A trial lawyer explains how parents can protect their assets from lawsuits involving their adult children's cars. Once a child turns 18, title the vehicle in their name only and carry minimum liability insurance. This limits what a judgment creditor can collect if there's an accident, making lawsuits less likely to happen.
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.
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