#161 - Aircraft Ownership, Insurance, and Liability with Scott Williams

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) OutroConnect with Scott Williams:Website: https://www.generalaviationlaw.org/ If you’re interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomep