Say a hypothetical person has a significant net worth of about one million consisting of his home, cash, and his retirement account.
One day, this person is driving home and he runs a stop sign, hitting another person and seriously injuring him (soley through human error, no drugs, alcohol involved, etc.) He just made an honest mistake, ran the stop sign and was found 100% at fault.
Q: If the person that was hit sues the high net worth individual (because now he is a quadrapalegic), what can the high net worth individual do to protect himself from such a lawsuit and not lose everything he has earned his entire life through just a mistake like this? Can this injured person take everything away from this man and his family through a lawsuit? If the high net worth individual had a $1,000,000 umbrealla insurance policy, could the vicitm sue for an amount over and above the insurance and wipe out the man's accumulated wealth leaving him penniless? Are all assets equally at risk?
2007-02-28
14:00:12
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7 answers
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asked by
brazman123
1