Protecting Your Assets as a Nevada Parent with a Teen Driver

Here is some more helpful advice about protecting your family and your assets from Anthem Injury Lawyers.

As Nevada car accident attorneys, we understand the risks that come with having a teen driver in your household. While it’s exciting to watch your teenager gain independence, their inexperience behind the wheel increases the likelihood of accidents, which could expose your family’s assets to liability. At Anthem Injury Lawyers, we want to help you understand how to protect your assets—both before and after your teen turns 18.

Steps to Protect Your Assets with a Teen Driver

1.Maximize Your Auto Insurance Coverage

While Nevada requires drivers to carry minimum liability insurance, these limits may not be sufficient to protect you if your teen causes a serious accident. Consider:

• Increasing liability limits to cover higher potential damages.

• Adding an umbrella insurance policy for additional protection beyond standard auto insurance. Learn more about umbrella insurance from the Insurance Information Institute.

• Uninsured/Underinsured motorist coverage, which can protect you if your teen is involved in an accident with an underinsured driver.

2.Establish a Family Trust

Transferring assets like your home or investments into a family trust can shield them from legal claims. Learn more about family trusts from the American Bar Association.

3.Title Assets Separately

In some cases, titling certain assets in a spouse’s name or using separate legal entities like an LLC for business-related properties can reduce risk. Nevada Revised Statutes offer insights into how state laws can affect asset ownership.

4.Monitor and Limit Driving Risks

Encourage your teen to adopt safe driving habits. Consider using technology like TeenSafe or Allstate Drivewise to monitor their driving behavior.

Protecting Your Assets After Your Teen Turns 18

Once your child reaches adulthood, protecting your assets becomes even more critical, as they are legally responsible for their actions. Here’s how you can stay protected:

1.Transfer Ownership of Vehicles

Consider transferring the car title to your child’s name once they turn 18. This may reduce your liability if they are involved in an accident. However, this might also result in higher insurance premiums.

2.Umbrella Insurance Policy

Keep or increase your umbrella insurance coverage. Even though your child is now an adult, they may still live at home or drive a family vehicle, which could expose you to liability.

3.Educate Your Teen About Liability Risks

Help your young adult understand the importance of maintaining adequate insurance coverage and how their actions can have financial and legal consequences.

4.Limit Co-Signing on Loans or Joint Accounts

Avoid joint financial arrangements that could expose you to your child’s liabilities. Instead, help them build their financial independence.

Conclusion

Having a teen driver doesn’t have to be stressful when it comes to asset protection. With proper planning and the right insurance coverage, you can safeguard your financial future. If you need help navigating the legal implications of an accident involving a teen driver, contact Anthem Injury Lawyers for a free consultation. We specialize in protecting Nevada families and ensuring they receive the guidance they need.