Asset Protection - Are Your Children a Lawsuit Risk?

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We all like to think our kids are better behaved, smarter, and more sensible than the ones we see in the news or read about, but their exposures are unpredictable and often arise from mundane activities you never dreamed would be an issue. In a previous article, we discussed Financial Literacy for Your Children and part of that discussion must include a detailed explanation of the fact that Mom and Dad are personally financially responsible for any harm, damage, or loss cause by their minor children.

Here are a couple of specifics to consider and explore with your kids. This list is only a start and assumes you are adequately insured, have an umbrella in place to help shield you and that you have taken steps beyond insurance to secure your assets before the harm occurs.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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