Asset Protection From A Child’s Auto Accidents

3 Jun 2022 · 1 min

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In this brief video, an experienced trial lawyer advises parents on protecting their assets from potential lawsuits arising from a child’s auto accident. He warns that if a child’s vehicle is titled in the parent’s name, a large judgment could target the parent’s assets after insurance pays its share. He recommends that once the child reaches the age of majority, the vehicle should be titled solely in the child’s name and only minimal liability insurance should be carried. This limits the child’s assets, making it unlikely a plaintiff will pursue a costly lawsuit. The speaker emphasizes that the lack of a substantial insurance policy reduces the chance of a lawsuit being filed, and he encourages viewers to follow him for more legal wisdom.

Chapters

Do you have your kid's vehicle in your name? If you do and there's a lawsuit filed and there's a $10 million judgment, guess who they're going to come after for the overage? And by overage, I mean what's left after the liability insurance pays their part. Here's how you protect yourself. If your kid is above the age of majority, put the vehicle in their name alone. Get a minimum amount of liability insurance. If there's a big judgment, they don't have any assets anyway. And I can tell you after having been a trial lawyer for decades, if there's not a nice insurance policy to go after, there's much less chance that a lawsuit will ever be filed. Click that follow button right now and you'll keep getting all this wisdom.