"Clancy is a fine lawyer but, more importantly, he has become a very good friend. He has a tender listening ear towards family matters and desires to make your legal issues less stressful and more beneficial for all that are concerned. I trust him with all of my heart."

Judee Steward

"You guys make the lawyer-business interesting and engaging, so I don't dread appointments at your office. I think that's quite an achievement!"

Ron & Kristen Steward

"I personally used Parks & Jones for my family trust and have referred my family members and several of my clients. I could not be more pleased with the entire team at Parks & Jones. They genuinely listen, they explain things very well, and most importantly, they truly care. I would highly recommend Parks & Jones."

BRIAN
ASKINS

"AMAZING!They really helped my mother in law and I appreciate them asking great questions that really helped uncover what was best for her.Thank you to the Parks and Jones team!Highly recommend their services."

LANDON McCARTER

"We like how Clancy stays in touch with us. We feel like he really cares about us and our situation. His staff is also very responsive to our situation. His staff is also very responsive to our needs."

Dean and Joanne Knapp

"Joy and I have known Clancy since he was a little boy. We consider him part of the family. As a lawyer, he has handled our estate with professionalism, follow-through, and genuine care."

Tom Dye, Former KYTV Channel 3 Weatherman

"Our previous experience with attorneys was impersonal and unresponsive. Clancy changed all that for us and has been an excellent advisor and soundingboard as we dealth with our estate planning and business issues."

Jeff and Lynette Goetzinger

1031 Exchanges

Springfield Business Attorneys for Your 1031 Exchanges

If you had the chance, wouldn’t you prefer to put off paying taxes? They’re costly, frustrating, and just so, well, taxing! That’s why 1031 exchanges are so convenient when selling certain kinds of real estate. They can be a complicated option, however, and consulting with Springfield business attorneys is encourage to help you make sense of your options.

What is a 1031 Exchange?

When you sell business or investment real estate, you are required to pay capital gains tax on the sale—unless you set up a 1031 exchange, that is. 1031 exchanges allow you to postpone paying those taxes as long as you purchase like-kind property with the proceeds. The idea is that because the seller is reinvesting the sale proceeds into another property, there hasn’t been an economic gain worth taxing. While the form (the actual property) of the investment has changed, the financial investment has remained the same. In effect, the seller is leveraging their potential tax liability into new real estate.

Understanding the Tax Benefits

With a 1031 exchange, you will not have to pay taxes on your investment until further down the line, when you sell the replacement property. In postponing your tax liability, you enjoy the benefit of having more money to spend on another investment property. If the taxpayer never sells, then his or her beneficiaries will have virtually no capital gains tax because of the basis step-up rule. And finally, any gain from depreciation recapture is postponed until or possibly eliminated at your death.

If you’re planning to try a tax-deferred exchange, be sure not to transfer the property’s title, benefits, or burdens until you’ve set up the exchange. After the sale of your property, you have only 45 days to identify your replacement property (no extensions allowed) and 180 days to close on the replacement property. So if you wait the full 45 days to identify the new property, you’ll only have 135 days to close! Act fast because these time limits are strict.

For more details about who and what qualifies for 1031 exchanges, contact a business lawyer, a tax advisor, or a qualified intermediary who is experienced in these transactions.

To learn more click Midwest1031x.com

Parks & Jones Can Provide Legal Assistance for Your 1031 Exchanges

In 1994, Clancy formed Midwest 1031 Exchange Company, Inc. Midwest 1031 is a full service Qualified Intermediary company designed to facilitate a client completing a 1031 Tax-Deferred Exchange. Essentially, the tax code has established a process whereby a taxpayer selling qualified real estate can defer/avoid the capital gains tax on that transaction if they reinvest in “like-kind” real estate within certain time frames.

When Midwest 1031 is serving as the Qualified Intermediary for a taxpayer, Midwest 1031 is NOT their legal counsel. However, many times clients contact Parks & Jones, and we engage them as legal counsel as they make their way through the 1031 rules and regulations. So, either as a taxpayer’s Qualified Intermediary through Midwest 1031 Exchange Company, Inc. or as their legal counsel through Parks & Jones, Attorneys at Law. Our Springfield business attorneys are uniquely qualified to assist taxpayers leveraging the equity in their property so they can sell when they want to without the government taxing the situation. Call today!