The smoke is his trademark for the plane. It's the Galloping Ghost so he can turn it off and on. You can see that here.
However here is a new video of the crash. Sorry if its already been posted in here.
Jimmy was a legend. He developed a residential community with approximately 180 homes in it and about 200 planes owned by the residents surrounding a 6000 foot runway in Florida. The flying community has suffered a huge loss.
RIP Jimmy.