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#1 EdLisowski

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Posted 18 February 2012 - 05:38 PM

I am trying to get some legal info from all you legal eagles. If you are a Texas resident, Escapee, and are involved in a accident out of state, and get sued, is your RV in jeprody, what about retirements?

#2 WilliamD

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Posted 18 February 2012 - 06:50 PM

If it were me, I'd ask an Attorney and take your insurance policy with you or ask your insurance agent if you have enough coverage to protect you. During my LE career, I was involved in many civil suits where the individual sued did not have adequate insurance coverage and was held with what was not covered. Some of the awards were beyond belief.
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Edited by WilliamD, 18 February 2012 - 07:01 PM.

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#3 Zulu

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Posted 18 February 2012 - 06:56 PM

Having lived with a lawyer for 30-some years, I suggest you seek legal advice from a real attorney. You may be able to get that first visit free.

From previous experience, the "legal" advice you're apt to get from online forums will not be good and may actually get you in more hot water from well-meaning, but legally ignorant people.

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#4 Jim2

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Posted 18 February 2012 - 08:49 PM

I am trying to get some legal info from all you legal eagles. If you are a Texas resident, Escapee, and are involved in a accident out of state, and get sued, is your RV in jeprody, what about retirements?



It doesn't really matter much if you get sued in state or out of state. A legal Judgement against you from any state will eventually be recognized & enforceable in your home state. It just takes one more hoop in the legal process for the lawyers to jump through.

Once you've lost the suit and the judgement is approved by the court; which of your assets are "exempt" from judgements, will vary slightly from state to state. Most states will exempt (to some level) your home, your IRS recognized retirement plans, most governemnt funded retirement income (SS, VA), and some level of "personal property". Your bank account, your personal savings account, your investment account and all other non-exempt assets can be siezed to cover the judgement.

Texas allows you to exempt the entire value of your home, provided you have filed the required paperwork to gain "Homestead" status. I don't believe your RV home qualifies for "homestead" status, but thats a good question for a Texas lawyer. Other than your homestead, Texas allows you to exempt up to $60,000/$30,000 (family/single) of personal property which usually includes all vehicles, furniture, jewlery, etc.

For an individual with high assets/high net worth, there are some steps you can take to help protect other assets (before a judgement), such as LLC ownership, trust accounts, offshore accounts, etc.

The other option which should be used is a high value Umbrella Liability Policy, preferable in an amount of at least your net worth.

(the above is not legal advice and you should consult an attorney, a CPA and an insurance agent)

Edited by Jim2, 18 February 2012 - 08:54 PM.

Jim

#5 Dennis M

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Posted 18 February 2012 - 09:16 PM

All good advice, I just hope that was a hypothetical question!
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#6 Newt

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Posted 18 February 2012 - 09:21 PM

I am trying to get some legal info from all you legal eagles. If you are a Texas resident, Escapee, and are involved in a accident out of state, and get sued, is your RV in jeprody, what about retirements?


I would think the result would be the same regardless of where you are a resident.

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#7 Mike

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Posted 19 February 2012 - 08:23 AM

I think Jim2 said it very well in his post above. For peace of mind and to avoid some of the complexities of LLC's irrevocable trusts, etc., I would emphasize having enough insurance to cover any damages that might result so the damaged party and their lawyer don't feel a need to chase your personal assets after getting all the insurance proceeds.
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#8 Kirk

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Posted 19 February 2012 - 08:57 AM

Ed,

First of all, let me welcome you to the Escapee's forums! We are happy that you have joined us here.

I too would say that Jim2 has given a pretty good response. The key to this, no matter where you reside or where an accident takes place is to have good insurance with sound coverage. Since all vehicle insurance comes with limitations of liability, many folks also choose to carry "Umbrella" insurance. That is a policy that picks up to pay for liabilities from such events when all other coverages are exhausted. With the soaring medical costs of today, it is very difficult to carry too much such coverage.

A quick personal example of that is my daughter-in-law who was hit by another car while she was giving first aid on the scene of a multicar accident back in 2002. He total medical bills resulting exceeded $1,000,000 and extended over a recovery period of more than six months. The auto insurance of the driver who struck her was the state minimum of 25/50/10 and so paid a total of only $75K. This is where an umbrella policy would apply.

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#9 BooneDocks

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Posted 19 February 2012 - 09:26 AM

The other option which should be used is a high value Umbrella Liability Policy, preferable in an amount of at least your net worth.





Excellent advice! And make sure you are doing everything within your personal control to minimize your potential liability -- don't overload your axles, RV properly maintained,use a supplemental brake in the toad, have the proper drivers license, license tags and inspections up do date, no alcohol or drugs in your system, etc.
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