Having reached the end of a year I have gone over wills, taxes, etc. I have all my assets set up as TOD or beneficiary deeds, so no need for a trust. I was wondering if anyone here has set their airplane up as a TOD? Trust? Added names to the registration? What is your plan?

I do not want to set up a trust for one asset. I have a LLC of which I am the only member. The airplane is owned by Votaw Aviation. How do I transfer that to my heirs? I can not add them to the LLC for tax reasons in the near term.

Thanks for any input.

I would find a trusted attorney who has handled estates similar to your situation. Make sure he has actually settled an aviation estate not just hear say.

I recommend you find a highly qualified estate planning attorney that only does estate planning.

They are the true experts who will ensure there are no gray areas for confusion after you pass.

Everything I own is in a trust including my airplane.

ok so not doing a trust. In my case it makes no sense and would be cost prohibitive vs. the probate penalty for putting the LLC through that. What about naming a manager in my operating agreement to take over the LLC when I am unable to continue? Or some other way to pass it on without a huge tax or probate penalty?

I found that legal trusts in my State, seem to be the most flexible and easy to work with. You can write all kinds of clauses that may help to clarify a unique situation (and keep things confidential). The Trustee may have many options to facilitate your wishes in a changing world. But, I paid an attorney a lot! Not, cheap for what we needed.