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Old 12-24-2008, 11:17 PM
  #5  
Hoof Hearted
Gets Weekends Off
 
Joined APC: Jun 2008
Position: Seat 1 A
Posts: 195
Wink

If you look further down the threads you'll see my previous post about asset protection. If you incorporate and have the corporation purchase your home and property, then these types of estate lawsuits would be protected. There is also the added benefit of no capital gains tax when selling your property. Wealthy people have been doing this for decades and it's quite legal. Anyone can incorporate, you don't have to be a contract pilot, you could set up a side consulting business. In this litigious society, this is an inexpensive solution for family protection. Pilots interested should do some research about corporations and which state's offer the best protection and also a professional corporate tax accountant. For a couple thousand dollars, I call it cheap insurance..
Maybe someone with more knowledge in this can chime in.
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