Forum Discussion
Justaguy
Jan 19, 2017Explorer
In NC or SC you can't sue for someone's retirement or primary residence. Ran into this a few years back when a senior citizen ran a red light and severely injured my wife. Her 6 weeks in the hospital was about 10X the amount of liability insurance he had. Don't think its right, but that was the law
because he had no income, I was pretty much on the hook for anything his insurance didn't cover.
Yeah, it is a mess. Check your state's regulations. Lots of nuances when it comes to protecting employer sponsored retirement accounts, 401k's, IRA's and Roth IRA's. There is a huge difference depending on what state you live in. I have even seen where they argue in court over what state the 401k, IRA's are administered in. This was done in an attempt to pierce the protection of assets in one state versus another...not the same in all states. But in any case one should have an umbrella policy with plenty of coverage.
because he had no income, I was pretty much on the hook for anything his insurance didn't cover.
Yeah, it is a mess. Check your state's regulations. Lots of nuances when it comes to protecting employer sponsored retirement accounts, 401k's, IRA's and Roth IRA's. There is a huge difference depending on what state you live in. I have even seen where they argue in court over what state the 401k, IRA's are administered in. This was done in an attempt to pierce the protection of assets in one state versus another...not the same in all states. But in any case one should have an umbrella policy with plenty of coverage.
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