I have an acquaintance whose life just took a rather drastic turn. I’d rather not go into details on that, but it has me thinking. I think we all (sort of) plan for things like death of a spouse and have car, home and medical insurance…..but I’m suddenly thinking about being a little prepared for ‘other’ possibilities. Other possibilities might include:
-getting sued for major $ by tenants (we have rental properties)
-sudden/unexpected divorce
-car or other accident causing someone else major injury/death
-one of my children causing bodily harm to someone else
-sexual harassment claim
-drunk driving accident
Many of these are quite preventable by one’s choices, but we all make bad choices sometimes. So if you and/or your spouse suddenly needed to protect your assets, how would/could you protect them in different ways?
For instance, we explored options for rental properties a few years ago. You can buy a lot of insurance but is it also worth it to put properties into an LLC, a trust, separate and different owners for each property, etc? The lawyer we spoke to thought just insurance made the most sense for us. But I’m questioning that right now.
Investment account ideas? Other assets?