Introduction to Special Asset Services
Below are three areas in which we have developed qualified teams of professionals to meet the unique needs of our clients. If you have special asset needs beyond those listed below, we encourage you to contact us to discuss how we may serve you and meet those needs.
1031 Like-Kind Exchange
Section 1031 of the Internal Revenue Code provides a great opportunity to build wealth by deferring taxes. Owners of business and investment properties, through the use of a Qualified Intermediary, can sell one property and purchase a similar or “like-kind” property while deferring capital gains taxes. A like-kind exchange can involve any real estate in the U.S. For example, proceeds from the sale of an apartment complex could be used to purchase land.
Heritage has a dedicated team of knowledgeable professionals that will work in tandem with your team of tax, accounting, and legal advisors to maximize the benefits of an exchange.
As Qualified Intermediary, Heritage will prepare the 1031 Exchange Agreement and related notices, provide examples of applicable language for inclusion in the real estate contracts, and set up a unique account for each transaction and deliver monthly account statements and annual tax reporting statements. Read more about these services on our Qualified Intermediary Services page.
Farm & Ranch Management
The daily management of farm and ranch estates can be burdensome and achieving the greatest financial return can be complex. Heritage works with clients to devise and execute a strategic plan of action to generate the greatest amount of net worth from property ownership. Some or all of the following services provided by Heritage may be important objectives in an overall plan for property management: lease negotiation and identifying lease alternatives, land inspection and monitoring conservation methods, farm accounting and income tax compilation, evaluation of crop marketing and risk management, evaluation of crop insurance needs, auditing owners’ share of expenses, and managing communication between owners and family members.
Heritage is dedicated to preserving your family legacy, and the goal of our farm and ranch management team is to relieve the daily management burden and worry over your farm and ranch estates, while helping to achieve the greatest financial return.