frcabot

I have USAA, it requires 300K/500K on Auto and then I've got $3M on top of that. Aviation is excluded of course. I also have 300K on house. Premiums are very affordable, I think I pay around $1400 per year for Auto and another $3-400 per year for $3M Umbrella.

Did not know that about Avemco, thanks. Too bad they are 2x the cost of other insurers.

Yes but keep in mind that the defense costs apply against the policy limits (eg if you have a $100K per passenger limit and your passenger sues you and your insurance company spends $100K on lawyers defending you, then there's no further obligation to pay anything). Lawyers are expensive and $100K doesn't go very far in a contested matter. Again, if you're judgment proof it doesn't much matter, but if you're not, you want to have enough liability protection to at least equal your non-exempt assets.

They are fully protected as well as any cash you draw out of it in the future. When your bankruptcy is discharged, all your debts are wiped so nothing can be garnished further. The exceptions are for things like willful torts, which can't be discharged. That's why OJ is sitting golden, his income mainly comes from his NBA pension and it's totally untouchable. (I.e. even though the judgment against him for wrongful death is nondischargeable (because a civil jury found he murdered the victims, ie committed a willful tort), only non-exempt assets can be garnished; this doesn't include his pension or retirement assets, but includes non-retirement income, like the advance he got for writing the "(If) I did it book" as well as the rights to the book itself).

A) This is false. IRAs are also protected by federal law up to $1,362,800. C) work-related IRAs (eg Rollover IRAs) have unlimited protection as long as you don't commingle your rollover IRA with another IRA (in which case, if you have an IRA with a balance over $1.4M, you'd have to sort out what came from the 401k/Rollover and what didn't.). In any case the limits are so high that for most people their IRAs will be fully protected regardless of what state they live in. Moreover when you file bankruptcy you can choose to use the federal or state exemptions, whichever is more generous. For most people who switch employers or retire, rolling your 401k into a Rollover IRA is a good idea as there are usually no IRA fees (whereas 401k can be quite costly) and the investment choices are much greater. Signed, --A lawyer, but this isn't legal advice.

No, all retirement assets are protected in bankruptcy by federal law. Exceptions to bankruptcy are essentially only when you commit a purposeful willful tort. A plane crash is usually negligence, not intentional (with the exceptions of incidents like Germanwings etc.)

The $1,000,000 policies usually come with only $100,000 per pax (at least all of mine have) so they are pretty useless. A much better policy has a $1,000,000 Combined Single Limit, with no per passenger caps. I need a high liability limit as I have significant assets ($5+M) and am having a hard time finding an insurer to give me over $1M without exorbitant rates. Obviously, umbrella insurance doesn't cover aviation-related accidents. Even if you don't have PAX, you could crash into someone's house or land on the freeway in an emergency and kill a car driver or something like that. In general, you should have enough insurance to at least equal your assets that aren't protected in bankruptcy (e.g., total net worth minus retirement accounts minus house exemption, usually). This varies per person so there is no one answer for everyone. If you have more assets, you need more coverage. If you are judgment-proof, then getting the bare minimum is OK. If you don't care what happens to your estate if/when you die (e.g., if you bite the bullet in an aviation accident and have no heirs), then I guess it also doesn't matter as much -- but you'd better hope you die, because otherwise you might live the rest of your days as a pauper.

Might help to know where you're located. TEC routes are still a thing, they're listed in the A/FD Supplements I believe. And yes, they are in Foreflight. The SoCal preferred TEC routes are here https://myflightroute.com/inputtec.php If you use the online AFSS, you can also search for TEC routes. You can also search here (omit the K from the origin and destination airports) https://www.fly.faa.gov/rmt/nfdc_preferred_routes_database.jsp Most Mooneys use the Q routes (non-jet, cruising speed 189 kts or less). If your cruising speed is over 189, then you're a P. P routes and Q routes are (nearly?) always the same -- I have yet to find routes that aren't labeled PQ (for both P and Q categories). If you're filing IFR in the SoCal region, you will frequently be given a TEC. For flights between San Diego and LA area, I am always assigned to a TEC.

How have planes been pushed out of MYF to SEE? I was actually thinking of switching to MYF as it's much closer to my house than KSEE (I'm just north of Balboa Park).

Same here re latter, would prefer to work with a local A&P. I was working with one but he's EXTREMELY unresponsive so I don't intend to use him again and can't recommend him. I'll check in with the Coast Air folks at MYF.

Does anyone have a reasonably priced mechanic in the San Diego area they can recommend? The one I've been using is very unresponsive and I've been very unsatisfied with him. Need some work done ASAP. I'm based out of El Cajon with an M20J. Thanks!

Yeah I was kind of wondering how far I'd have to go. For something big like an annual it might be worse travelling a fair distance.

Thanks Jay, that's awfully nice of you. You are a gentleman.

Good point. The issue will definitely be fixed before the next annual though. Between the POH and the FARs, I don’t feel I need to go through the hassle of getting a special ferry permit.