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COPYRIGHT 2005 The Dallas Morning News
Byline: Pamela Yip
Aug. 29--Protecting your personal assets from litigation can get very complicated, and if you have a lot to protect, you should hire a lawyer and financial adviser.
But first, you need to be sure that you have enough assets to make the effort worthwhile.
"Most people, if they don't have a sizable portfolio or net worth to protect, it's not feasible to take the extra steps to protect it," says Michael Busch, a certified financial planner and president of Vogel Financial Advisors in Dallas.
"Generally, someone's not going to bother filing a lawsuit against someone who they know has few assets."
But let's start with the basics.
If you own a home, homeowners insurance protects you against financial loss if you're found responsible for someone's injury or property damage.
Your auto insurance does the same thing as it relates to your automobiles. Liability insurance pays for bodily injury, property damage, and some additional expenses of other drivers, their passengers, and your passengers when you or a driver covered by your policy causes an accident.
The minimum liability insurance required by Texas law is $20,000 bodily injury per person,...
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