Just the other day I received a call from a client of another Qualified Intermediary (QI) who was in the middle of a 1031 exchange. He had a question about some of the 1031 regulations. Strangely, he did not trust that the other QI knew exactly what they were doing.
This is pretty disturbing, but unfortunately it happens more often than you would think. There are many people out there who want to do a 1031 exchange and just choose a Qualified Intermediary based on a recommendation from a colleague or some basic internet research without really qualifying that QI. Realizing in the middle of a 1031 exchange that the QI you are using may not really have the expertise you need is too late.
Just asking yourself the basic, “Can I trust that my QI knows how to handle my 1031 exchange?” is a great place to start. It’s your money, so if the answer to that is no, then you should continue looking for one that does.
NES Financial is the leading independent QI, having worked with more Fortune 500 companies than any other QI in the country. Our 1031 Exchange Solutions cover all types of exchanges, including forward, reverse, and program.
On top of that, our General Counsel developed 1031 guidance during her tenure at the IRS National Office in Washington, D.C. So it is safe to say that you can trust that we know what we’re doing.
What is a 1031 exchange? Find out more by downloading our 1031 exchange kit.
Allow us to address your business needs by contacting us, or comment on this post below. We look forward to hearing from you!