By Car accidents can force you to reveal your assets. If your assets are revealed, you could likely be at a risk of paying a hefty claims compensation hence it is important to protect your assets. Here are some strategies you can implement for asset protection.
Asset Protection Strategies Immediately After the Accident
Car accidents cause confusion and emotional reactions. It is important to control your emotions and think about protecting your asset after the incident. You can follow the below strategies immediately after an accident has occurred.
- Call 911 if any injuries occur and let professional medical staff handle them.
- Gather as much photographic evidence as possible. Take multiple photos and videos of the accident location including those of the damage, injuries, obstacles and road conditions. Note down your best recollection of the accident. Collect all the details about the other drivers, their insurance company information and eyewitness contact information. File accident reports with authorities as mandated by the law.
- Promptly report the accident to your own insurance company. Your insurance provider will assign an adjuster to your matter and will manage communications with the opposite party’s insurance company. In case the other driver’s insurance company contacts you directly, redirect them to your insurance company adjuster.
- Do not admit to any fault for the accident. Any statements made at the accident scene can be used as evidence against you.
Asset Protection Strategies Before any Accident
There are certain strategies you can apply beforehand which will protect your assets in case an accident occurs.
- Title each car only in the name of the primary driver. Therefore, in case the driver’s assets are exposed if another party’s losses exceed driver’s insurance coverage, only assets of the title owner get exposed.
- Review your insurance coverage and apply for umbrella liability insurance. This insurance covers personal liability more than your auto insurance policies. It provides reimbursement for the opposite party’s damages after auto insurance liability caps have exceeded.
- If you have a partner title your assets strategically. In case of accidents, jointly owned assets could be exposed if another driver’s injury exceeds the limits of auto insurance liability coverage. Assets titled and owned by any person, other than the title holder of the car are usually shielded.
- In case the value of your assets is significantly high, use asset protection strategies such as holding assets in corporations, or LLCs, placing your assets in a trust, and using retirement accounts, or real estate protections.
How can a Professional Car Accident Lawyer help you?
An experienced lawyer can help you review your financial situation and determine which of your assets are likely at a risk of collection in an event that the injured party files a lawsuit against you. If you have been a victim of an accident, an experienced car accident lawyer like the ones at Ellis Injury Law can evaluate all the sources of recovery and help you compensate for your injuries and losses. Frequently, the at-fault party may have asset protection. A knowledgeable lawyer can help you navigate through the claim compensation even if the negligent party claims poverty. An expert attorney knows where the assets and resources are held and will look for all sources to provide you with maximum remuneration.
