[TrudyM]

Originally Posted by GatorFan

Pensions, social security, annuities, Ira & 401K's are some of the judgement proof assets in Florida.

CDs, Stock, Bonds, Savings & Checking Accounts, Rentals are some of the assets that are not judgement proof in Florida.

This is a conversation you should have with a professional financial agent or your property casualty agent to determine what your liability exposure is and how much coverage you should purchase.

Judgement proof means they can not be touched if someone gets a judgement against you. Unsafe investments can be taken.

Florida's laws on protected assets are one reason some people move to Florida. I know people with ex-spouses who have moved to Florida to protect their current spouses if they should die from greedy ex's and kids from first marriages.

We have an umbrella policy and it is worth the small amount it costs for my piece of mind. It is not just assets if you have a place in another state and get a judgement against you some states allow garnishment of payments you are getting like pensions.
I was advised to deposit the max in Roth ira's each year as the money we withdraw is protected from such judgements in places like Florida and they are after tax dollars that can grow tax free. We can still invest it in whatever we like and take out money when we need it but it is an additional layer of protection. I could be wrong but at least that is my understanding.