Here's something that can destroy your savings in a relatively short period of time: a lawsuit.
"Clients don't think about it at all or they think about the risk being so small," said Michael McGrath, vice president with EP Wealth Advisors in Valencia, California.
"When your net worth goes up, that's when the conversation has to happen," he said. "Your auto policy might have $300,000 in liability coverage if you're in a horrible crash.
"If you get sued, that's a problem."
A survey from Chubb found that 10 percent of respondents were forced to cough up at least $100,000 in legal judgments. Only 1 in 10 of those polled had excess liability coverage.
The property-casualty insurer polled 200 individuals and families with at least $1 million in investable assets.
Here's how to protect your assets from being taken to the cleaners.