Mon, Mar 28, 2011
Twin Commander University Delves Into Liability Exposure
What do IRS estate tax rules have to do with owning and
operating a Twin Commander? The answer is, plenty.
Given the investment that Twin Commander owners (and most
others) have in their airplanes, and the liability exposure that is
a fact of life for any aircraft owner and operator, it is important
to protect that asset by properly structuring the ownership. This
is especially true right now because of IRS estate tax rules.
"You need to get excited now about reviewing the ownership
structure of your airplane," says Louis M. Meiners, Jr., founder of
Advocate Consulting, a tax consultancy group specializing in
aircraft transactions. Current, temporary IRS rules allow for an
exemption of up to $5 million before estate taxes are levied,
Meiners explains, but that could go back to the previous exemption
- $1 million-if the temporary rule is allowed to expire on January
1, 2013.
Meiners advises that trusts can be established that offer
protection from estate taxes and liability claims, but it is
important to know how to set up a trust and, just as important,
where. States differ on their regulation of trusts, so it is
crucial to establish the trust in a state that allows for proper
structuring.
Louis Meiners, Jr
Meiners has personal experience with aircraft tax issues because
he is a long-time owner-pilot of turbine-powered aircraft. A
regular contributor to Twin Commander's Flight Levels magazine-he
writes the "Business Flying and Taxes" column-Meiners also is a
popular presenter at Twin Commander Universities.
He will be a featured speaker at the 2011 University, scheduled
for April 28-30 at the Hyatt Regency Coconut Point Resort & Spa
in Bonita Springs, FL. His presentation will focus on current and
proposed estate tax rules and how they affect aircraft owners.
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