fatmike69

DJ AM files lawsuit in South Carolina plane crash - Yahoo! News

Of particular interest to me here is that not only is he suing just about every company involved in manufacturing the parts for the aircraft (and the aircraft itself), but is going after the estates of the two pilots as well. If acting on behalf of a company, I think it was Clay Lacy aviation in this case, is a personal lawsuit against the pilots fair game? I am no lawyer, but I would have to imagine that the pilots should be shielded from litigation. Sad, it is probably going to cost these pilots a ton of $$$ to duke this one out in the courts.

navigatro

Standard practice to sue anyone and everyone, no matter how distant the relationship, and let the courts sort it all out.

SR22

The pilots did not survive the crash. So, he is apparently suing their estates (family members usually) to take away any life insurance money or other assets the pilots may have left behind for their well-being. What a jackass!

navigatro

Not to be insensitive to the pilots, but the plaintiffs were injured in this case, and therefore will sue anyone that COULD have been responsible. Once again, standard legal practice that should not be taken personally.

On a lighter note, Merry Christmas to all!

Hoof Hearted

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.

deadstick35

But wouldn't you would have to depreciate the items (real estate 30yr, autos 5 yr schedule) and pay any recaputure at the ordinary income rate? That's worse than cap gains. I'm not 100% sure -- just asking.

Carl Spackler

If the same should happen to you some day, and your wife and children are sued - I hope someone is sensitive enough to send them a note stating: "don't take it personally." Just hand over all of the life insurance.

Carl

SR22

That's what I'm sayin'! I think the pilots have already paid dearly for any mistakes they might have made.

Not only is it completely unnecessary, but from a PR perspective that was a ridiculous move. A rich and famous musician dragging the grieving family members through the court system. For what?? Come on!

navigatro

Of course it is upsetting and would be taken personally. I am not defending the U.S. civil legal system (which sucks). I am simply stating that this is how it works.

Unfortunately, when you have a job that has a lot of responsibility (e.g. pilot), you are likely to be sued (whether warranted or not) when you are involved in a situation that results in damage, injury, or worse. IT is an unfortunate fact of life.

PS I don't have a wife or kids, and they can have my 96 oldsmobile, and my dog will bite them and poop on their floor.

Happy Holidays Carl!

Hoof Hearted

Deadstick,
I have sold my house and car over ten years ago and am fuzzy over the details, however I do remember that I came out on top because my corporation owned the house and sold it.( I sold it as a corporation and the buyer assumed control over the corp.) My corporate tax accountant handled most of the details. I wish I could be more specific, but I have been living overseas for the past decade and don't have access to those docs. That's the reason I suggested a consult with a corporate tax accountant.
Questions like yours are the ones I was trying to evoke, I was hoping that someone with more recent experience could help out, I'm sorry I'm not much help.