EXCELSIOR CAPITAL PRESENTS

Tax Planning Strategies for Real Estate and Family Offices

Ricky Novak is the Co-founder of the Strategic Group. He has spent his career working at the intersection of real estate, tax, and private equity.
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Podcast: Tax Planning Strategies for Real Estate and Family Offices

Ricky Novak is the Co-founder of the Strategic Group. He has spent his career working at the intersection of real estate, tax, and private equity. He works directly with high-net-worth investors and family offices and is the trusted advisor to these clients. His expertise focuses on real estate private equity, tax-deferred 1031 exchanges, Delaware statutory trust (DSTS), tax-deferred opportunity zone funds, and numerous federal and state-sponsored tax mitigation strategies.

 Joining us today as Co-host is Jarrod Arnold, CPA, Jarrod is the COO at Excelsior Capital, where he oversees financial matters (including budgeting, forecasting, and tax) as well as Marketing, Human Resources, and Investor Relations. Before joining the company, Jarrod was a Tax Manager at KraftCPAs in Nashville, TN focusing on medium-sized companies in a wide range of industries. Jarrod began his career at BDO in a similar capacity and is a Certified Public Accountant in the state of Tennessee.

Key Highlights

[00:01 -06:47] What is a 1031 Exchange?

  • It’s a strategy that has minimal risk
  • If you own a property, you can sell that asset and execute an exchange into one or more replacement assets
  • If you do everything correctly, you are deferring your tax liability and allocating it to a new investment 

[08:50 – 12:21] How to Find a Qualified Intermediary You Can Trust

  • Find someone who has your best interest and will show you the right way to go about things
  • Be wary of QIs who cut corners. This might put you in a difficult situation where you have to deal with IRS
  • Questions to ask to qualify for a QI
  • Figure out how sophisticated the QI is. You want someone knowledgeable and could help you make decisions
  • Make sure they have the right insurance and dedicated advisor

[12:22 – 26:34] 1031 Exchange: Know The Rules

  • Who should be at the table when pursuing 1031?
  • Be involved in the conversation and make sure you understand the real-life implications
  • The reason for the uptick in 1031 investments
  • How you could take advantage of deferring taxes as a property owner
  • Entering 1031? Make sure you have the following…
  • Here’s what to ask your sponsor when vetting
  • Do your investment match up
  • Structure and timing
  • Opportunities on legislation are materially different than 1031

[30:37 – 31:24] Closing Segment

Additional Links:

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/

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