Simply put & well said....Maybe some of the AA guys in the know can clarify this, but I had heard there were some legal wrangling of suits being pressed by individuals/or groups against the FO's family from the Cali Columbia accident back in the late 90's....

Best way to limit liability = midigate exposure. I have done the LLC, Trusts, Estate Planning ect....the stuff that some of the guys mentioned earlier in the thread. Definitely better than doing nothing at all.

SC

 

How would you go about doing these things? Whats the first step?

 

It is easy to incorporate yourself. It takes no time and you really do not need a lawyer for it. Then you open a bank acct and put your airline paycheck in to it and then pay yourself a salary from that LLC. This is the simplistic way to do it.
I would check places like Legal Zoom. I have a family of attorneys so it was easy for me. They thought it was fun.

 

If you form a LLC you have to incorporate in a state. You normally need a agent to do that. You also have to file annual reports with that state and pay a annual fee to maintain the LLC. The intent of the LLC can not be only avoiding legal exposure. It has to have a business aspect to pass that test or it could be voided.

 

Just as ALC65 said....LLC's are pretty boiler plate and easy to do. As far as the Estate Planning/Trust ect....Used an attorney in the SoCal area who is big into Estate Planning/Trust/MPOA/Directives ect. When I did those, we also constructed/launched the LLC in concert with the above.

You can be like "G-Dog" the wonder boy earlier in this post and do nothing at all to let your 'junk' swing in the wind! If you want to be that stupid and uninformed, you deserve to get your butt in a law suit and loose it all and more. Don't know from what rock he crawled out, but this is not 1940 when everything was done and a hand shake and 'word'. We are living in the 2000's, every body and thing is litigious to say the least.....news flash, people will put you in a suit over the smallest crap....not to mention stuff slight bigger....ie Wrongful Death suit.

 

Exactly, and like I said that was the 2 cent explanation. S-corp could work too!

 

You can contruct and LLC and "shelf" it for later use....just b/c you have one, it does not have to be up/running/sustained just b/c it has been established. You are correct on holding it as a sole intent to avoid legal exposure, but believe me, this is a small obsticle and extremely easy to "construct" around....I have seen it first hand in motion.

All in all....LLC's are a great vehicle to midigate the risk, hands down.

 

Wow. Here I was worrying about furloughs and ever being able to retire. Now this! I love this job.

 

Why don't you get a legal opinion from your union attorney.

 

Yes..on my way to do this.

However, not all lawyers are created equal, so I'm looking into alternatives for my family ahead of time.

Some have suggested transfering titles into my kids names. And Putting the savings and 401k into a trust for kids. Whats do you think...?