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URL:  https://boards.fool.com/i-am-also-a-little-worried-about-liabilities-i-30215769.aspx

Subject:  Re: A Strange Circumstance Date:  8/21/2012  12:41 AM
Author:  Wradical Number:  116544 of 129380

I am also a little worried about liabilities. I don't know the family well, and I have some worries that if someone in the family thinks I have not done a good enough job they will sue me.
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Bruce, you are absolutely correct, and that's reason enough not to do it. For income of $3,000 it's just not worth it, IMNSHO.

And for managing someone else's money for a fee, you might be required to register with the SEC as a Registered Investment Advisor. There's an exception for family members, but I don't recall the technical particulars about that. You don't say just how distant this relative is. That's another thing to review with your lawyer. And of course, get a written agreement to protect yourself. That's the first thing you should be doing with your lawyer.


Bill
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