was going through looking for new auto insurance and umbrella insurance the minimum liability coverage for auto insurance varied between $250k to $500k before it would trigger the umbrella insurance. There were tradeoffs in the cost of the auto insurance though.