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Old 11-26-2020, 08:11 AM
lr172 lr172 is offline
 
Join Date: Oct 2013
Location: Schaumburg, IL
Posts: 5,768
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Quote:
Originally Posted by Kooshball View Post

Bigger question seems to be how to get the rest of your assets out of reach...would a trust or an LLC help here?
No. Revocable trusts are just another asset pool for the attorneys; No safety provided. The benefits are mostly tax avoidance and eliminating probate issues. Irrevocable trusts, I believe, are protected, as they are not really your assets and you have no real way to withdraw from them; That money has already legally been given to someone else. These are usually used by the big money families and can't imagine there is much of this in experimental ownership. LLCs do nothing, as it is not the airplane that is liable for the damage, it is the pilot. If the pilot were flying commercially under the employ of the LLC, that would be a somewhat different matter. If you setup an LLC for the sole purpose of holding your money or reducing taxes, I am pretty sure it would be fair game for the plaintiff.

Primary homes (2nd homes, etc. are excluded) are almost universally shielded from judgements. Further, many states will prevent plantiffs from tapping into official retirement accounts (IRA, 401k, etc.). Those are about the only two places to shield money from negligence judgements.

Larry
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Last edited by lr172 : 11-26-2020 at 08:24 AM.
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