Episode #16 - How to Properly Protect Your Aircraft | John Skabelund

Join John Skabelund as he explores the specialized planning required for owning and protecting your own personal aircraft. In this episode, learn everything from the importance of a Special Purpose LLC, the different risks of exposure, the difference between a tax advantage structure versus an asset protected structure, and so much more. John Skabelund is an experienced and nationally recognized attorney with extensive experience protecting client's assets throughout the United States. With more than a decade of experience, John has adeptly protected a diverse range of clients' estates, ranging from $500,000 to over $100 million. His clientele spans real estate investors, business owners, executives, and professionals in various fields, including medicine, law, sports, and technology. John skillfully creates comprehensive estate plans tailored to each client's unique needs, ensuring their legacy can be preserved for generations. He also has represented clients in the buying and selling of businesses across a multitude of industries. Furthermore, as an outside general counsel, John has been instrumental in developing succession plans and buy-sell agreements for business owners.  SHOW NOTES: 00:00 -Intro. 01:24 -Why You Should Create a Special Purpose LLC. 02:48 -Problems with Aircraft Being Owned by the Business: Exposure to Operating Business, Lawsuits, and Business Divorces. 05:17 -Tax Considerations in Designing the Structure. 06:00 -Dry Lease vs. Wet Lease. 07:02 -Where To Create Your LLC for Your Aircraft. 08:17 -How to Expense Your Aircraft. 08:57 -How to Properly Lease Aircraft. 09:27 -Aircraft Insurance. 09:50 -Financing Your Aircraft. 10:20 -Planning and Preparation Prior to Purchase. 12:00 -Closing Statements. Follow John Skabelund: Websites: https://skabelund.com/ , https://ultimateassetprotection.com/ DISCLAIMER: This content is legal information only and not legal advice. Listening or viewing this content does not create an attorney client relationship. Mr. Skabelund is admitted to practice law in Arizona, and he may be reached at UltimateAssetProtection.com