Planning for the Acquisition, Sale or Succession of Real Estate
Real estate is typically the asset of greatest value in a family estate. Whether it be the homestead, the hunting shack or the family cabin, these properties hold priceless memories along with significant financial value. Good estate planning must take these factors into account.
Buying or Selling Your Home or Recreational Property Our firm is well versed in the rules and procedures required to assist families with buying and selling real estate. We can help you decide if you need to retain the services of other professionals such as realtors, title companies, insurance agents or accountants. Many times the task is more efficiently completed by assembling a team of players, but there are also times when we can assist you with closing a deal on your own.
Keeping the Family Cabin for Future Generations Many families have a strong desire to keep the "family cabin" for future generations. As noble as this idea seems, there are significant issues that must be overcome to result in a workable transition. For example, after mom and dad are out of the picture, should all the children own the cabin? What if some of them have no desire to keep it but others do? What if some of them can afford the cost of maintaining the cabin and others can't? How can you protect the cabin from possible creditor claims in the future (divorce or other judgements)? After a full discussion of these and other issues, most families decide to pass on the idea. But for those who choose to carry on, we have the experience to help you design the right plan for your family.
1031 Exchanges The sale of real estate used for commercial purposes is usually subject to very significant capital gain taxes. If you are considering a sale to enable you to expand your business or move it to another area, perhaps a 1031 exchange can be worked into your plan to defer this tax. They are not terribly difficult to set up, but care must be taken to assure the transaction strictly conforms to the rules imposed by the Internal Revenue Service. Our staff can help you successfully structure and close a 1031 exchange.