Jeffrey M. Verdon Law Group, LLP
Ph: 949-988-0939

Should I buy liability insurance as a part of my estate plan?

Imagine you've spent your entire life and career saving up for your future and your family's future. Because of your hard work, sound investment choices and dedication to saving, you've amassed a considerable amount of wealth that you hope to pass on to your family through your estate plan one day. It's important to realize, however, that all of your hard work and sacrifice could be wiped away in a heartbeat if you become the target of a personal injury lawsuit or some other kind of legal liability matter. This is where liability insurance can give you some peace of mind.

Buying liability insurance is the most important thing that anyone can do to protect their assets. You may also want to buy an umbrella policy as a part of your homeowner's insurance to protect the equity you own in your home. If you're a business owner, there's liability insurance to cover your business operations, and you may want to buy increased liability coverage through your business-related insurance policy.

When you think about how much a business liability or personal injury lawsuit could cost you or your business -- possibly millions and millions of dollars -- it's clear just how important such liability insurance is. The cost of this insurance in relation to the cost of losing a liability suit is minimal. It will also bring you enormous peace of mind knowing that you, your family and your financial stability are protected.

There are many facets to a well-planned estate and liability insurance is just one of them. Make sure that you have a complete high-asset estate plan to safeguard your legacy for the future.

Source: Ameriprise Financial, "Asset protection in estate planning," accessed May 16, 2018

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