I've been picking up a couple side projects lately, most recently the client is a high profile lawyer in the area. I recall some talk of not using insurance and instead coming assets to either your wife's name or to a trust. Anyone ever actually do something like that?
My only asset of any real value is my house, since I'm refinancing I have to opportunity to re-title our house if need be.
geezertect
Jan 12, 17 12:35 pm
You're not going to outsmart a "high profile lawyer" on a legal matter. A lawyer is always a dangerous type of client to have. Check out his reputation if you can and be careful. A lot of architects avoid lawyer entirely.
stone
Jan 12, 17 1:14 pm
Be sure your marriage is on rock-solid ground before transferring joint assets over to your spouse. Once it's gone, it's gone.
x-jla
Jan 12, 17 1:28 pm
Dont think it matters. You need to check state laws. Im pretty sure that in Community property states they are still able to come after wifes assets regardless of whos name they are under. Form an llc and do everything under that llc. Distance yourself personally from the client this way in the event of a lawsuit they can only come after the llc and not you personally.
x intern
Jan 12, 17 1:54 pm
Hired a lawyer to set up my company. I asked this same or similar question. He said all the protections that people think llc's provide where removed by law some time ago. Architects just never got the memo. There is no protection other than insurance for professional liability. Now if you live in certain states such as Texas they can't go after your home so it is a safe place to put money.
There maybe something to the oversees thing but others will have to chime in on that.
x intern
Jan 12, 17 1:57 pm
Just FYI insurance when starting out isn't that expensive. I think it was like 1500$ first couple of years
I've been picking up a couple side projects lately, most recently the client is a high profile lawyer in the area. I recall some talk of not using insurance and instead coming assets to either your wife's name or to a trust. Anyone ever actually do something like that?
My only asset of any real value is my house, since I'm refinancing I have to opportunity to re-title our house if need be.
You're not going to outsmart a "high profile lawyer" on a legal matter. A lawyer is always a dangerous type of client to have. Check out his reputation if you can and be careful. A lot of architects avoid lawyer entirely.
Be sure your marriage is on rock-solid ground before transferring joint assets over to your spouse. Once it's gone, it's gone.
Dont think it matters. You need to check state laws. Im pretty sure that in Community property states they are still able to come after wifes assets regardless of whos name they are under. Form an llc and do everything under that llc. Distance yourself personally from the client this way in the event of a lawsuit they can only come after the llc and not you personally.
Hired a lawyer to set up my company. I asked this same or similar question. He said all the protections that people think llc's provide where removed by law some time ago. Architects just never got the memo. There is no protection other than insurance for professional liability. Now if you live in certain states such as Texas they can't go after your home so it is a safe place to put money.
There maybe something to the oversees thing but others will have to chime in on that.
Just FYI insurance when starting out isn't that expensive. I think it was like 1500$ first couple of years