Legal Question in Personal Injury in Florida
We are Florida residents, living on Social Security. If we were involved in an auto accident where the insurance coverage we have was not adequate to satisfy all claims, which of our assets (if any) would be protected from lawsuits?? Specifically: Social Security income, IRA'S, 401k, annuities, homestead, personal property, bank accounts, etc?
1 Answer from Attorneys
If yo have significant assets you should take steps to protect them from the creditors you describe. Sometimes simply increasing your insurance coverage and/or adding an umbrella policy can help.
Other than that, there are many variables to the questions you ask. Typically the equity you have in your primary residence is "protected", but there are some exceptions. Your IRA and 401(k) is usually protected, again with some exceptions. Personal property and bank accounts are rarely protected if the judgment is against the owners jointly.
This is a very basic and general answer based on the limited information you have provided. For specific answers to your situation you should probably consult with an estate planning or asset protection attorney.
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