Yes, or in my case $1MM for $410 or $3MM for $955.Clavell said:
As example, $1M quote for $175 and $3M quote for $400
Yes, or in my case $1MM for $410 or $3MM for $955.Clavell said:
As example, $1M quote for $175 and $3M quote for $400
Quote:
Retirement accounts are usually protected, despite some exceptions to the rule. The Employee Retirement Income Security Act (ERISA) relates to federal protection of 401(k) and other employer-sponsored retirement accounts from creditors. The federal government ensures the safety of these accounts to protect retirement even in case of a lawsuit. Up to $1 million of a defendant's IRA will be protected under the Bankruptcy Abuse Prevention Act of 2005. However, in June of 2014, the U.S. Supreme Court decided that inherited IRAs will no longer be sheltered if the inheritor files for bankruptcy. This law does not apply if the inherited IRA comes from a spouse.
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On the other hand, the best states for IRA protection in a lawsuit are Texas, Washington and Arizona. In Arizona, only IRA contributions made within 120 days of the lawsuit are exposed to risk by the claimant.
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To those with assets tied to retirement plans and IRAs, acquiring an umbrella insurance policy may help shield against the possibility of a creditor dipping into retirement accounts. Personal umbrella insurance can be added on top of your pre-existing homeowners insurance and auto insurance and will cover the excess cost in case of a catastrophe.
An attractive feature of an umbrella insurance policy during a lawsuit is that the insurance is required to provide you legal defense on top of the coverage you already receive. It is important to note that umbrella policies do not cover business activities, intentional acts (such as sexual harassment) or punitive damages. In the case of a lawsuit, if you are required to pay out a claim, the umbrella insurance will come to play when your standard liability insurance has run out.
Umbrella insurance policies and professional malpractice insurance are two great ways to safeguard your IRAs. In this case, you can still receive the benefits of IRAs, which are more attractive due to the lower associated fees and investment flexibility in comparison to other employer sponsored plans and 401(k)s.
Yeah, each additional million gets cheaper and cheaper.MemphisAg1 said:
TexAgs knows things!
Because of this thread, I checked with my agent and they still had "youthful driver" designation on my policy because of three sons that were once teenagers but now mid 20's. He corrected it, and it cut my rate in half to be on par with other quotes in this thread.
Also doubled coverage to $2 million, but the second million doesn't cost as much as the first, so I end up with twice the coverage at less cost than where I was before.
Did you ask how long you had been overpaying?MemphisAg1 said:
TexAgs knows things!
Because of this thread, I checked with my agent and they still had "youthful driver" designation on my policy because of three sons that were once teenagers but now mid 20's. He corrected it, and it cut my rate in half to be on par with other quotes in this thread.
Also doubled coverage to $2 million, but the second million doesn't cost as much as the first, so I end up with twice the coverage at less cost than where I was before.
SACR said:Did you ask how long you had been overpaying?MemphisAg1 said:
TexAgs knows things!
Because of this thread, I checked with my agent and they still had "youthful driver" designation on my policy because of three sons that were once teenagers but now mid 20's. He corrected it, and it cut my rate in half to be on par with other quotes in this thread.
Also doubled coverage to $2 million, but the second million doesn't cost as much as the first, so I end up with twice the coverage at less cost than where I was before.