Shield Your Money From Your Child’s Accidents

20 Jan 2023 · 1 min

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In this brief advisory video, trial lawyer Jerry Taylor warns parents about the financial risk if a child’s vehicle is titled in the parent’s name. He explains that if a lawsuit results in a multi‑million‑dollar judgment, the judgment creditor can pursue the parent’s assets after the liability insurance pays its share. To protect personal wealth, he recommends transferring the vehicle title to the adult child’s name alone and maintaining only the minimum required liability insurance, since the child typically has no other assets for a creditor to seize. He notes that without a substantial insurance policy to target, the likelihood of a lawsuit being filed drops dramatically. The video ends with a call to follow 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.