Private Aircraft Ownership and Operations: Pitfalls and Opportunities for the Family Office
Overview
Using private aircraft – anything from large intercontinental business jets down to single-engine piston aircraft – to meet the transportation needs of family office principals, employees, and guests can provide enormous benefits in time, security, and convenience. The ownership and operation of such aircraft, however, can be quite complicated. The aircraft and its use are highly regulated by various government bodies, including the Federal Aviation Administration, and can trigger significant federal tax, state tax, and civil risk management issues.
In this FOX webinar, David Norton, a partner and head of the aviation practice at Shackelford, Bowen, McKinley & Norton LLP, joined us as he led a high level discussion of the various issues, benefits, and risks family offices should consider when contemplating the use of private aircraft.
- Understand at a high level the various FAA rules that will have a significant impact on how your family office can utilize private aircraft
- Familiarize yourself with the various federal tax issues that can arise from such use, including federal excise taxes as well as the ramifications of personal vs. business use of the aircraft
- Learn the various types of state taxes that might be triggered by basing and operating aircraft in different locations
- Recognize and properly manage civil risk issues that can arise with such aircraft use