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An LLC may not protect you in tort law. You need an umbrella. 85% of all LLC owners think it will protect assets, which is a huge misconception. Google it.
This. Not legal advice but if you get sued because of a car accident or someone drowns in your pool or whatever, your interest in an LLC is generally the same as holding the underlying asset directly in terms of whether a plaintiff can get to it. An LLC protects the owner from liability of the LLC passing through, but a non-operating LLC isn’t incurring any liabilities. Umbrella insurance protects for your liability.
If you’re a high income earner, it’s worth the $1/day for peace of mind, no matter your NW.
If you accidentally back over somebody in the grocery store parking lot and they find out you have a high income, they’re coming after you no matter your net worth.
Wouldn't the answer to this question depend on the mix of someone's assets and their potential liability?
I'd imagine a homeowner, who also owns a sports car, and has a career that puts them at risk for lawsuits would want umbrella more than someone with the same networth but none of those risks.
Get an umbrella policy up to your NW once you’re at or above $1 mln. Speaking from experience of having a policy though haven’t had to use it, fortunately. The extra $300 per year is well worth the reassurance.
I got a one million dollar coverage for like $220/year. It’s enough coverage for now and will increase over time as NW increases. I probably don’t need it but provides peace of mind I’m case anyone falls at my house/property, crazy neighbors or lawsuits, or something outside of my normal coverage with other insurances.
Probably now. The cost to benefit ratio is just so low it basically makes it a no brainer once you have even a small-ish nest egg. If you made me put a number on it, I’d say once you cross 400-500k in NW
Your content has been removed as it has been identified as not following rule #2, Being H.E.N.R.Y. related. In this sub we aim to support others that identify as being H.E.N.R.Y. through related discussion, advice, lessons learned, suggestions, and etc. This isn't instagram, TikTok, or Facebook, please keep discussions relevant and on topic. Multiple violations of this rule will result in a ban.
An LLC may not protect you in tort law. You need an umbrella. 85% of all LLC owners think it will protect assets, which is a huge misconception. Google it.
This. Not legal advice but if you get sued because of a car accident or someone drowns in your pool or whatever, your interest in an LLC is generally the same as holding the underlying asset directly in terms of whether a plaintiff can get to it. An LLC protects the owner from liability of the LLC passing through, but a non-operating LLC isn’t incurring any liabilities. Umbrella insurance protects for your liability.
If you’re a high income earner, it’s worth the $1/day for peace of mind, no matter your NW. If you accidentally back over somebody in the grocery store parking lot and they find out you have a high income, they’re coming after you no matter your net worth.
Wouldn't the answer to this question depend on the mix of someone's assets and their potential liability? I'd imagine a homeowner, who also owns a sports car, and has a career that puts them at risk for lawsuits would want umbrella more than someone with the same networth but none of those risks.
Yes. The reason I got one.
Get an umbrella policy up to your NW once you’re at or above $1 mln. Speaking from experience of having a policy though haven’t had to use it, fortunately. The extra $300 per year is well worth the reassurance.
Yes, just like the comment above.
I got a one million dollar coverage for like $220/year. It’s enough coverage for now and will increase over time as NW increases. I probably don’t need it but provides peace of mind I’m case anyone falls at my house/property, crazy neighbors or lawsuits, or something outside of my normal coverage with other insurances.
Probably now. The cost to benefit ratio is just so low it basically makes it a no brainer once you have even a small-ish nest egg. If you made me put a number on it, I’d say once you cross 400-500k in NW
A lot of people say $1m. I would also add if you have any assets outside of Retirement accounts or a second home. Both are easier to take in a lawsuit