Is my IRA safe in a personal injury lawsuit?

MORE INFORMATION:
I was in a motor vehicle accident in MA, likely at fault, and will be sued.

ATTORNEY ANSWER:

Your IRA will be safe as long as you are insured.  The key point to consider is whether you have adequate coverage.  If you have a minimum policy, carrying limits of $20,000 per person and $40,000 per accident, for instance, and you hurt someone in a serious accident, your personal assets could be at risk if the value of the injured party’s bodily injury claim is greater than the coverage available.  Speak to your insurance agent, or me, about having sufficient coverage to protect yourself and your family.

Although it is a little off topic, many people who buy automobile insurance do not consider Uninsured/Underinsured protection on their policy.  This feature protects you in the event that you get into an automobile accident, or you are a pedestrian that gets struck by another car which either has insufficient coverage to cover your medical bills and other losses, or has no coverage at all.  The latter event may occur in a hit and run accident.  In those situations it is critical to have enough insurance coverage to protect yourself and your family against the irresponsible motorist that may be underinsured or uninsured.

Attorney David Rubin is a Framingham, MA personal injury lawyer and provides personal Injury representation to clients throughout eastern Massachusetts, including communities such as Boston, Boston MetroWest, Framingham, Dedham, Marlborough, Natick, Needham, Newton, Waltham and Worcester.

David L. Rubin, Attorney at Law
Personal Injury Lawyer
929 Worcester Road
Framingham, MA 01701
Telephone: (508) 875-9797
Fax: (508) 820-1560