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Tuesday, July 11, 2006

This Was Not Covered In Class.

I attended a real estate investors meeting tonight. I've had ideas on investing in real estate for nearly 10 years now. If I did it 10 years ago I would be much better off now. Anyway I'm considering it a viable alternative career since the lawyer/lawyer-related job market hates me so much. I must be the world's worst lawyer. However don't feel sorry for me. If I become an investor I would become my own boss. Being my own boss would be great for me as an employee.

The guest speaker discussed asset protection (a.k.a. how you can be sued but effectively judgment proof). One thing a person can do is put their real property into a land trust. A what? The speaker explained how the trust worked and it works like any other trust. A trustee is in charge and works for the beneficiary. Then it got more complicated. The trust could hold property in Illinois, be governed by Virginia law, have the trustee be in Colorado, and the beneficiary based in Florida. My head hurt at that point and I'm a licensed attorney. Others in the crowd were visibly mumbling, "What the f-hell?"

I had horrific flashbacks to my trusts class. I doubt our prof could handle the concept. He didn't handle most concepts well. Perhaps that was a harsh statement. He didn't teach most concepts well is not a harsh statement.

Is it a bad sign that our society is so sue-happy that we create such intricate legal armor for our stuff?

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