An often forgotten or overlooked asset protection tool, Umbrella Insurance, can assist in filling the gap left when liability cost exceeds insurance coverage. For those in retirement, being faced with a high liability cost after an auto accident or other event can leave assets other than IRAs and employee retirement accounts vulnerable when their auto or other insurance coverage does not cover the full cost. Umbrella insurance can help protect the otherwise vulnerable property from being seized by covering the additional cost.
See Anna Helhoski, Umbrella Insurance: Protection For That Nest Egg, USA Today, Dec. 27, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
