......but it is a step in the right direction.
Senate Bill SB 1007 Becomes Law
State of California Governor Arnold Schwarzenegger signed Senate Bill SB 1007 into law on October 2, 2008. This Senate Bill SB 1007 provides certain minimum standards or guidelines that 1031 exchange Accommodators or Facilitators must meet in order to do business in the State of California as a 1031 exchange Qualified Intermediary.
Effective Date
This new law is effective January 1, 2009 and must be complied with if a company or individual is doing business as a 1031 exchange Qualified Intermediary within the State of California.
Press Release
You can read the entire press release here.
Intermediate Level 1031 Exchange Seminar
This is an intermediate level workshop on forward, reverse and improvement (build-to-suit or construction) 1031 exchanges. The 1031 exchange workshop will begin with an introduction to various tax-deferral and tax-exclusion strategies, including combining Section 1031 with Section 121. The discussions will focus on the requirements, structures, processes, strategies, and compliance issues necessary to successfully complete a 1031 exchange transaction. We will finish with an explanation of the new fractional ownership opportunities of tenant-in-common property interests (TIC or CORE Interests) used as like-kind replacement property solutions pursuant to Revenue Procedure 2002-22.
There will be plenty of time for open discussions, questions and answers with our 1031 exchange experts. Handout materials will be provided for future reference.
Who Should Attend?
Anyone interested in gaining a more in-depth understanding of the processes and requirements for completing successful 1031 exchange transactions, including investment property owners (taxpayers/investors), accountants, attorneys, corporate officers, certified financial planners and real estate agents and brokers (Realtors©).
Continuing Education Credit (CE Credit)
Two (2) hours of continuing education credit will be provided to:
Deli Lunch Provided
A deli lunch and drinks will be provided by Exeter 1031 Exchange Services, LLC.
Speakers
William L. Exeter
President and Chief Executive Officer
Exeter 1031 Exchange Services, LLC
Kim Englert, Paralegal
Business Development Officer
Exeter 1031 Exchange Services, LLC
Date and Time
Wednesday, October 1, 2008
11:20 AM Registration
11:30 AM - 2:00 PM Workshop
Location - Irvine, California
Exeter 1031 Exchange Services, LLC
Irvine Branch Office
18101 Von Karman, Suite 300
Irvine, California 92612
RSVPs Required
You can view all of the details on our web page at http://www.exeter1031.com/1031_Exchange_Seminar_Orange_County_OCAR.aspx including information on how to reserve your seat for this educational 1031 exchange program.
Educational Workshop Content
The educational workshop will begin with an introduction to various tax-deferral and tax-exclusion strategies, including combining Section 1031 with Section 121. The discussions will focus on the requirements, structures, processes, strategies, and compliance issues necessary to successfully complete a 1031 exchange transaction. We will finish with an explanation of the new fractional ownership opportunities of tenant-in-common property interests (TIC or CORE Interests) used as like-kind replacement property solutions pursuant to Revenue Procedure 2002-22.
There will be plenty of time for open discussions, questions and answers with our 1031 exchange experts. Handout materials will be provided for future reference.
Who Should Attend?
Anyone interested in gaining a more in-depth understanding of the processes and requirements for completing successful 1031 exchange transactions, including investment property owners (taxpayers/investors), accountants, attorneys, corporate officers, certified financial planners and real estate agents and brokers (Realtors©).
Continuing Education Credit (CE Credit)
Two (2) hours of continuing education credit will be provided to:
Deli Lunch Provided
A deli lunch and drinks will be provided by Exeter 1031 Exchange Services, LLC.
Speakers
William L. Exeter
President and Chief Executive Officer
Exeter 1031 Exchange Services, LLC
Kim Englert, MBA and Paralegal
Business Development Officer
Exeter 1031 Exchange Services, LLC
Date and Time
Wednesday, October 1, 2008
11:20 AM Registration
11:30 AM - 2:00 PM Workshop
Location - Irvine, California
Exeter 1031 Exchange Services, LLC
Irvine Branch Office
18101 Von Karman, Suite 300
Irvine, California 92612
Go to http://www.exeterco.com/1031_Exchange_Seminar_Orange_County_OCAR.aspx for complete details.
The California Title Holding Trust
I briefly introduced the concept of the Title Holding Trust and the uses of the Title Holding Trust in my last post here on ACTIVE RAIN. To recap, the Title Holding Trust is a fully revocable grantor trust (living trust) that is designed to allow real estate investors and homeowners to acquire and hold title to California real estate on a confidential or private basis.
Benefits of Owning Property in a Title Holding Trust or Land Trust
There are numerous benefits and advantages to holding title to your real estate or personal property in a Title Holding Trust. It is a grantor trust, so the typical estate planning benefits are available. However, the Title Holding Trust also provides numerous other benefits as well. It is these lesser known advantages that are significant in why real estate investors should at least consider using the Title Holding Trust for holding title to their property.
Privacy of Ownership
The most common reason or use for the Title Holding Trust is the confidential or private ownership of real property or personal property. The Title Holding Trust lets you acquire, hold and sell property on a confidential or private basis. The true owner's name is never shown on any public record, which protects them from potential liability, litigation, and other risk exposures.
The THT is very useful in landlord-tenant relationships. Tenants often bypass the property manager and search out the property owner. The Title Holding Trust prevents this because only the name of the trustee (Exeter Fiduciary Services, LLC) is on title.
It can also help prevent stalking and/or harrassment problems. Law enforcement and those working in judicial positions can keep their names off public records to avoid retaliation when criminals are released from prison.
Avoid Probate and Ancillary Probate
Holding title to real estate or personal property in a grantor trust such as the Title Holding Trust avoids probate upon the death of the trustor/beneficiary. It also allows out-of-state owners acquire and hold title to real estate in California and avoid ancillary probate proceedings upon death (i.e. avoids California probate proceedings), although it will be included in your estate for estate tax purposes.
The long delay inherent in probate proceedings will not apply and title to the real estate or personal property will vest immediately upon the death of the beneficiary (owner).
Ease of Conveying Ownership
Selling the property held in the trust is as easy as a written assignment of all or a portion of the beneficial interest in the Title Holding Trust. There are no deeds that need to be recorded, so the terms of the sale remain confidential and private. It is an easy way of conveying a small fractional interest in the property without the hassles of recorded deeds.
Protection Against Claims
The beneficial interest in the Title Holding Trust is not real estate, it is personal property, and as such the actual real estate interest is protected from judgments and liens against the beneficiary. This can be extremely important when property is owned by multiple owners and one or more are prone to litigation.
Judgments and liens can not attach to the real property or personal property itself. They can only attach to the beneficiary's interest in the trust. This can be a huge benefit when attempting to sell real estate when one of the owners has liens against them.
Multiple Owners
The real estate or perosnal property is actually owned by Exeter Fiduciary Services, LLC so it is not necessary for each individual owner to sign transaction documents. This can save a great deal of time during sale or purchase transactions.
I will continue with this topic in my next post, so stay tuned.
California Title Holding Trust
The Title Holding Trust, often referred to as Land Trusts or Holding Trusts, has been in use in California for a good many years. I have personally been involved in the drafting, creation, and administration of Title Holding Trusts for real estate investors and homeowners in California since 1986. I have administered Title Holding Trusts that were drafted and established back to the late 1930's.
Common Ways to Hold Title to California Real Estate
However, the Title Holding Trust is not a well know method for holding title to real property in California. You might be interested in reading about the Eight (8) Common Ways to Hold Title to California Real Estate. I helped draft this years ago when I worked for The Chicago Trust Company of California (part of Chicago Title). It was Seven (7) Common Ways to Hold Title back then.
Roots in the Illinois Land Trust
The Title Holding Trust has its roots in the Illinois Land Trust. Land trusts have been used in Illinois since 1868. The Title Holding Trust or Land Trust is a simple and inexpensive method for acquiring, holding and disposing of title to California real estate and personal property.
Parties to the Title Holding Trust in California
The person that intends to acquire the real estate in a Title Holding Trust is known as the trustor or Grantor or Settlor. This is the person that has set-up the Title Holding Trust in order to acquire and hold title to California property.
Generally, the Trustor will also be the beneficiary or owner of the Title Holding Trust. The beneficiary has complete authority over the trust and generally has the power of direction. The power of direction can be delegated by appointment.
A trustee will be named or appointed within the Title Holding Trust Agreement. The trustee acquires and holds title to the real estate or personal property on behalf of the trust. The trustee in our Title Holding Trust agreements is Exeter Fiduciary Services, LLC.
Benefits of the Title Holding Trust
I will cover the advantages and the benefits of using a Title Holding Trust in my next post, so stay tuned.
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Bill Exeter has 24 years in the 1031 exchange industry and has administered in excess of 75,000 1031 exchanges during his career. He is one of the founders of the Federation of Exchange Accommodators.
William L. Exeter is President and Chief Executive Officer for Exeter 1031 Exchange Services, LLC and its affiliate companies and is located in the company's national corporate headquarters office in San Diego, California.
Mr. Exeter Has 24 Years in the 1031 Exchange Industry
Bill Exeter has been in the financial services industry since 1980 and entered the 1031 exchange services industry in 1986, and is one of the founding members of the Federation of Exchange Accommodators. He has administered in excess of 75,000 1031 exchange transactions during his career.
1,000's of 1031 Exchange Seminars, Lectures, Articles, Publications and Radio Show Appearances
He has written and lectured extensively on 1031 exchange transactions pursuant to Section 1031 of the Internal Revenue Code and on Tenant-In-Common (TIC) Properties as like-kind replacement property solutions pursuant to IRS Revenue Procedure 2002-22.
In addition, Mr. Exeter is the owner and host of The Exeter Group Real Estate Talk Radio Show, is a frequent guest expert on "The Financial Advisors - Money Talk Radio Show" on San Diego News Radio AM 600 KOGO and on the "Inside Business Radio Show" on AM 1000 KCEO San Diego.
Mr. Exeter also serves as an industry consultant and as an expert witness on 1031 exchange related litigation.
24 Years of Extensive 1031 Exchange Expertise and Experience
Immediately prior to founding The Exeter Group of Companies he served as President and Chief Executive Officer of TransUnion Exchange Corporation (formerly Diversified Exchange Corporation) in San Diego, California for four years and prior to that as Executive Vice President and Chief Operating Officer of The Chicago Trust Company of California and its 1031 exchange subsidiary for 13 years. In addition, he served as President and Chief Executive Officer of Advantage Exchange Company and Vice President and Chief Financial Officer of Central Exchange Corporation in the 1980s during the 1031 exchange industry's infancy.
Mr. Exeter's professional experience includes 1031 exchange, title insurance and escrow services, trust and retirement account administration, trust operations, investment management services, commercial banking, and insurance administration.
Mr. Exeter is involved with numerous professional organizations including the Tenant-In-Common Industry Association (TICA), COREnet Global, AIR Commercial Real Estate, ICSC, the San Diego Chapters of CCIM and CREW, NAIOP, SIOR, California Escrow Association, San Diego County Escrow Association, and NorCal Escrow Association.
Mr. Exeter graduated from California State University, Los Angeles with a Bachelors of Science degree in Accounting, and from the Canon Financial Institute, attaining the Certified Securities Operations Professional (CSOP) designation. He is currently working toward his Certified Commercial Investment Member (CCIM) designation.
Exeter 1031 Exchange Services, LLC is a leading national provider of comprehensive 1031 exchange services, which include functioning as the Qualified Intermediary ("Accommodator") and/or the Exchange Accommodation Titleholder for forward ("delayed"), reverse, and improvement ("build-to-suit") 1031 exchange strategies for both real estate and personal property transactions.
Nationwide 1031 Exchange Services
Exeter works with individual, corporate and institutional clients in all 50 states providing creative solutions for complex 1031 exchange transactions. Your dedicated client account team will provide customized programs to meet your unique 1031 exchange needs no matter where you or your investments are located.
Exeter 1031 Exchange Services, LLC has eleven (11) national 1031 exchange offices to serve you located in San Diego, Irvine, Ontario, Bakersfield, Fresno, and San Francisco, California as well as Kona, Hawaii; Tucson, Arizona; East Northport, New York; Springfield, New Jersey; and Winston-Salem, North Carolina.
Exceptional 1031 Exchange Expertise, Experience and Knowledge
You need much more than just a 1031 exchange processor in today's real estate marketplace. 1031 exchange transactions are complex income tax structures that require creative, customized solutions in order to meet your needs. Exeter is a sophisticated institutional Qualified Intermediary that can provide you with much more than just the standard processing capabilities.
At Exeter 1031 Exchange Services, LLC, we have the technical expertise, decades of experience and significant in depth knowledge necessary to structure and customize a 1031 exchange solution to fit your specific investment objective and to guide you through your 1031 exchange transaction. Exeter is there for you every step of the way.
In addition, Exeter has the financial strength, stability, equity capital and administrative resources to ensure the successful completion of your 1031 exchange transaction.
Exeter Fiduciary Services, LLC is home of the Title Holding Trust and The Diversified IRATM. Exeter Fiduciary Services, LLC is the leading provider of specialty fiduciary services to the real estate industry, including the Title Holding Trust and The Diversified IRA. The Title Holding Trust is a method for holding title to real estate and personal property.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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