PBS Frontline : The Retirement Gamble, sorta Must See (1 Viewer)

[DallasDMac]

Quick question that may have been covered, but this thread is way to big for me to find it. Trying to check my investment balancing. When I look in Morningstar, my funds tend to have an "Other" category. For instance, my 401k find thru work has other as 8.4% of the fund makeup. How do I classify that for rebalancing? Stock? Cash? Bonds? I'm a bit confused on this piece. 

Also, is there maybe a site you can just put tickers and balances and it does all this for you?

 

[wilked]

No.  Yes.  

You're probably right.  An extra $50 dollars a month over 10 years is only giving up about $10,000 of investments.

$50 a month?

Might want to shop that umbrella insurance bromingo

 

[DallasDMac]

The Morningstar Portfolio X-Ray doesn't do what you need?

Does that require membership? 

 

[tonydead]

$50 a month?

Might want to shop that umbrella insurance bromingo

$250 a year for umbrella plus another $340 a year to get current vehicle liabilities up enough to be acceptable under an umbrella.  ~$600 a year more than I'm paying now is $50 a month.  Invest that $50 a month instead at 8% would yield you $10,000 in ten years.

 

[wilked]

$250 a year for umbrella plus another $340 a year to get current vehicle liabilities up enough to be acceptable under an umbrella.  ~$600 a year more than I'm paying now is $50 a month.  Invest that $50 a month instead at 8% would yield you $10,000 in ten years.

If your liabilities on your vehicles are at state minimum...I would advise you to up them regardless of your choice on umbrella.  State min is ok if that is all you can truly afford, but not a good idea in this litigious society

 

[tonydead]

If your liabilities on your vehicles are at state minimum...I would advise you to up them regardless of your choice on umbrella.  State min is ok if that is all you can truly afford, but not a good idea in this litigious society

I guess, that's what I'm trying to figure out.  You better not have just jinxed me, but, never needed any more than that my entire life.  

Plus, the vast majority of miles (my commute) is covered with work vehicle and insurance.  

 

[wilked]

I guess, that's what I'm trying to figure out.  You better not have just jinxed me, but, never needed any more than that my entire life.  

Plus, the vast majority of miles (my commute) is covered with work vehicle and insurance.  

you sound like a gambler...

I'm not able to say what you should do, but I can say is that 'on average' you will be fine.  It only takes one incident though to ruin you financially

 

[kutta]

you sound like a gambler...

I'm not able to say what you should do, but I can say is that 'on average' you will be fine.  It only takes one incident though to ruin you financially

I agree with Wiled 100%. The extra money spent on insurance doesn't really amount to all that much. 

Anything can happen while you are driviing. You happen to look down at your phone and run over a kid - you are going to get sued for everything you are worth. Especially if you've had even one drink.

You just never know. Heck, I had a lapse in my umbrella a few years ago because I didn't get the bill, and I was a bit freaked out driving for a few days. 

 

[DallasDMac]

You can sign up for a free account at T Rowe Price, then once you're logged in there, you get the Portfolio X-Ray free

Thanks. My IRA is at T Rowe, so that's pretty easy.

 

[DallasDMac]

You can sign up for a free account at T Rowe Price, then once you're logged in there, you get the Portfolio X-Ray free

I have to figure out how to get a ticker symbol for two TSP accounts and my company 401k for this to work. So far, not so good.

 

[tonydead]

I agree with Wiled 100%. The extra money spent on insurance doesn't really amount to all that much. 

Anything can happen while you are driviing. You happen to look down at your phone and run over a kid - you are going to get sued for everything you are worth. Especially if you've had even one drink.

You just never know. Heck, I had a lapse in my umbrella a few years ago because I didn't get the bill, and I was a bit freaked out driving for a few days. 

Yep.  Couple of questions.  I've read that 401k's are protected and I've read that they aren't. Do we have a consensus?  Also, if you have a house that is paid for can they come after that?  You aren't supposed to include that in your net worth.  If you live in a trailer they can make you sell that and you're homeless, how does that work. THX #lawyerguys

 

[tonydead]

Looking into it I see my home insurance has half a million of personal liability. Does that cover a car accident?  

 

[kutta]

Yep.  Couple of questions.  I've read that 401k's are protected and I've read that they aren't. Do we have a consensus?  Also, if you have a house that is paid for can they come after that?  You aren't supposed to include that in your net worth.  If you live in a trailer they can make you sell that and you're homeless, how does that work. THX #lawyerguys

I’m pretty sure retirement accounts are protected. Not sure about your house. But, as my lawyer said to me, it doesn’t really matter. Some lawyer somewhere will come after you for some reason and it’s going to cost you a ton no matter what. The good thing about these insurances is that THEY have the lawyers that will fight the other lawyers, so you pretty much stay out of any issues.

 

[kutta]

Looking into it I see my home insurance has half a million of personal liability. Does that cover a car accident?  

I’m not a lawyer, but I’d guess no.

 

[Doctor Detroit]

You're both smart guys so maybe I'm missing something. 

You pay $1/month or .25% if over $5,000 for the privilege of someone else taking your money and investing it? Why not just put $50 automatically into an account each month?

Anytime you can squirrel money away, do it.

I have a separate account for my real estate that has no ATM/debate card, because if I had access to the money, I'd spend it.  I've always been a really good saver but once I put that 20% aside for retirement, savings, whatever, I'm blowing the rest on fat chicks and booze.  I'm not wanting to deal with the tax headache of selling my acorns investments, so I let it ride.  When I want to take a fat chick to the buffet but am low on cash, I don't go to the house fund to pull $31 out.  I just stay home.

Hoe this makes sense. 

 

[-OZ-]

Looking into it I see my home insurance has half a million of personal liability. Does that cover a car accident?  

Maybe if your home hit the car.

 

[wilked]

Looking into it I see my home insurance has half a million of personal liability. Does that cover a car accident?  

No it doesn't

To answer your earlier question, you are looking at things the wrong way asking about what is protected and not (to answer, 401K protected, house not).

The example I use is that you spill hot coffee on your lap while driving.  You hit a 28 yr old doctor who just got his MD and was biking to the hospital.  He is dead, he has a wife and 3 children under the age of 5.  Family is 100% dependendent on him for their money and now sues you for his future earnings, which they calculate at 30 years X avg $300K = $9 million.  Your insurance will pay their part (state minimum, say $100,000), but that family is now taking you to civil court and going after every penny they can, including asking for future wage garnishment from you

Instead if you had $1MM umbrella, you now get the insurance team's full lawyer staff to handle it.  They are going to convince the court that while future earnings are appropriate compensation, average doctor take home over a career is only $3 million, and while the defendant is liable for some portion of that it was not pure negligence but rather an accident, and given this $1MM is appropriate.  etc 

You don't want to fight that fight alone, trust me.  

 

[-OZ-]

No it doesn't

To answer your earlier question, you are looking at things the wrong way asking about what is protected and not (to answer, 401K protected, house not).

The example I use is that you spill hot coffee on your lap while driving.  You hit a 28 yr old doctor who just got his MD and was biking to the hospital.  He is dead, he has a wife and 3 children under the age of 5.  Family is 100% dependendent on him for their money and now sues you for his future earnings, which they calculate at 30 years X avg $300K = $9 million.  Your insurance will pay their part (state minimum, say $100,000), but that family is now taking you to civil court and going after every penny they can, including asking for future wage garnishment from you

Instead if you had $1MM umbrella, you now get the insurance team's full lawyer staff to handle it.  They are going to convince the court that while future earnings are appropriate compensation, average doctor take home over a career is only $3 million, and while the defendant is liable for some portion of that it was not pure negligence but rather an accident, and given this $1MM is appropriate.  etc 

You don't want to fight that fight alone, trust me.  

Even as an attorney licensed in the state, with friends who litigate this stuff for a living (I do not and have no desire to do so), I still want the protection of the insurance company's attorneys.

 

[NutterButter]

No it doesn't

To answer your earlier question, you are looking at things the wrong way asking about what is protected and not (to answer, 401K protected, house not).

The example I use is that you spill hot coffee on your lap while driving.  You hit a 28 yr old doctor who just got his MD and was biking to the hospital.  He is dead, he has a wife and 3 children under the age of 5.  Family is 100% dependendent on him for their money and now sues you for his future earnings, which they calculate at 30 years X avg $300K = $9 million.  Your insurance will pay their part (state minimum, say $100,000), but that family is now taking you to civil court and going after every penny they can, including asking for future wage garnishment from you

Instead if you had $1MM umbrella, you now get the insurance team's full lawyer staff to handle it.  They are going to convince the court that while future earnings are appropriate compensation, average doctor take home over a career is only $3 million, and while the defendant is liable for some portion of that it was not pure negligence but rather an accident, and given this $1MM is appropriate.  etc 

You don't want to fight that fight alone, trust me.  

Curious, if they're only on the hook for $1M (I'm assuming that's their max coverage when its a $1M policy), why are they going to invest the time and money to make a legal argument that $1M is appropriate when it doesn't save them any money?  

 

[Jobber]

I just called and got my $1mm umbrella policy. It’s $23/month and after reading up on this thread and elsewhere, good peace of mind.

 

[Steve Tasker]

Re: insurances

Insurance is one thing that I really have not wrapped my head around.  The machinations and coverages and what's covered or not covered etc are still Greek to me.  Obviously I have a general idea of how I'm doing and what I'm covered for, but I'm woefully bad at specifics.

My wife and I each have car insurance.  We each have health insurance.  I have short-term and long-term disability coverage and a small amount of life insurance through my work, not sure if she does (we do not currently have kids and both work so I've never really considered her side of things).  Joint homeowners' policy with umbrella coverage and I think there may be an additional rider for her jewelry.  We've considered long-term care insurance but haven't pursued it yet.

My experience with insurance people tends to fall into 2 categories - (1) the generalist financial salesman who will try to sell you anything and everything regardless of whether you need it, including insurances, or (2) the specialist who knows 1 area of insurance really really well but not the full comprehensive picture.

I've been considering this for awhile but the discussion in here has made me think more about it....has anyone ever had a full independent review of their insurances?  What I'd really be looking for is:   provide my policy details for all of these insurances to someone, have them analyze the various policies, and then provide for me some kind of layman's terms report on what I have, what I don't have, how much I'm covered for, etc.  Obviously this would take some time and I'd pay for the service but I think it'd be good for my peace of mind.  Has anyone ever done anything like this?  Almost like the equivalent of a fee-only investment guy reviewing my financial picture, but specifically for my insurances?

 

[wilked]

Curious, if they're only on the hook for $1M (I'm assuming that's their max coverage when its a $1M policy), why are they going to invest the time and money to make a legal argument that $1M is appropriate when it doesn't save them any money?  

Edit to say - my above post was a high level summary, more detailed is below.

Most of these are settled, so start with that assumption here.

If they want to end at $1MM they are not going to say $1MM is appropriate in reality.  Prosecution will want $9MM.  Defense will argue that 1 years salary is appropriate ($300K).  Prosecution will say 'if you make it $4MM we can walk out the door today, put this behind us'.  Defense will say 'we're willing to go to 2 years salary but no further ($600K)'.  And so on.  Believe me, insurance companies don't want to pay $1MM, they don't want to pay 1 penny.  If they simply negotiated and gave up the max insurance every time those lawyers wouldn't be employed with the insurance companies for very long

 

[NutterButter]

Edit to say - my above post was a high level summary, more detailed is below.

Most of these are settled, so start with that assumption here.

If they want to end at $1MM they are not going to say $1MM is appropriate in reality.  Prosecution will want $9MM.  Defense will argue that 1 years salary is appropriate ($300K).  Prosecution will say 'if you make it $4MM we can walk out the door today, put this behind us'.  Defense will say 'we're willing to go to 2 years salary but no further ($600K)'.  And so on.  Believe me, insurance companies don't want to pay $1MM, they don't want to pay 1 penny.  If they simply negotiated and gave up the max insurance every time those lawyers wouldn't be employed with the insurance companies for very long

What happens in the case where the prosecution won't budge below >$1M.   Do they just write the check for $1M and now you're on your own for the rest?  Do they go to trial?  If you're on the own for the rest, does that amount get reset or does the number the prosecution last settled on stick?

 

[wilked]

What happens in the case where the prosecution won't budge below >$1M.   Do they just write the check for $1M and now you're on your own for the rest?  Do they go to trial?  If you're on the own for the rest, does that amount get reset or does the number the prosecution last settled on stick?

Let's say prosecution won't settle.  At that point likely the judge will bring the lawyers in and ask them again - are you making progress toward a settlement?  Have you tried an arbitrator?  Etc.  The judge wants this settled also

But if after all of that, it goes to trial...and after the trial they are awarded say $3MM.  Then...the insurance company appeals and we get to do the whole thing over again.  And it drags out.  And in the meantime that mother of three children might need some money and so will settle.  But if the appeal fails and still they reach $3MM...

Then the insurance will pay the $1MM out, and defendant will say he is judgement proof because he doesn't have $2MM.  At this point I am outside my knowledge area, but I would expect the judge would have the person pay a reasonable amount that he is capable of without becoming impoverished, etc.  Let's say $100,000.  It will make it a lot easier to do so knowing the defendant is already getting $1MM, so whether it is $1.1 or $1.2MM becomes a bit in the noise.  If you are only starting with $100K from the insurance you might get less leniency from the judge, as the judge also will think about those 3 kids.  

NOTE: I am not a lawyer, take all of this with a grain of salt.  I know enough to be dangerous but this is all 'best of my knowledge' stuff

 

[-OZ-]

Objection to the use of "prosecution" in this context. 

 

[Instinctive]

Objection to the use of "prosecution" in this context. 

Was gonna post same thing. Plaintiff. Not prosecution.

 

[wilked]

Objection to the use of "prosecution" in this context. 

And I'll take that advice under cooperation, alright? Now, let's say you and I go toe-to-toe on bird law and see who comes out the victor?

 

[-OZ-]

And I'll take that advice under cooperation, alright? Now, let's say you and I go toe-to-toe on bird law and see who comes out the victor?

I feel like I should know what you're talking about. 

 

[tonydead]

I’m not a lawyer, but I’d guess no.

Maybe if your home hit the car.

No it doesn't

.......

You don't want to fight that fight alone, trust me.  

I'm agreeing with you guys, I'm just trying to figure out how much I need and what insurance covers what.  Here is what the website says for the half million dollar home insurance liability:

Personal liability or (Coverage E) pays for loss settlement and legal fees in the event that an insured party causes bodily injury and/or property damage to others. For example, if you accidentally bump into and injure someone at a grocery store he or she might sue you for their pain and suffering, medical expenses and other damages. Your Personal Liability coverage would cover the loss settlement amount and legal fees, up to your coverage limit, if the loss is determined to be covered under the terms and conditions of your policy.

I know it's a bit much to ask that insurance stuff make sense, but, if it covers grocery carts why wouldn't it cover automobiles?  I talked to a representative today that wasn't much help on exactly what this would cover even though she talked like this was a smaller umbrella.  I hope to understand more when the representative from the umbrella department calls me back.  

 

[tonydead]

Re: insurances

Insurance is one thing that I really have not wrapped my head around.  The machinations and coverages and what's covered or not covered etc are still Greek to me.  Obviously I have a general idea of how I'm doing and what I'm covered for, but I'm woefully bad at specifics.

My wife and I each have car insurance.  We each have health insurance.  I have short-term and long-term disability coverage and a small amount of life insurance through my work, not sure if she does (we do not currently have kids and both work so I've never really considered her side of things).  Joint homeowners' policy with umbrella coverage and I think there may be an additional rider for her jewelry.  We've considered long-term care insurance but haven't pursued it yet.

My experience with insurance people tends to fall into 2 categories - (1) the generalist financial salesman who will try to sell you anything and everything regardless of whether you need it, including insurances, or (2) the specialist who knows 1 area of insurance really really well but not the full comprehensive picture.

I've been considering this for awhile but the discussion in here has made me think more about it....has anyone ever had a full independent review of their insurances?  What I'd really be looking for is:   provide my policy details for all of these insurances to someone, have them analyze the various policies, and then provide for me some kind of layman's terms report on what I have, what I don't have, how much I'm covered for, etc.  Obviously this would take some time and I'd pay for the service but I think it'd be good for my peace of mind.  Has anyone ever done anything like this?  Almost like the equivalent of a fee-only investment guy reviewing my financial picture, but specifically for my insurances?

  Exactly what I'm trying to do myself right now without much success because of the bold.  Still waiting to talk to the umbrella guy.  Hoping the umbrella guy knows more about everything that's under the umbrella.

 

[tonydead]

After talking to the home insurance agent for an hour about comprehensive home insurance (knows nothing about any other insurance) my coverage went up several thousand dollars and I owe her (them) $4.  

 

[-OZ-]

After talking to the home insurance agent for an hour about comprehensive home insurance (knows nothing about any other insurance) my coverage went up several thousand dollars and I owe her (them) $4.  

Hmm, I think I need to review my home policy. Got it almost 2 years ago and haven't thought about it since. It's the same company as my auto and I only see one bill. 

 

[The Z Machine]

Hoping the umbrella guy knows more about everything that's under the umbrella.

Hint: It's the stuff that doesn't get wet in a rainstorm.

 

[tonydead]

Personal Liability on your home's policy typically excludes auto. So, yeah, if it's you walking around with a shopping cart and you bump into someone, that's covered, but if you do it to a car the Home insurance says "tell it to the auto folks, not our job". 

Thanks.  I kind of figured that would be the answer.   Looks like I need to read all the fine print to see what covers/excludes what and see where I'm exposed and where maybe I'm paying for something I don't need.  Fun.

ETA:  Good to know I've got a half a million just in case I cripple someone with a shopping cart tho.

 

[-OZ-]

So $500k personal liability, $5,000 medical for others injured on my property. 

Dwelling, other structures, etc are fine.

Medical seems low but most people I invite in have good medical insurance. I guess a trespasser could get injured on my kids Legos...

 

[jamny]

Haven't checked this thread in a while, glad I did.

Looks like I need to get an umbrella plan. Thanks!  

 

[tonydead]

So $500k personal liability, $5,000 medical for others injured on my property. 

Dwelling, other structures, etc are fine.

Medical seems low but most people I invite in have good medical insurance. I guess a trespasser could get injured on my kids Legos...

That matches mine. She told me 5,000 was the max for medical under the policy. 

 

[CR69]

If offered I would suggest going with $25k for medical payments to others. The difference in annual premium is going to be very small and it's essentially relationship protection. If a friend or family member gets injured on your property, $5k is not going to go very far these days. A trip to the ER for a broken bone is going to cost more than that. They may have medical insurance, but what if they have a high deductible plan which is common these days? You think they're going to want to fork out the other $5-10 plus the co-pay? If they don't have the money and hire a lawyer to go after your insurance company, they'll be coming after you next. Having $25k will likely cover most injuries and save you from having to face a loved one in court.

 

[Tiger Fan]

I may have missed it, but what's the rule of thumb for umbrella coverage?  ____ x net worth?

 

[wilked]

I may have missed it, but what's the rule of thumb for umbrella coverage?  ____ x net worth?

Net Worth:

<$750K: $1MM umbrella

$750K > Net Worth > $1.5MM: $2MM umbrella

>$2MM: get a lawyer and CPA on the payroll to figure it out

 

[Fruitbat]

So I'm bringing this question over from another thread to this one...

Thanks to this thread, some time ago I started investing monthly at TD Ameritrade solely in Vanguard Commission-Free ETFs with low fees.  Namely, VTI, VEU, BND.  Maintaining a 60/25/15 ratio (so I've been buying BND almost exclusively lately).

So I totally missed that these are no longer commission free!  so now its $7 each time I make a transaction.  That bugs me even though its only roughly $150 a year give or take.

Any suggestions on alternative funds?

list of commission free ETFs are here: https://research.ameritrade.com/grid/wwws/common/reports/commissionfreeReport.asp

 

[Chadstroma]

So I'm bringing this question over from another thread to this one...

Thanks to this thread, some time ago I started investing monthly at TD Ameritrade solely in Vanguard Commission-Free ETFs with low fees.  Namely, VTI, VEU, BND.  Maintaining a 60/25/15 ratio (so I've been buying BND almost exclusively lately).

So I totally missed that these are no longer commission free!  so now its $7 each time I make a transaction.  That bugs me even though its only roughly $150 a year give or take.

Any suggestions on alternative funds?

list of commission free ETFs are here: https://research.ameritrade.com/grid/wwws/common/reports/commissionfreeReport.asp

Move the funds to Vanguard?

I know with Fidelity there are plenty of commission free options. Many are Fidelity products. I would bet that Vanguard offers those are no commission (but don't know for a fact)

 

[jamny]

So I'm bringing this question over from another thread to this one...

Thanks to this thread, some time ago I started investing monthly at TD Ameritrade solely in Vanguard Commission-Free ETFs with low fees.  Namely, VTI, VEU, BND.  Maintaining a 60/25/15 ratio (so I've been buying BND almost exclusively lately).

So I totally missed that these are no longer commission free!  so now its $7 each time I make a transaction.  That bugs me even though its only roughly $150 a year give or take.

Any suggestions on alternative funds?

list of commission free ETFs are here: https://research.ameritrade.com/grid/wwws/common/reports/commissionfreeReport.asp

As I mentioned in the other thread, I am probably going with SPTM instead of VTI. Very similar. I'm going to pay the fee on VEU though as I didn't find one that is comparable from the commission free list.

 

[Fruitbat]

Move the funds to Vanguard?

I know with Fidelity there are plenty of commission free options. Many are Fidelity products. I would bet that Vanguard offers those are no commission (but don't know for a fact)

So here is a stupid question.....is the whole point of the "Commission" to pay TD Ameritrade to handle the transaction through Vanguard?  So if I had the same investments at Vanguard, they would naturally be "commission free"?

That aside, I think I landed at TD Ameritrade because I am my own S-corp, and I had to pick somewhere that could do my personal 401(k).  I dont recall the details, but I probably wont  untangle that if I don't have to. Would rather just find similar funds and/or accept the fact that I am going to pay 1 or 2 commissions each month.

 

[D-Day]

So $500k personal liability, $5,000 medical for others injured on my property. 

Dwelling, other structures, etc are fine.

Medical seems low but most people I invite in have good medical insurance. I guess a trespasser could get injured on my kids Legos...

That matches mine. She told me 5,000 was the max for medical under the policy. 

If offered I would suggest going with $25k for medical payments to others. The difference in annual premium is going to be very small and it's essentially relationship protection. If a friend or family member gets injured on your property, $5k is not going to go very far these days. A trip to the ER for a broken bone is going to cost more than that. They may have medical insurance, but what if they have a high deductible plan which is common these days? You think they're going to want to fork out the other $5-10 plus the co-pay? If they don't have the money and hire a lawyer to go after your insurance company, they'll be coming after you next. Having $25k will likely cover most injuries and save you from having to face a loved one in court.

The med pay under the home policy is for basic "trip and fall" coverage that is paid out fairly easily.  If the injury exceeds the med pay limits, then the Personal Liability under the homeowners kicks in.  Typically, anything paid under the Med Pay is subtracted from the Personal Liability settlement.  I carry $1,000 med pay, $500,000 liability on home, and an umbrella policy.  IMO, the minimum liability one should carry on their home/renters policy is $500,000.  ***RENTERS*** especially if you live in a mulit-unit apartment, don't go cheep and only buy $100,000 of liability.  Go to at least $500,000 for about $15 more per year.  If you cause a fire, you will be responsible for damage to the building, and the contents damaged in the other units.

Should we start an "The Insuranceguy Thread Where We Stop Ruining Other Threads" thread?

 

[kutta]

What happens in the case where the prosecution won't budge below >$1M.   Do they just write the check for $1M and now you're on your own for the rest?  Do they go to trial?  If you're on the own for the rest, does that amount get reset or does the number the prosecution last settled on stick?

My daugther has been in a couple accidents. My lawyer said early on, that as a genearl rule, auto accidents are settled at or below the insurance cost because as soon as it goes to trial, the cost goes WAY up for everyone. No one wants to do that except in the most outrageous situations.

Case-in-point, for her first accident, we had $100K per person, $200K per accident (we now have $250K/$500K). She injured a guy who wasn't all that hurt, but they dragged it out for two years, and lo and behold, settled for exactly $100K.

 

[Don't Noonan]

My daugther has been in a couple accidents. My lawyer said early on, that as a genearl rule, auto accidents are settled at or below the insurance cost because as soon as it goes to trial, the cost goes WAY up for everyone. No one wants to do that except in the most outrageous situations.

Case-in-point, for her first accident, we had $100K per person, $200K per accident (we now have $250K/$500K). She injured a guy who wasn't all that hurt, but they dragged it out for two years, and lo and behold, settled for exactly $100K.

If I wasn't already nervous enough with my daughter turning 15 later this year now you are telling me your daughter has already been in 2 accidents?  Did you or your wife teach her how to drive?

 

[Tiger Fan]

Net Worth:

<$750K: $1MM umbrella

$750K > Net Worth > $1.5MM: $2MM umbrella

>$2MM: get a lawyer and CPA on the payroll to figure it out

thx

 

[Binky The Doormat]

Net Worth:

<$750K: $1MM umbrella

$750K > Net Worth > $1.5MM: $2MM umbrella

>$2MM: get a lawyer and CPA on the payroll to figure it out

Getting professional advice is almost always the way to go ...but we are only talking a couple hundred bucks difference for each extra million in coverage.  

 

[kutta]

If I wasn't already nervous enough with my daughter turning 15 later this year now you are telling me your daughter has already been in 2 accidents?  Did you or your wife teach her how to drive?

As bad as this is to say, she’s actually been in 3 accidents and she’s totaled 5 cars, three that were hers and two others in the accidents.

Keep your kids locked in their room forever.