There are several components to a sound asset protection plan, and luckily, you’ve almost certainly got some of them in place based on what’s legally required of you and the types of investment accounts available to you.
While it is stressful to be named in a malpractice suit — it happened to Dr. Dahle twice in his first months as an intern — most lawsuits result in neither a settlement or judgment against the defendant.
If there is a big mismatch in what two partners bring into a marriage in terms of assets or debts, it may be wise to set some financial parameters before tying the knot. If you have children, and those children learn to drive, they represent a risk to your assets every time they depress the accelerator.
Dr. Dahle torpedoes the fallacy that your umbrella policy limits should reflect your net worth. Rather, it should reflect a reasonable expectation of the most you might be successfully sued for.