This CLE webinar provides an overview of the legal framework, history and practical applications of Delaware Statutory Trusts ("DSTs") and Umbrella Partnership Real Estate Investment Trusts ("UPREITs") as qualified replacement properties under Internal Revenue Code Sections 1031 and 721, respectively. Specifically, the content is intended to help practitioners who advise landlords become familiar with DSTs and UPREITs as options for replacing highly-appreciated real estate in transactions designed to defer or ultimately avoid capital-gains taxation, and to identify how these options may (or may not) be suitable for taxpayers who otherwise may be limited to purchasing other actively-managed, solely-owned replacement property in a 1031 exchange.
This course provides California attorneys with a comprehensive overview of Internal Revenue Code Section 1031 and its application in real estate investment and estate planning. Attendees will gain insights into structuring tax-deferred exchanges, avoiding common compliance pitfalls, and advising clients on how to preserve and grow wealth through strategic use of 1031 exchanges.
Topics include:
Legal framework and IRS regulations of 1031 exchanges
Identification and replacement property rules
Legal documentation and timelines
Ethical considerations and disclosures when advising clients
Practical case studies
Learning Objectives:
Understand the legal foundation of Section 1031 exchanges
Apply knowledge of exchange requirements to client scenarios
Identify common compliance risks and legal pitfalls
Advise clients on strategies to lawfully defer capital gains taxes
Upon course completion, State Bar of California licensees will be eligible to receive 1.0 MCLE General Credit Hour.
Course Instructor: Richard Gann, Managing Partner, 1031 Capital Solutions
Legal and financial expert in tax-deferred investment strategies
Extensive experience advising attorneys, CPAs, and investors
Regular speaker on legal and tax planning topics
Host: Jamie Furlong, Managing Partner, Legacy Investments & Real Estate
About the Speaker
Richard Gann
Richard (Rick) Gann is a graduate of UCLA and California Western School of Law. He has been a member of the State Bar since 1997. While finishing law school and studying for the bar exam, Rick befriended his then-neighbor, Jason McMurtry. Rick and Jason have worked together, with few interruptions, for over 20 years.
Before transitioning to financial services, Rick practiced law for nine years in the fields of real-estate taxation and estate planning. Rick proudly helped numerous clients manage taxes on their real-estate holdings and investments. Rick’s inspiration for helping property owners came from his grandfather, Paul Gann, author of California’s Proposition 13, which lowered property taxes and sparked a nationwide movement of fiscal conservatism.
In 2006, Rick joined Jason at Grubb & Ellis, fka Triple Net Properties. As an attorney and licensed real-estate broker, Rick developed and supervised a retail division of the company, offering 1031-exchange solutions through a network of commercial brokers across the country.
Later, at Steadfast Companies, Rick helped lead a capital markets team that raised over $1.5 billion from individual investors to acquire over 100 apartment communities across the South and Midwest. Rick also helped create a new 1031-exchange program, designed for individual investors seeking to co-invest in REIT-owned properties.
Subsequently, Rick was President of the Stira Alcentra Global Credit Fund, which merged in May 2019 with the Priority Income Fund. Rick has been an active member of both the Institute for Portfolio Alternatives (IPA) and Alternative & Direct Investment Securities Association (ADISA) since 2007.
Rick and his wife, Amy, live in Portland, Oregon and also spend a great deal of time in the Seattle area. The Ganns have one son, currently attending college.