Looking to purchase a jet or turboprop aircraft? Whether you are entering the world of private aircraft ownership for the first time, or are looking to step up to a new plane, Park Avenue Law LLC can provide the personalized assistance you need to find the aircraft that’s suited to your needs. Our attorney will assist you to ensure your buying experience goes smoothly.
Flat Fee Customized Services
Our aircraft acquisition legal services are compensated by a flat fee, so you know up front what you are paying. Our mission is to help you find the aircraft that’s the right fit for you.
Our 10-Step Service Model is Designed to Deliver Client Satisfaction. Here’s How it Works:
1. Matching Models to Mission: First, we will learn all we can about your typical flights–the places you’ll be flying with your new aircraft, how many people you’ll be taking with you, whether overseas flights are anticipated, and all other factors that play a role in selecting the right model aircraft. Then we will help with matching available models to your needs, so that your search will be focusing on aircraft that have the appropriate range, speed, seating and equipment.
2. Narrowing the Search: Next, we’ll meet with you in person or over the telephone to discuss the available models that can serve your needs, and provide you with the specifications and price ranges to help you decide which model or models should specifically be targeted in your search.
3. Locating Prospects: Then, we’ll go out into the market to see what is available, and to learn what may become available in the near future. We’ll bring you a list of aircrafts that meet your specific criteria, with details on each prospect.
4. Developing the Acquisition Budget: We will meet with you to create a realistic budget that addresses not simply the purchase price, but also inspection costs, desired upgrades, and costs associated with putting your new aircraft to work for you, to eliminate surprises to the extent possible.
5. Pre-screening Prospects: Your time is valuable, so we don’t want you to waste it looking at aircraft that are not going to be suitable for you. We will help you sort through the list to hone down the search to only the best prospects that meet your criteria. Then, we’ll reach out to the sellers to schedule times when you can see the aircraft on your short list.
6. Selection and Offer to Purchase: We’ll help you obtain any additional information that you request to make a decision on which of the finalists is the right choice for you. Then, because we are an experienced aviation law firm, we will prepare a purchase offer (and eventually a full Aircraft Purchase Agreement) with appropriate protective language, so that you will have an “escape clause” to invoke if the inspection reveals that the selected aircraft has a hidden problem.
7. Negotiating the Purchase Price: Our attorney will be on the front lines of the negotiations, working hard to reach the final agreed price is one that is fairly matched to the selected aircraft and within your budget.
8. Choosing an Escrow Agent for the Transaction: We will help with the selection of a bonded and insured escrow agent and title company to handle funds so that your money is well protected, and we will order appropriate title inspections to document that the aircraft has no liens recorded against it or its engines.
9. Choosing an Inspection Facility and Inspection Consultant: For a purchase of this importance and complexity, you will want to be sure that the facility conducting the pre-purchase inspection is familiar with the aircraft model. In addition, you will want an expert consultant with model experience to oversee the inspection. We will help you locate both, and we’ll work closely with them as your agent during the course of the inspection, to communicate their findings to you and to help resolve any disagreements over discrepancies found.
10. Closing and Registration: We will review all pre-closing checklists provided by the escrow agent, and will help to secure all signatures and other information needed for a smooth closing. Afterward, we will confirm that the registration documents have been properly recorded by the closing agent.
Quality Service: Throughout the process, our primary goal is to provide quality service to you. We want you to be a satisfied jet or turboprop owner.
A new tax law enacted at the end of 2017 added a powerful tool for U.S. business owners who use their private aircraft in their business. Under the new law, the cost of any new or previously-owned aircraft that a taxpayer purchases and places into business use during the tax year can be written off (“expensed”) ONE HUNDRED PERCENT. This is a drastic change from prior tax law that imposed limits on the amount of an aircraft’s purchase price that could be expensed. With the new tax law already on the books, and a steadily increasing number of pre-owned aircraft hitting the market as owners upgrade to new models, there has never been a better time to purchase an aircraft.
IRS CIRCULAR 230 DISCLOSURE: Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter.