Wednesday, April 29, 2009
Michelle M. Wade (Partner, Jackson & Wade, L.L.C., Shawnee, Kansas) and Dillon L. Strohm (Associate, Jackson & Wade, L.L.C., Shawnee, Kansas) have recently published their article entitled Trusts, Estate Planning and The Family Jet.
The following is from the introduction to their article:
When a high-net worth family or individual is purchasing a jet that will be flown primarily for personal and family use, it can be useful to consider at the outset how the structure of the ownership and operation of the aircraft fits within the estate plan of the owner and any future ownership or usage by his or her heirs.
Early planning may help avoid the need for future transfers of ownership of the aircraft. Most States impose taxes on transfers of aircraft, and there may also be other state and federal tax issues involved. These often arise when trying to restructure the ownership of the aircraft and transfer it to a trust in order to satisfy estate planning needs.