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Indianapolis, IN 46220

Opportunity Zone Investments v. 1031 Exchanges

On December 22, 2017, Congress passed the Tax Cuts and Jobs Act, which includes a new capital gains tax savings provision which some investors are referring to as a 1031 Exchange on steroids.

In a typical 1031 Exchange scenario, an owner of commercial real estate who sells and makes a profit can avoid the capital gains tax on the profit by reinvesting the entire sales proceeds into a new purchase of commercial real estate within 180 days of the original sale. For a 1031 Exchange, the seller cannot touch any of the sales proceeds and must hire an unrelated third party, known as a qualified intermediary, to hold the funds until the new property to purchase is found. The property which is ultimately purchased on the back end of the 1031 Exchange must be identified in writing to the qualified intermediary not later than 45 days after the original sale.

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What happens when you or your former spouse wishes to relocate?

In Indiana, if you are divorced with children or have a child with someone to whom you were never married, the law requires you to notify the other parent that you are planning to move.

The requirement to notify the other parent applies to both custodial and non-custodial parents. This notice must be sent to the Clerk of the Court that issued the custody order or parenting time order, and a copy must go to the non-relocating parent, no later than ninety (90) days before the intended move. The notice requirement applies to any move, from across the Country to across the street.

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Times when an estate plan is important

While it is always a good decision to prepare an Estate Plan, there are times in our lives in which obtaining an Estate Plan is imperative. In addition, many think that once the Estate Plan has been created, they can lock it away, never to be seen again. However our lives are ever changing. Therefore, periodic reviews of Estate Plans are vital. Estate Plans should be reviewed every 3 to 5 years and updated upon occurrences of certain events of our lives.

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Estate planning myths

Many people in Indiana believe that they do not need an Estate Plan for one reason or another. However, the vast majority of the time, the reasons given for not having or preparing an Estate Plan are in fact untrue and an Estate Plan should be prepared. Below is a list of examples of myths as to why people believe that they do not need an Estate Plan

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