I am constantly focused on asset protection - - even on vacation! A week or so ago while on vacation in Hilton Head, SC, I noticed a local newspaper article that reminded me of the huge potential liability you can face from a teenage driver in the family.
An article in The Island Packet described a new lawsuit stemming from a 2011 fatal automobile accident on Hilton Head. A teenage girl (Kendall Walton) was driving the car and died in the accident. Another teenage passenger (who was injured) is now suing the driver’s father - -essentially alleging that the parent is financially responsible for his daughter’s negligence.
I know nothing else about the lawsuit, and it may or may not be justified. But the article is a stark reminder that you have huge potential liability for your teenage driver. And damages from one of their accidents could be catastrophic. Sufficient insurance (including an umbrella policy) is critical. Having an overall plan in place to properly shield your assets from creditors is also important.
Even on vacation, there was no escaping the reminders that catastrophic lawsuits can strike at any time. Asset protection is critical before such an event occurs.