Asset Protection

[Jabbed]

We’re getting an au pair and she will be driving a car that I own. I will be paying for the insurance. I’m assuming that she will crash my car at some point.

1. Does setting up an LLC and registering the LLC as the owner of the vehicle do anything to limit my personal liability? Do I list my home address as the company address?
2. How does insuring the vehicle work? I ideally wouldn’t want to have her under my plan. If this is a “company vehicle” can we have multiple registered drivers with different insurances?

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[RustedFox]

An au pair?

Jeeezus.
The Richie Rich-es on here.

 

[Dr Mantis Toboggan]

An au pair?

Jeeezus.
The Richie Rich-es on here.

Dude, no. From what I know an au pair costs like 7k a year. Cheaper than daycare by far, let alone a nanny.

EDIT: not that cheap. But pretty freaking cheap.

Au Pair Costs

How much does an Au Pair cost? ✓ Learn about Au Pair salary, and the hourly, weekly, monthly, and annual costs to host! We accept all major credit cards.

www.goaupair.com

 

[RustedFox]

Dude, no. From what I know an au pair costs like 7k a year. Cheaper than daycare by far, let alone a nanny.

EDIT: not that cheap. But pretty freaking cheap.

Au Pair Costs

How much does an Au Pair cost? ✓ Learn about Au Pair salary, and the hourly, weekly, monthly, and annual costs to host! We accept all major credit cards.

www.goaupair.com

Well, forgive my coal-country ass.

I figured a live-in helper charged with assisting with the kids can't come cheap.

I mean, can't you just hit your own kids like my parents did?

 

[cyanide12345678]

Dude, no. From what I know an au pair costs like 7k a year. Cheaper than daycare by far, let alone a nanny.

EDIT: not that cheap. But pretty freaking cheap.

Au Pair Costs

How much does an Au Pair cost? ✓ Learn about Au Pair salary, and the hourly, weekly, monthly, and annual costs to host! We accept all major credit cards.

www.goaupair.com

There are some added costs that you have to pay the agency but agreed it is significantly cheaper than having a full time nanny working 40hours a week for $20/hr. And man it is hard to find an experienced nanny for even $20/hr. Care.com has experienced nannies charging 25-35 per hour.

 

[Dr Mantis Toboggan]

Well, forgive my coal-country ass.

I figured a live-in helper charged with assisting with the kids can't come cheap.

I mean, can't you just hit your own kids like my parents did?

I was stunned as well. My wife wouldn’t even entertain the idea. Wonder why… 🤔

 

[cyanide12345678]

An au pair?

Jeeezus.
The Richie Rich-es on here.

Au pair isn’t as expensive as you would think. I pay a lot more in day care costs than what i would pay an agency for an au pair.

Paying $715/week for 2 kids at day care right now. So 37k basically. Aupair will be half the price.

 

[WhatJobDoIPick]

Is she hot?

 

[WhatJobDoIPick]

Au pair isn’t as expensive as you would think. I pay a lot more in day care costs than what i would pay an agency for an au pair.

Paying $715/week for 2 kids at day care right now. So 37k basically. Aupair will be half the price.

Pretty cheap as far as national ranges go. My friend in Boston says daycare is 5k/month/child.

 

[wysdoc]

We’re getting an au pair and she will be driving a car that I own. I will be paying for the insurance. I’m assuming that she will crash my car at some point.

1. Does setting up an LLC and registering the LLC as the owner of the vehicle do anything to limit my personal liability? Do I list my home address as the company address?
2. How does insuring the vehicle work? I ideally wouldn’t want to have her under my plan. If this is a “company vehicle” can we have multiple registered drivers with different insurances?

We had aupairs when my children were young and it was the only way I could work full time.
Be sure the aupair has an international drivers license, but also go driving with her for a few weeks before you let her out on her own in your car. with your precious children.
There was especially a learning curve for aupairs from UK countries where they drive on the left side of the road and they are used to having their steering wheel on the right side of the car.
We just used our regular car insurance policy.
Most of our aupairs were good drivers, but there were a couple of problems over the years.
--For your amusement:
1. Changed lanes to the left without looking, sideswiped a car (former UK driver).
2. No fault of my aupair, a huge wheel flew off a passing cargo truck (had they not tightened the lug nuts?), bounced across the center stripe where she was stopped at a stop sign, and bashed into the side of the car. Police were called, came and reassured her she was not at fault. While the police were getting her details, someone drove by and saw this huge wheel lying in the road, and stole it! Hey, it looked like it was still good...
3. The worst one, aupair lied on her application and said she could drive. The second or third day she was here, she took my car without permission to "practice" while I was at work, and crashed it into my garage trying to pull back into the garage. That one I called the agency and said this is not working out. I think they reassigned her to a family that did not need their aupair to drive.

These are some crazy stories but overall it worked out well for us and we still keep in touch with our favorites.

 

[cyanide12345678]

Pretty cheap as far as national ranges go. My friend in Boston says daycare is 5k/month/child.

I live in indiana. Dont compare it with boston lolol.

 

[Brigade4Radiant]

The cost of raising children is ridiculous. All of this money to go for elite colleges and get a job making 60k

 

[Porfirio]

The cost of raising children is ridiculous. All of this money to go for elite colleges and get a job making 60k

Just for them to have kids that don’t go to elite colleges and make 60k - most likely.

 

[WhatJobDoIPick]

The cost of raising children is ridiculous. All of this money to go for elite colleges and get a job making 60k

Or you can budget for state level education (same thing really), and also teach them that trades like electrician, plumber, hvac are noble and valuable (and even girls can do them!) and guide them down that path if they show proclivity towards it.

 

[TrailRun]

Seeing the title, I thought this post was gonna be about protecting your assets in case of a malpractice suit. Any recommendations for that?

 

[Porfirio]

Seeing the title, I thought this post was gonna be about protecting your assets in case of a malpractice suit. Any recommendations for that?

Find an estate planning lawyer and pay them good money.

 

[Brigade4Radiant]

Or you can budget for state level education (same thing really), and also teach them that trades like electrician, plumber, hvac are noble and valuable (and even girls can do them!) and guide them down that path if they show proclivity towards it.

True but you have to overcome the peer pressure of the preschool to college pipeline. “This preschool will make you college reaady! You need to do all these activities for college!! You don’t want to be behind!!!!!!”

Same with kids sports if they are over 8 travel sports becomes a thing and it is god awful. It will take over any family time and you travel hours to play kids who live in your same neighborhood.

 

[WhatJobDoIPick]

True but you have to overcome the peer pressure of the school to college pipeline.. Tis preschool will make you college reaady@ You need to do all these activities for college

Same with kids sports if they are over 8 travel sports becomes a thing and it is god awful. It will take over any family time ad you travel hours to play kids who live in your same neighborhood.

My kids are still young but I will definitely be resisting the travel sports thing. Truly sounds terrible.

 

[cyanide12345678]

Seeing the title, I thought this post was gonna be about protecting your assets in case of a malpractice suit. Any recommendations for that?

Live in a good state like indiana with strong cap limits so there’s never an above malpractice limit judgement.

And if there is, there’s an extra state funded insurance that covers anything above 500k that the physician is at most responsible for.

 

[gutonc]

True but you have to overcome the peer pressure of the preschool to college pipeline. “This preschool will make you college reaady! You need to do all these activities for college!! You don’t want to be behind!!!!!!”

Same with kids sports if they are over 8 travel sports becomes a thing and it is god awful. It will take over any family time ad you travel hours to play kids who live in your same neighborhood.

I was so happy when my kid decided she was more interested in dance and theater (and then ditched dance and moved to the tech side of theater) instead of sports. It was second only to my joy in discovering that she didn't want to do anything medicine related. She's headed to college in the fall to study sports business at one of the best schools for that in the country.

 

[RustedFox]

My kids are still young but I will definitely be resisting the travel sports thing. Truly sounds terrible.

Duuude, for real.
I have no kids. Vasectomized as well.

I -just- got back from Orlando.
My buddy from residency is there from LA with his third grade son.
SuperNational Chess tournament.
I drove up to hang with them for the day.

It was wild in so many ways.
I had fun (I don't know anything about chess beyond that I know how the pieces move), but I left saying: "Thank Christ I don't have kids."

The absolutely HILARIOUS things I saw and thought to myself, though... I'm STILL laughing.

 

[eyeeye_captain]

Live in a good state like indiana with strong cap limits so there’s never an above malpractice limit judgement.

And if there is, there’s an extra state funded insurance that covers anything above 500k that the physician is at most responsible for.

Isn’t there some kind of physician review of cases before it could even proceed to court? I interviewed in Indiana years ago and one of the docs was talking about being on a malpractice panel, and if the docs shot it down there was almost no chance of a win for the plaintiff.

 

[WhatJobDoIPick]

Duuude, for real.
I have no kids. Vasectomized as well.

I -just- got back from Orlando.
My buddy from residency is there from LA with his third grade son.
SuperNational Chess tournament.
I drove up to hang with them for the day.

It was wild in so many ways.
I had fun (I don't know anything about chess beyond that I know how the pieces move), but I left saying: "Thank Christ I don't have kids."

The absolutely HILARIOUS things I saw and thought to myself, though... I'm STILL laughing.

I think having a kid that's into chess would be pretty cool.

I think the travel sports experience also is dependent on the other parents. My wife was a competitive swimmer growing up and benefited from it. All the parents were great friends and had a great time together

 

[Apollyon]

My wife was a competitive swimmer growing up and benefited it. All the parents were great friends and had a great time together

The two bolded parts are discontinuous. At least lacrosse wasn't involved!

 

[cyanide12345678]

Isn’t there some kind of physician review of cases before it could even proceed to court? I interviewed in Indiana years ago and one of the docs was talking about being on a malpractice panel, and if the docs shot it down there was almost no chance of a win for the plaintiff.

Yes, top 3 malpractice reform states along with Texas and Kansas.

3 physician panel to weed out frivolous lawsuits. Can avoid this if you sue for 15k or less (i think that was the number).

Strict cap limits - with limits of emotional pain and suffering stuff as well.

State insurance that pays beyond 500k.

2 year statute of limitations.

Physicians should leave crappy places like Georgia, Illinois and make a statement that we refuse to practice in states with terrible laws.

 

[TooMuchResearch]

True but you have to overcome the peer pressure of the preschool to college pipeline. “This preschool will make you college reaady! You need to do all these activities for college!! You don’t want to be behind!!!!!!”

Same with kids sports if they are over 8 travel sports becomes a thing and it is god awful. It will take over any family time and you travel hours to play kids who live in your same neighborhood.

We're just not doing it. Like this sport? Great, we'll find a local league.

 

[gutonc]

We're just not doing it. Like this sport? Great, we'll find a local league.

The travel leagues prey on the fantasies of parents that their special snowflake is going to be the one in 10,000-100,000 that makes it to the pros. I bet if it was strictly up to the kids, those leagues would shrink in size by 90%.

 

[Brigade4Radiant]

We're just not doing it. Like this sport? Great, we'll find a local league.

You need to be prepared for “not trying to live up to your kids potential and what about the scholarship!!!!”

 

[TooMuchResearch]

The travel leagues prey on the fantasies of parents that their special snowflake is going to be the one in 10,000-100,000 that makes it to the pros. I bet if it was strictly up to the kids, those leagues would shrink in size by 90%.

Good thing I have no such fantasies!

 

[VA Hopeful Dr]

You need to be prepared for “not trying to live up to your kids potential and what about the scholarship!!!!”

In high school a friend's dad gave us some solid advice.

"In college you can get good grades, play a sport, have a job, or have fun. You can only pick 2 of those options."

 

[dozitgetchahi]

The travel leagues prey on the fantasies of parents that their special snowflake is going to be the one in 10,000-100,000 that makes it to the pros. I bet if it was strictly up to the kids, those leagues would shrink in size by 90%.

Yeah. We have flat out refused to do the “travel sports” thing. It’s a massive grift driven by unrealistic parents.

 

[emergentmd]

The travel leagues prey on the fantasies of parents that their special snowflake is going to be the one in 10,000-100,000 that makes it to the pros. I bet if it was strictly up to the kids, those leagues would shrink in size by 90%.

I agree with this to some extent. Many families think their kids are college scholarships in the making when I know prob less than 1% will make it into a decent college. I don't consider scholarships to a Junior college or div III when you are getting an inferior education to get some scholarship no one really wants.

But my kids are in travel sports but we can afford it, have time to do it, keeps the kids motivated to stay fit/exercise. We also know that they are not Div I athletes and this is not a route to get into a good college. They chose to play travel sports and we never would have pushed them. Local leagues or a gym membership would be just as good for us.

But yes, many parents are delusional.

 

[sloh]

I agree with this to some extent. Many families think their kids are college scholarships in the making when I know prob less than 1% will make it into a decent college. I don't consider scholarships to a Junior college or div III when you are getting an inferior education to get some scholarship no one really wants.

But my kids are in travel sports but we can afford it, have time to do it, keeps the kids motivated to stay fit/exercise. We also know that they are not Div I athletes and this is not a route to get into a good college. They chose to play travel sports and we never would have pushed them. Local leagues or a gym membership would be just as good for us.

But yes, many parents are delusional.

Do you ever find all that traveling and coordinating for their travel sports tiresome?

 

[eyeeye_captain]

The travel leagues prey on the fantasies of parents that their special snowflake is going to be the one in 10,000-100,000 that makes it to the pros. I bet if it was strictly up to the kids, those leagues would shrink in size by 90%.

 

[emergentmd]

Do you ever find all that traveling and coordinating for their travel sports tiresome?

My wife is a SAHM and I work 2-4 dys a month so its no big deal for our family but having 2 parents work is almost impossible unless you ship your kid off with other parents which we would never want to do.

 

[Pinner Doc]

My kids are ski racers. I’m on the board of our mountain’s ski team. It’s all great fun - basically our friends, our kids’ friends - all hanging out every weekend and on some week days as well.

The thing I notice about rec league sports is that it’s often run by parents who think their kids are amazing, and who give them all the play time. I’ve heard the moniker “daddy ball.”