Choosing the right option for your family’s needs
Private air travel offers several benefits — comfort, convenience, efficiency, privacy, and more. Private aircraft can be especially attractive to people who must travel on short notice or who frequently travel to areas that lack adequate commercial airline service.
Aircraft ownership is a serious, expensive, and complex proposition that poses a number of questions. This article addresses the most commonly asked questions as families and individuals consider the options. The article discusses:
- Options to consider — buying a plane, taking a fractional share in one, using a charter service, or taking advantage of the increasingly popular "flight card" programs.
- Considerations for ownership structuring.
- Important tax considerations with regard to aircraft ownership and use.
- Managing personal versus business use of aircraft.