Buying an airplane can create opportunities and legal exposure that pilots may not see until something goes wrong. Tait Duryea and Ryan Gibson sit down with aviation attorney and pilot Scott Williams to cover LLC structures, dry leases, co-ownership, and the limits of depreciation for passive real estate activity. Scott also explains key insurance terms, including smooth coverage, open pilot warranties, and waivers of subrogation. A practical conversation for pilots who want to protect their aircraft, finances, and future.

Scott Williams is the founding principal attorney of the General Aviation Law Firm and a pilot with 38 years of flying experience and roughly 4,000 flight hours. He helps Part 91 aircraft owners buy, sell, structure, and operate aircraft while avoiding unintended legal and regulatory risks. Scott is also a Cirrus SR22 owner and former president of the Cirrus Owners and Pilots Association.

Show notes:

(0:00) Intro

(5:19) Why aircraft belong in LLCs

(7:01) Structuring aircraft co-ownership

(12:30) Passive real estate tax limits

(18:21) Dry leases and operational control

(24:08) Named insureds Vs. Named pilots

(29:54) LLC setup and aircraft domicile

(33:47) Using a trust for ownership

(36:34) Insurance as first-line protection

(40:52) Smooth Vs. Sublimit coverage

(43:39) Passenger waivers and liability

(49:34) Outro

Connect with Scott Williams:

Website: https://www.generalaviationlaw.org/

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*Legal Disclaimer*

The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.