Return-Path: Received: from pop3.olsusa.com ([63.150.212.2] verified) by logan.com (CommuniGate Pro SMTP 3.5.2) with ESMTP id 1034419 for rob@logan.com; Thu, 31 Jan 2002 19:18:53 -0500 Received: from smtp.tscnet.net ([66.152.64.20]) by pop3.olsusa.com (Post.Office MTA v3.5.3 release 223 ID# 0-71866U8000L800S0V35) with ESMTP id com for ; Thu, 31 Jan 2002 15:19:14 -0500 Received: from mail.tscnet.net (mail.tscnet.net [66.152.64.7]) by smtp.tscnet.net (8.11.6/8.11.6) with SMTP id g0VKY6Y26758 for ; Thu, 31 Jan 2002 12:34:06 -0800 Received: (qmail 25528 invoked from network); 31 Jan 2002 20:21:10 -0000 Received: from pou-1-10-87.tscnet.net (HELO c656256a) (66.152.73.87) by mail.tscnet.net with SMTP; 31 Jan 2002 20:21:09 -0000 Message-ID: <003901c1aa8c$f28f3760$57499842@mshome.net> From: "Robert Smiley" To: , References: <002601c1aa39$5337ace0$6501a8c0@hawaii.rr.com> Subject: Re: Future liability on sale Date: Thu, 31 Jan 2002 12:24:47 -0700 MIME-Version: 1.0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit X-Mailing-List: lancair.list@olsusa.com Reply-To: lancair.list@olsusa.com <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> << Lancair Builders' Mail List >> <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> >> Don't you just love these legal issues? >" Another avenue is, when selling the shares of the airplane corporation, > simply require the new owner to indemnify named individuals from any > liability arising from his use of the corporation's assets." Indemnity works for those who survive but "interested parties" a legal term like children, spouses, business partners and others who have an interest in the demised pilot must also sign an indemnity document. Also the plane can sell more than once in 15 years. So indemnity doesn't really work 100%. " If you are still nervous, you can easily clean up your personal affairs (before or right after selling the airplane) so that all your assets are owned by trusts, LLC's, your wife (or husband), your kids, charities, etc., leaving anyone who might possibly navigate the corporate barrier nothing to get from you (or anyone else) anyway. Many people do this routinely for estate planning purposes." How much do you really trust your spouse to give him/her everything you own? Would your kids be gracious to you when you want to fly off to Greece or Hawaii so you can spend their inheritance? Looks like to me you are giving up $500,000 of your estate up front to save the $100,000 you spent on your airplane? Choices, choices. Isn't life fun? Bob Smiley N94RJ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LML website: http://members.olsusa.com/mkaye/maillist.html LML Builders' Bookstore: http://www.buildersbooks.com/lancair Please remember that purchases from the Builders' Bookstore assist with the management of the LML. Please send your photos and drawings to marvkaye@olsusa.com. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>