I have an LLC for my plane. An LLC and "incorporating" are two different things that do the same thing in different ways with different rules. When I first set up my LLC I had the Company Corporation do it for me. I figured for the reasonable fee they could do it easier that I would. After it was up and running though I got rid of them. In VA where mine is, all you have to do is contact the state corporation commision and change the name on file who gets mail for your LLC. I did it all online.

I WOULD NOT put it in with a paid for vacation home. If someone sues over the plane they could take the home if they are under the same LLC. I would set it up all by itself. Also to my knowledge you don't have to make money to have an LLC. A lot of hobiest have LLCs and S corporations and have never made a dime. This isn't legal advice, just my opinion.

MAKE very sure that the plane money and your money are separate. Whether it is a gift from you to the LLC or a loan. If they can show that funds are co-mingled then they can go after it all. It is easy enough to cover these bases though in your LLC.

And like was said earlier, there is nothing better than good insurance!