Originally Posted by
Transsonic2000
Thanks S-Works and Waltzer! Most helpful answers so far! This guy already owns the aircraft for about 15 years now. So I guess he knows how to handle it. As stated in my above question, the current "owner" is a guy (US citizen) but he is 85 and now my friend is probably concerned that he might pass away. I assume the reason behind asking me if I would be willing to act as the owner of his aircraft, is probably because he want's to save money or he's reluctant and doesn't want do deal with a trust company. My basic question was, what are the responsibilities which would come with an N-reg aircraft ownership (I'm a US citizen) and/or are there any "risks" involved which could bite me in the end? He told me that I don't have to worry about any upcoming costs, he will take care of all that. But how about if there is an accident and he (in this case the operator) would be killed? So they would come after me, right?
the aircraft would be legally yours if anything illegal happened or or a claim was made you would be liable , if you owed Someone some money they could come after your assets
the aircraft are your assets
I have had aircraft on trusts like sac and international for 20 years without any problems
it’s cost me (just got my bill yesterday ) 435 usd
why would anyone want to risk their asset or any us citizen want to take risks. If the **** hits the fan they could be jailed