X-Virus-Scanned: clean according to Sophos on Logan.com Return-Path: Sender: To: lml@lancaironline.net Date: Sun, 23 Nov 2008 12:15:17 -0500 Message-ID: X-Original-Return-Path: Received: from asp-3.reflexion.net ([205.237.99.178] verified) by logan.com (CommuniGate Pro SMTP 5.2.10) with SMTP id 3313418 for lml@lancaironline.net; Sun, 23 Nov 2008 10:55:28 -0500 Received-SPF: none receiver=logan.com; client-ip=205.237.99.178; envelope-from=cberland@systems3.net Received: (qmail 16312 invoked from network); 23 Nov 2008 15:54:53 -0000 Received: from unknown (HELO asp-3.reflexion.net) (127.0.0.1) by 0 (rfx-qmail) with SMTP; 23 Nov 2008 15:54:53 -0000 Received: by asp-3.reflexion.net (Reflexion email security v5.50.2) with SMTP; Sun, 23 Nov 2008 10:54:53 -0500 (EST) Received: (qmail 16305 invoked from network); 23 Nov 2008 15:54:53 -0000 Received: from unknown (HELO systems3.net) (98.172.79.178) by 0 (rfx-qmail) with SMTP; 23 Nov 2008 15:54:53 -0000 Content-class: urn:content-classes:message MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----_=_NextPart_001_01C94D83.D2B14A13" Subject: [LML] Any liability lawsuits? X-MimeOLE: Produced By Microsoft Exchange V6.5 X-Original-Date: Sun, 23 Nov 2008 08:54:03 -0700 X-Original-Message-ID: <87C33F695961494D886EB3B6C8A47651564EB1@s3server.Systems3.local> In-Reply-To: X-MS-Has-Attach: X-MS-TNEF-Correlator: Thread-Topic: [LML] Any liability lawsuits? Thread-Index: AclNe3/Tqww2iVLDQbiU1eojjBsFxQABtemQ References: From: "Craig Berland" X-Original-To: "Lancair Mailing List" This is a multi-part message in MIME format. ------_=_NextPart_001_01C94D83.D2B14A13 Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable Bob, how many times can the "clock" be reset. Does that happen each time the plane is sold? Specifically, if I move my plane into an LLC, and sell the plane in 10 years, does all liability go away? The issue is this....while you own the plane, hopefully you have liability coverage (at least risk sharing). Once you sell the plane, you don't. I do agree, the risk of being sued once you have sold the plane is pretty small. However, I also believe the risk goes up with your net worth. Craig Berland =20 "so does that mean if you convey the plane to an LLC that you own that that starts the clock? Yes, that starts the clock but you are still in control of the LLC and just because the LLC owns the plane does not relieve you of any liability. You still are the pilot that runs that plane into the ground, building, etc. Of course if you are dead, what do you care about liability. Your wife would have a concern. Bob Smiley =20 ------_=_NextPart_001_01C94D83.D2B14A13 Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable

Bob, how many times = can the “clock” be reset. Does that happen each time the plane is sold? = Specifically, if I move my plane into an LLC, and sell the plane in 10 years, does all liability go away? The issue is this….while you own the = plane, hopefully you have liability coverage (at least risk sharing). = Once you sell the plane, you don’t. I do agree, the risk of being = sued once you have sold the plane is pretty small. However, I also believe = the risk goes up with your net worth.

Craig Berland

"so does that mean if you convey the plane to an LLC that you own that that = starts the clock?

Yes, that starts the clock but you are still in control of the LLC and just = because the LLC owns the plane does not relieve you of any liability. You still = are the pilot that runs that plane into the ground, building, etc. Of = course if you are dead, what do you care about liability. Your wife would = have a concern.

Bob Smiley

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