A real estate lawyer in Davenport, IA helps people address matters concerning real property, including agricultural land, farms, multifamily housing, and primary residences. These legal professionals facilitate purchases and sales, and they can advise on zoning and land use regulations. Investors can use attorneys to help them navigate through a 1031 exchange and with estate planning.
1031 Exchange
A 1031 exchange is a tool used to help preserve wealth and defer taxes. It is authorized by the IRS, but many regulations are surrounding it. Once a property is sold, the funds can be held by a qualified intermediary. Within a set timeframe, one or more like-kind pieces of property must be identified. The escrow must close within 180 days of the original sale. If this happens, the capital gains on the sale are deferred. A real estate lawyer in Davenport, IA can determine if you qualify for the exchange, help you identify like-kind property, and assist you with this multi-prong transaction.
Estate Planning
Attorneys who specialize in real estate law advise individuals on ways they can set up their estate so that it can be distributed to their chosen beneficiaries. Some methods are wills with living trusts or titles held in joint tenancy. Each tactic has different tax implications. Working with a real estate lawyer in Davenport, IA means investors and homeowners can develop plans to curtail taxes and distribute and preserve wealth. For more information on how a real estate attorney can assist you, visit David J. Franks Law at website.
