How can I protect our assets if my spouse is going to start driving after 10 years of not driving?

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How can I protect our assets if my spouse is going to start driving after 10 years of not driving?

I disapprove as I am worried about a car wreck. We have 3 houses, 2 which are rentals. I am not putting my name on his car. We are nearing retirement age.

Asked on May 20, 2015 under Accident Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can get some protection for the rental properties by transferring them to LLCs, so they are not owed directly by you: that would make it harder for creditors (such as anyone who sues you and wins) to get them. The best protection though it to have a lot of auto liability insurance, so that if there is an accident, the insurance will defend you and pay. Do not go for the minimum insurance--speak with a qualified agent about your situation, and get enough insurance to protect all your assets in the event of an accident.


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