Kerrick Bachert | Attorneys at Law

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Kerrick Bachert | Attorneys at Law

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Navigating 1031 Exchanges For Kentucky Clients

A 1031 exchange, also known as a like-kind exchange, is a tax-deferment strategy that allows businesses to exchange one property for another without paying capital gains taxes. This powerful tool can help you reinvest in new opportunities while deferring significant tax liabilities.

At Kerrick Bachert, PSC, we are dedicated to making this process seamless and beneficial for you. Drawing on their extensive experience, attorneys Natalie Feldman, Scott Bachert and Hope Hickey are well-equipped to guide you through this intricate procedure. Based in Bowling Green, Elizabethtown and Glasgow, we serve clients throughout the state. Our attorneys have been recognized by The Best Lawyers in America and ATLA Top 100 Trial Lawyers, included in the Super Lawyers list of Kentucky, and peer-review rated *AV through Martindale-Hubbell.

The Benefits Of 1031 Exchanges For Kentucky Businesses

1031 exchanges offer significant benefits to Kentucky businesses. These include:

  • Deferring capital gains taxes: This allows you to postpone tax payments and reinvest more capital into your business.
  • Preserving wealth: By deferring taxes, you can keep more of your assets working for you, enhancing your financial stability.
  • Enhancing business flexibility: With the ability to adjust your investment portfolio without immediate tax burdens, you can better align your assets with your strategic goals.
  • Increasing investment opportunities: Reinvesting in new properties can expand your business reach and create new revenue streams.

Our business law attorneys work with you to weigh the risks and benefits of a 1031 exchange.

How 1031 Exchanges Work

Understanding the 1031 exchange process is key to leveraging its benefits. The steps include:

  1. Identifying the properties to be exchanged: Start by determining which relinquished property you want to exchange and identify potential replacement properties that meet IRS criteria.
  2. Selecting a qualified intermediary: A qualified intermediary is essential to facilitate the exchange and ensure compliance with IRS rules. This professional handles the funds and paperwork, maintaining the integrity of the exchange process.
  3. Completing the exchange: Execute the transfer of the relinquished property and acquire the replacement property within the IRS timelines, typically 180 days. This step requires careful coordination to meet all legal requirements.
  4. Filing tax returns: Accurately report the exchange on your tax return to maintain compliance and secure the tax deferral benefits.

We offer the knowledgeable guidance and support you need for successful Kentucky 1031 exchanges.

Why Choose Our Firm For Your 1031 Exchange Needs?

When it comes to Kentucky 1031 exchanges, our firm stands out for several reasons:

  • Knowledge of Kentucky real estate law: We possess deep insights into local regulations and market conditions, ensuring your transactions are smooth and compliant.
  • Experience with 1031 exchanges for businesses: Our attorneys have successfully guided numerous clients through the process, providing tailored solutions for diverse business needs.
  • Commitment to providing personalized service: We understand that every business is unique. Our approach is customized to fit your specific goals and circumstances, ensuring the best possible outcomes.

Choosing the right firm for your 1031 exchange is crucial. Our commitment to excellence ensures that your interests are protected every step of the way.

Ask About 1031 Exchanges From A Kentucky Attorney

At Kerrick Bachert, PSC, we are ready to assist you with your 1031 exchange. Our firm offers the expertise and dedication needed to help you navigate this complex process. Contact us at 270-715-2410 or email us to schedule a consultation and let us help you achieve your investment goals.

*AV®, AV Preeminent®, Martindale-Hubbell Distinguished and Martindale-Hubbell Notable are certification marks used under license in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell® is the facilitator of a peer-review rating process. Ratings reflect the anonymous opinions of members of the bar and the judiciary. Martindale-Hubbell® Peer Review Ratings™ fall into two categories – legal ability and general ethical standards.