Just an FYI. A revocable trust does not put those taxable assets beyond the reach of creditors.Very similar situation to OP:
- Live in South Florida (new to state)
- Primary residence (condo) is homesteaded (in FL, this is protected from creditors)
- Almost all my savings are in IRAs or 401k's (in FL, this is protected from creditors)
- Very little in taxable accounts (and I'm in the process of moving those funds into a revocable trust)
So just like OP, I have very little left to "protect" from creditors, lawsuits, etc. I thought about whether I actually needed umbrella insurance given my situation, but I decided to bite the bullet and buy it even thought it was not "cheap". My RLI policy for $1M liability, which includes $1M for uninsured motorist coverage, cost $1360. $400 of that was for the UM coverage, so the umbrella liability alone would have been just under $1000. Given the crazy drivers here in South Florida (something like 15-20% do not have insurance), I chose to take the UM coverage.
Statistics: Posted by 2022_FIRE — Thu Sep 19, 2024 2:01 am — Replies 11 — Views 729