Terrafugia, AeroMobil, PAL-V, Volocopter and KleinVision are all developing Flying Cars. KleinVision's AirCar seems to be the most advanced in development. It was Glenn Curtiss in 1917 who first came up with the idea.
Ha! Ive always felt that most of these things are aeroplanes you could drive on a road, when what is needed is a car that can fly, theyre not the same thing. With respect to the legal design issues, its greatly easier if your car is more of a motor cycle than a car, and such vehicles as opposed to our gyro copter flying friends view them, are safer with two wheels at the front and one at the rear, because we already know the Morgan was a better 3 wheeler than the Reliant. Motorcycles dont have air bags or other complications, and you can even get away with an aero screen which even Police motorcycles have on the bikes fairing. Then comes the issue of wings, the trend is to go for quadcopter or however many copter rotary wings as opposed to actual wings, and again I disagree (not a surprise by now!). While there are various forms of safety for rotary wings like double redundancy etc, nothing it seems to me is as safe as being able to glide to within inches of terra firma. Actual wings of course have to transform or stow, and we saw a good example of that which reminded me of the F4, or in Fleet Air Arm use the Martlet. My own concoction is more swing wing that parks itself inside the body either side of the rear wheel, and this is pretty safe for low speed flight as wing suck forward in flight. Theres more because your wing/body has to be able to be rigged with the right AoA for take off, you wont be able to drive that wing/body on the road for the same reason unless you can apply a much more negative AoA. Hence a tilting drive system which keeps the tail high on the road, and very low for take off, achievable with a screw jack or linear drive. Well while I always wanted to do this, I just became too old and had to let go of it. That fortune is then for someone else.