If anybody else was flying the plane, I would absolutely without doubt have the plane in a Ltd co.
But if I was the only pilot, I cannot see how this would work for 3rd party damage arising from a crash.
One can structure the family assets to protect the family from one's personal bankrupcy (whether one survives the bankrupcy or not
) . This is very simple: transfer all you can to your wife, or to a trustee. Then you have to wait for 7 years before doing anything risky.