VansAirForceForums  
Home > VansAirForceForums

- POSTING RULES
- Donate yearly (please).
- Advertise in here!

- Today's Posts | Insert Pics

  #31  
Old 01-30-2020, 09:39 PM
McStevens McStevens is offline
 
Join Date: Sep 2019
Location: Edmonds, WA
Posts: 105
Default

Quote:
Originally Posted by BobTurner View Post
Probability low, but not zero. Ask the guy who built the long EZ, sold it to B, who sold it to John Denver. When the estate sued, he must have had legal bills before he was removed from the suit, not to mention the worry.
Yes yes, anyone can be sued for anything...
Reply With Quote
  #32  
Old 01-31-2020, 03:34 AM
rmartingt's Avatar
rmartingt rmartingt is offline
 
Join Date: Nov 2006
Location: Savannah, GA
Posts: 1,029
Default

Quote:
Originally Posted by McStevens View Post
Registering your plane under an LLC when you're unsure of what protection that affords seems odd.
I'm looking into LLC registration, but only as a way of obfuscating ownership information on places like Flightaware. I really don't like that any fool with an internet connection can look up tail numbers and see the owner. An LLC would at least make it a little more difficult to figure out.

There may be tax benefits as well, but if so I don't know what they are (yet).
__________________
RV-7ER - finishing kit and systems installation
There are two kinds of fool in the world. The first says "this is old, and therefore good"; the second says "this is new, and therefore better".
Reply With Quote
  #33  
Old 01-31-2020, 08:37 AM
McStevens McStevens is offline
 
Join Date: Sep 2019
Location: Edmonds, WA
Posts: 105
Default

Quote:
Originally Posted by rmartingt View Post
I'm looking into LLC registration, but only as a way of obfuscating ownership information on places like Flightaware. I really don't like that any fool with an internet connection can look up tail numbers and see the owner. An LLC would at least make it a little more difficult to figure out.

There may be tax benefits as well, but if so I don't know what they are (yet).
I could see that, at least it sounds like you'll be fully informed before making that significant decision.
Reply With Quote
  #34  
Old 01-31-2020, 09:12 AM
Quacked's Avatar
Quacked Quacked is offline
 
Join Date: Sep 2009
Location: Lodi, Ca
Posts: 13
Default

Quote:
Originally Posted by rmartingt View Post
I'm looking into LLC registration, but only as a way of obfuscating ownership information on places like Flightaware. I really don't like that any fool with an internet connection can look up tail numbers and see the owner. An LLC would at least make it a little more difficult to figure out.

There may be tax benefits as well, but if so I don't know what they are (yet).
I use a Montana LLC for all of my vehicles ownership for both of these as well as for registration / insurance reasons. They do limit some exposure and since that state doesn't have sales tax along with much cheaper registration costs it saves there too.

The other thing that has not been mentioned here is putting assets into a trust.

Consulting a good attorney is always in your best interests to know what truly is your best option for your personal situation.
Reply With Quote
  #35  
Old 01-31-2020, 11:36 AM
KatanaPilot KatanaPilot is offline
 
Join Date: Feb 2015
Location: Locust Grove, GA
Posts: 621
Default I'm really surprised

Quote:
Originally Posted by Jpm757 View Post
As previously mentioned my-7 has an LLC named as the manufacturer, this was done on the recommendation of my DAR. Additionally the FAA issued a Repairman Certificate for my aircraft. How this will protect me down the road is anybody's guess, however I do not see it as a detriment. I know of several people who have "scrapped" perfectly good airframes for liability reasons instead of selling their aircraft.
I guess I'm the only one surprised that you were able to list an LLC as the manufacturer on an E-AB plane. I would like to do that as well, but I thought it violated the letter of the law. I'll ask my DAR what he thinks.

And to folks who think the liability issue is nebulous, I strongly disagree.
__________________
Krea Ellis

Locust Grove, GA
DA20-A1 "Princess Amelia" - gone home to Amelia Island
RV-7A Phase 2
RV-10 under construction at Synergy Air South
Reply With Quote
  #36  
Old 01-31-2020, 11:43 AM
lr172 lr172 is offline
 
Join Date: Oct 2013
Location: Schaumburg, IL
Posts: 5,297
Default

Quote:
Originally Posted by Quacked View Post
I use a Montana LLC for all of my vehicles ownership for both of these as well as for registration / insurance reasons. They do limit some exposure and since that state doesn't have sales tax along with much cheaper registration costs it saves there too.

The other thing that has not been mentioned here is putting assets into a trust.

Consulting a good attorney is always in your best interests to know what truly is your best option for your personal situation.
My understanding that placing assets in a trust does not protect them from judgements, unless it is an irrevocable trust (revocable trusts are the typical instrument used to protect assets from death taxes and probate), which also means that you don't have access to it either; Only the trustee.

Larry
__________________
N64LR - RV-6A / IO-320, Flying as of 8/2015
N11LR - RV-10, Flying as of 12/2019

Last edited by lr172 : 01-31-2020 at 11:49 AM.
Reply With Quote
  #37  
Old 01-31-2020, 12:35 PM
Quacked's Avatar
Quacked Quacked is offline
 
Join Date: Sep 2009
Location: Lodi, Ca
Posts: 13
Default

Quote:
Originally Posted by lr172 View Post
My understanding that placing assets in a trust does not protect them from judgements, unless it is an irrevocable trust (revocable trusts are the typical instrument used to protect assets from death taxes and probate), which also means that you don't have access to it either; Only the trustee.

Larry
Back to "Talk with a good local attorney."

You can have an irrevocable living trust that you are both the trustee of and the initial named beneficiary of.
Reply With Quote
  #38  
Old 01-31-2020, 01:50 PM
lr172 lr172 is offline
 
Join Date: Oct 2013
Location: Schaumburg, IL
Posts: 5,297
Default

Quote:
Originally Posted by Quacked View Post
Back to "Talk with a good local attorney."

You can have an irrevocable living trust that you are both the trustee of and the initial named beneficiary of.
agree on need for lawyers opinion. Pretty sure that a grantor of an irrevocable trust can only draw income (no assets) from a trust as a beneficiary and that is limited, based upon need, such as helthcare, etc. They can't just take back assets when they want, like a revocable trust.

Larry
__________________
N64LR - RV-6A / IO-320, Flying as of 8/2015
N11LR - RV-10, Flying as of 12/2019

Last edited by lr172 : 01-31-2020 at 02:02 PM.
Reply With Quote
  #39  
Old 01-31-2020, 01:59 PM
McStevens McStevens is offline
 
Join Date: Sep 2019
Location: Edmonds, WA
Posts: 105
Default

Quote:
Originally Posted by KatanaPilot View Post
And to folks who think the liability issue is nebulous, I strongly disagree.
Then you're too easily scared and should probably scrap your plane instead of selling it
Reply With Quote
  #40  
Old 01-31-2020, 02:04 PM
JDeanda JDeanda is offline
 
Join Date: Apr 2013
Location: Ventura, CA
Posts: 157
Default Never Been Successfully Sued?

Depends on your definition of successful. Both the builder of John Denver’s airplane and the manufacturer of the fuel selector valve paid undisclosed out-of court-settlementa. Vans and FlowScan (the manufacturer of the fuel flow transmitter) paid undisclosed out-of-court settlements for the Oregon accident. Sorrell Aviation (Hiperbipe) was driven out of business by a lawsuit. But they were not “successfully sued.”
I dismantled an RV-9A for a couple when their attorney had a mild heart attack at the thought of them selling it. “You could lose your house” he said. We sold the seats to another attorney who insisted they’d gotten good advice. Suits happen all the time, he told me, then left before I could ask him to point me to some case law.
Nearest I can tell, there are plenty of suits, but they settle out of court before getting in front of a jury or judge and lots of $ changes hands.
We’re vulnerable.

Last edited by JDeanda : 01-31-2020 at 02:09 PM.
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -6. The time now is 02:44 AM.


The VAFForums come to you courtesy Delta Romeo, LLC. By viewing and participating in them you agree to build your plane using standardized methods and practices and to fly it safely and in accordance with the laws governing the country you are located in.