When a parent is supporting adult children does he need an umbrella policy?

MY FRIEND WAS INFORMED THAT IF HER CHILDREN THAT SHE IS SUPPORTING HAVE AN ACCIDENT ETC. THAT HER ASSETS ARE POTENTIALLY AT RISK.. THE ';CHILDREN'; DO NOT LIVE WITH HER.When a parent is supporting adult children does he need an umbrella policy?
if she owns a car, and its in her name, she is liable for the actions of anyone she lets use the car on a regular basis. not a big deal for a scratch, but if her kid kills someone or mains them, she can be looking at a multi-million dollar lawsuit. even if they are an adult. she only has to worry about cars and property that's is in her name being involved in an accident.When a parent is supporting adult children does he need an umbrella policy?
An umbrella policy is smart for anyone to have. $250 per year should buy you a $1,000,000 policy. That's cheap protection.





But I'd find it hard to believe that an adult child could come back against them, unless that child was unfit to live on their own, like in a case of severe retardation. Not the case here.





Any good insurance agent should be able to tell you if that is really a risk, and more importantly, if their policy would even cover acts of the adult child who lives elsewhere.
You know, that's a legal question. If she contributes financially to their owning or maintaining a vehicle, I could certainly see how she could be tied into a lawsuit, in case of a catastrophic accident.





I did have a client, about 15 years ago, with an adult son who was a chronic alcoholic, who did live with his parents, but they did NOT contribute money towards his car. He paralized a young dad, and their umbrella paid in full, as the judge %26amp; jury held THEM responsible for letting him leave their house drunk. Not the same case, but . .. when you're dealing with a jury, all bets are off.