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<< Lancair Builders' Mail List >>
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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.
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