It's pretty common for a single person to form a trust or LLC to buy an airplane, but it's mostly only worth the cost when the airplane is very expensive or when it's going to be used for commercial activity. I used the only example I could think of, off hand, that applies to non-commercial activity, because it's more relatable.

Also, I think it's worth mentioning that the advisory circulars, legal interpretations, and other letters the FAA writes aren't regulations, and it takes a ruling going to a federal court, not an FAA panel or tribunal, to set a precedent for what is and isn't legal. As far as I understand, this has never happened with FAR 61.113, which is a bit self contradictory and the FAA's overly broad definition of compensation where "the building up of flight time may be compensatory in nature if the pilot does not have to pay the costs of operating the aircraft" (https://www.faa.gov/media/15611) is extremely unlikely to ever hold up to a jury.