Thank you for your question. You are correct in that a trucking accident can cause your personal liability to be very high. This is because you are personally driving and therefore will be personally responsible for whatever happens.
So, lets say that you get into an accident and have a judgment against you for $2m, which insurance for some reason or another does not cover. Your personal assets will be liable to pay this judgment. Your homestead will not be liable. However, almost everything else will liable to satisfy the judgment.
You have identified the way to protect your assets in that you need to have separate ownership. Placing your second house (Alaska) in a trust will protect it from liability. Placing ownership over the truck in an S Corp is not really going to do anything for you as far as asset protection in a personal injury case. It will simply mean the S Corp will also get sued.
It will have tax advantages to it though, so the structure of setting up the S Corp leasing to the LLC which employs you and then acts as an independent contractor to the carrier is a good structure for tax purposes and protection from liability for breach of contract
claims, but not for personal injury claims.
The tax advantages we are speaking of come with compliance costs though which make them somewhat cumbersome and not worthwhile unless you are making more than $500K per year (cost of hiring the accountant and paying the franchise
taxes will amount to more than you save in tax savings unless you make more than that amount).
So, I would say you only need to have the LLC, which owns the truck and pays you. Plus the trust which holds your personal property (and savings/retirement).
If you have this structure, along with adequate insurance, it will protect you from losing your personal assets.
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