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.