Find out why it’s important to tell your insurance agent if you put your assets in a Trust, LLC or in any other entity.
Trusts and Limited Liability Corporations (LLCs) have become a popular way to protect assets. They are often used in estate planning, which has brought changes to the insurance industry. In some instances, Trusts and LLCs have been added to the definition of an Insured with some insurance carriers (not all). It is important to consult with your insurance agent about whether you are adequately protected if you have transferred assets to a Trust or LLC. Also verify that your insurance policy’s definition of an Insured includes Trusts and/or LLCs.
Contact your team at Hoffman Brown Company, in Sherman Oaks, CA when preparing for the future. We are happy to answer questions and review your insurance policies.