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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 117359
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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July 6, 2011, I was involved in an automobile accident. I was

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July 6, 2011, I was involved in an automobile accident. I was in a parking lot of a Kinkos. While parking I experienced difficulty putting my vehicle into park gear, in trying to put my vehicle into park , it went into drive and my vehicle flipped over the concrete barrier (only about a foot of room between parking spot and window) and excelled into the window. A woman was making copies at the machine in front of the window. The machine fell over and landed on her ankle. Her infant child was on the floor in a carseat beside her but was not injured. All parties went to the hospital to be checked out. This occured around 9 am in the morning, I was driving my personal vehicle that has my company logo on it. I was not under the influence of any drugs or alcohol. It was simply an accident. I am fully insured with 100,000/per person liaiblity and 300,000 total accident liability. 23 months later this is not resolved. The insurance company said the claimant would not provide her medical records and now that it was running up against the 2 year statute, she got an attorney to represent her. They just filed a writ of summons to extend the time. My insurance company said they hope to get this resolved shortly, but I have my doubts, they have now just filed suit against my company as well. I was on company business but this is my own vehicle even though the logo is on the vehicle. (real estate) (I am an employee not independent contractor)

There are two claimants now including the baby as I understand it they can keep this open until the child is 18. I was told the child had no injuries.

My biggest worry is my personal assets. All assets except my 401K from previous employer and my SEP IRA are held jointly with my husband. Hard to believe, but my insurance adjustor said her injuries could exceed my limit but he has ways to protect me, plus she has to sign a release, releasing me if she is to get funds from the insurance company.

I have had an attorney tell me I should put my 401k and IRA in a trust. Others tell me it is not likely that IRA and 401K are at risk. I am very confused. I am very happy that no one was injured seriously but this all seems over the top now. How can I best protect myself and my family. Thank you.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

I am sorry to hear this has happened, but these cases tend to drag out because the victims of these accidents seem to all think they have hit an oil well and they will become millionaires off of these accidents. As you did have the company logo on the car, even if it is your personal car, and you were on company business, they can seek to hold both you and your company liable for damages jointly and severally I am afraid. This means they can sue you, your company or both of you to collect for their damages.

Since you have an insurance company they have the legal liability to represent you to provide coverage. Your IRA and 401K and personal assets are at risk only if the other party proves damages beyond your policy limits. However, as long as damages are within your policy limits, the insurance company has to provide payment and your personal assets are not at risk.

Furthermore, it is likely too late to transfer personal assets into trust, because the Fraudulent Transfer Act prevents transfer of any assets to avoid payment of a legal judgment and as you know there is a legal action in this matter if you transfer the assets knowing there is an action filed, they would be able to get to those assets if they get a judgment against you beyond the maximum policy limits.

It is highly unlikely that they will get a judgment beyond the limits of your policy however based on the injury you described and it is likely your insurer will end up settling this claim as they are bound to do on this behalf and also they will provide representation in any suit against you for this accident.

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