Just for the record, nothing about owning an airplane make financial sense and any financial advisor that tells you otherwise is wrong.
It's a hobby and it costs money, lots of it. Just like cycling is also a hobby of mine and when I spent gobs of money on a full carbon fiber road bike nothing about that purchase made any financial sense either.
The best advice I can give you is to find an aviation operating costs/cost of ownership spreadsheet online and start working on that. Figure out all your monthly costs, fixed and variable, and work it out to determine what it'll cost you monthly or annually to own and operate the plane. Then figure out how many hours a month or year you'll fly the plane to determine what it'll cost you hourly to operate the plane.
I believe depreciation only comes into play if you are using the plane for business then tracking how much business use there is. My girlfriend is a tax and estate planning attorney and she told me long ago that this can be a sticky situation if you're not careful.
Liability concerns? This is what insurance is for, if you are worried, get lots of it.
Risk management? You're flying a plane, need I say more? See previous answer.
![Mr. Green :mrgreen:](./images/smilies/icon_mrgreen.gif)