Property ( Estate ) Protection for pilots
With the recent lawsuits filed against the estates of the Lr 60 crash in CAE, I believe now would be a good time for pilots to look at their options for asset protection. This is for all pilots. It is more important than ever that pilots understand and protect their families from these types of lawsuits. One way of doing so is to incorporate, and have the corporation own all your property. You will need legal advice on setting this up based on state of residence, however it's not all that difficult nor expensive. This protects you and your family and an also unintended plus is that there are no capital gains taxes when selling.
I am not an expert in this field and strongly suggest all pilots to at least look in to this. The families of the deceased pilots are grieving the loss of a loved on and now must also contend a bitter battle for their homes and other various assets.
Maybe someone with some experience in this matter can chime in and guide us to the best resources.