Full Transcript for What If Your Biggest Asset Causes The Biggest Fight

Mullen are sponsoring this event. 00:04:37.759 --> 00:04:40.720 And and our excuse me, we're hosting this event. 00:04:40.879 --> 00:04:47.360 Let me clarify Impact Wealth, Impact Wealth and Baker Tilly are sponsoring this event. 00:04:47.439 --> 00:04:57.120 And this is I my my father was uh recommending and giving and inviting me to rem to share some context of now. 00:04:57.279 --> 00:05:06.000 Troy Wada is a national speaker and founder and with Impact Wealth Solutions, and this is listen, he's absolutely one of the leading experts. 00:05:06.160 --> 00:05:09.040 If you didn't catch that episode, go listen to it on the podcast. 00:05:09.199 --> 00:05:11.839 He's one of the leading experts in DST in the country. 00:05:12.160 --> 00:05:21.040 In the United States, and which is it's a and this goes back to the power of relationships and and uh you know connections and and introductions. 00:05:21.120 --> 00:05:23.680 And this is where I had an opportunity. 00:05:23.839 --> 00:05:26.319 I've been in real estate for 21 years. 00:05:26.480 --> 00:05:37.839 Uh you know, we've been focusing over the last 21 years, we have a residential team, and then over the last number of years, I've been uh developing and growing and working in the commercial world, and then it's expanded. 00:05:37.920 --> 00:05:55.360 And it was because of uh introduction to Troy Wada and and learning about uh what he's uh what his focus is, and and uh you know, these financial concepts, these tax investment strategies, even the charitable giving and fundraising opportunities. 00:05:55.439 --> 00:05:59.759 There's a multi-layered um conversation on this, you know. 00:06:00.000 --> 00:06:03.199 And Troy, by the way, is flying in. 00:06:03.519 --> 00:06:06.720 This might this seems a little bit I don't know. 00:06:06.800 --> 00:06:08.879 I mean, this is a significant uh trip for him. 00:06:08.959 --> 00:06:22.800 He's actually flying in his he's based in Honolulu, Hawaii, and he, if everybody in Hawaii, I don't want to say everybody, but he's a well-known entity in Hawaii helping families that have these legacy assets in Hawaii. 00:06:22.959 --> 00:06:44.079 And then he also has an office in Pittsburgh, uh, working with uh you know the the Pittsburgh area through uh relationships with like uh First National Bank, he also works with the Bank of Hawaii, and in this area of of focus with Delaware statutory trusts and options for clients, and this is interesting. 00:06:44.160 --> 00:06:54.079 And so when I got introduced to Troy uh and and I've had the opportunity to actually be at his office in Honolulu, he's been here a number of times, uh, and we're so grateful. 00:06:54.160 --> 00:06:57.680 It's uh we're it's truly grateful that he's coming back to the area. 00:06:57.759 --> 00:07:10.399 We've had other meetings before, but we wanted to make a uh a very intentional effort to s to share this publicly with and with you, justice, being here on the radio in the series leading up to it, to invite our listeners to come out. 00:07:10.639 --> 00:07:11.279 Yes, absolutely. 00:07:11.360 --> 00:07:29.519 And we're honored and blessed to be able to have the ability to get gain access to his resources and and work with him and and uh the fact that he's coming to Hendersonville specifically and Western North Carolina region in order to ensure that this product is available to the people we work with. 00:07:29.600 --> 00:07:32.800 Uh really it's a great tool that a lot of places don't have. 00:07:33.199 --> 00:07:43.040 Are not aware of and and again it's what it's information, and he's been in this space, I think, uh 16, 17, 18 years and doing this, and it's amazing. 00:07:43.120 --> 00:07:45.680 And again, we we don't know what we don't know. 00:07:46.000 --> 00:07:49.439 And I have been in the real estate industry 21 years. 00:07:49.519 --> 00:08:10.079 Uh in and justice, your experience as a in the legal field, again, our are and when we work together, and it's the combination of working together with your this trusted advisor ecosystem between your tax and your your CPA, your tax advisor, your real estate advisor, your attorney, your financial advisor. 00:08:10.160 --> 00:08:11.759 It's working in concert together. 00:08:11.920 --> 00:08:23.519 You know, it's this ecosystem that ultimately, instead of these siloed uh, you know, you know, areas of expertise, it's bringing together everybody ultimately to to collaborate and work together. 00:08:24.160 --> 00:08:38.559 I will say this though, you know, our clients and and your clients are they've had a lifetime of of creating their in a lot of cases these real estate uh investments and portfolio, and it's and it's remarkable. 00:08:38.639 --> 00:08:40.639 I I think I said this to you yesterday. 00:08:40.879 --> 00:08:45.840 People look at what other people have, but they may or may not be willing to do what it took to get to where they're at. 00:08:45.919 --> 00:08:54.799 But now these clients are in this place of preserving their legacy and thinking about their what it what it looks like for the next generation. 00:08:54.960 --> 00:09:13.679 I know that's where it's such a critical conversation you're having with clients, and and and this is where you know we've you and I and and you and I are I would say on the on the this this life cycle of real estate investing, you everybody has to start somewhere with that very, very first real estate investment. 00:09:14.000 --> 00:09:17.679 And real estate has a lot of benefits to the to investment in it. 00:09:17.759 --> 00:09:26.480 Uh but on my end, from the estate planning perspective, one of the challenges that you face with real estate is how do you split that up amongst your beneficiaries? 00:09:26.720 --> 00:09:33.440 Even if you have three different investment properties and three different children, those investment properties are not in always equal. 00:09:33.600 --> 00:09:48.159 And a lot of times, uh you don't want to have you don't

want to have all three of your your children inherit the property equally so that no one can call the shots without having to convene and figure out what they want to do. 00:09:48.240 --> 00:09:58.559 And it can get because you know one person might have an idea A for the property and and another child might have an idea B, and the and the third child just doesn't want to get in the middle of it, and so nothing ever gets done. 00:09:58.720 --> 00:10:11.840 Uh and so uh this sort of DST option is uh is a great tool for that because it is a fractional ownership in property and you can split it as many ways as you'd like. 00:10:12.240 --> 00:10:23.039 And what what where real estate investing is and it can be life-changing for people to change literally the trajectory, even with people's personal homes. 00:10:23.440 --> 00:10:39.200 We we know the impact of owning financially, the difference in and changing the trajectory of your family's you know, wealth and and legacy is starts really with personal real estate ownership, and there's some tax benefits to that. 00:10:39.440 --> 00:10:47.200 The next is where people are investing in in real estate, and it and it could be income producing, it could just be your you own a hundred acres. 00:10:47.279 --> 00:11:10.559 I mean, like and that's where again, with proper planning and and and strategy and and working with uh an attorney, Justice Mullin, and navigating what you want and how you want this to play out, where at the beginning, when you're just trying to acquire real estate and you're dealing with the maybe the tenants or the the maintenance and the and the taxes, and and there's benefits, so many benefits to owning real estate. 00:11:10.879 --> 00:11:17.679 Well, I think anyone who bought real estate uh within the last you know 30, 20 to 30 years ago uh has seen that benefit. 00:11:17.840 --> 00:11:19.679 Uh and there's more benefit to find. 00:11:19.840 --> 00:11:27.759 And uh no, I believe you work with clients who are looking to purchase their first investment property, you help them do calculations on profitability, that sort of thing. 00:11:28.000 --> 00:11:28.480 That's all correct. 00:11:28.720 --> 00:11:29.200 Well, that's right. 00:11:29.360 --> 00:11:34.000 I mean, and this is where, again, we there's this life cycle of a real estate investor. 00:11:34.159 --> 00:11:36.240 You have it everybody's got that first one. 00:11:36.320 --> 00:11:48.480 And yes, we have buyers that are buying, you might have it, people are there, they're depending on the noise that you're listening to, uh they said there's a guy that says, Don't wait to buy real estate. 00:11:48.720 --> 00:11:51.360 You should buy real estate and wait. 00:11:51.759 --> 00:12:07.440 Because when you invest and it's a long-term perspective, and regardless of the interest rates, regardless of you know where the prices are historically, you can look over the last 20, 30, 40, 50 years, and real estate long term has appreciated. 00:12:07.919 --> 00:12:08.240 Absolutely. 00:12:08.480 --> 00:12:14.240 And so, yes, we're helping people buy and build their investments right now. 00:12:14.399 --> 00:12:22.960 You know, investors, you know, they're buying, you know, they're they're leveraging money, you know, they're borrowing money, they're they're looking at the income, the revenue, uh, the they're building equity. 00:12:23.039 --> 00:12:28.399 I mean, they're getting advantage of the tax flow, the the appreciation, the the tax deductions. 00:12:28.639 --> 00:12:43.440 And then over time, investors might buy multiple properties, and then and then you're getting to this point of managing it, and then and then this is where what was and it and it is a blessing to own real estate, for some people, it can end up being a burden. 00:12:43.759 --> 00:12:44.159 Right. 00:12:44.320 --> 00:12:47.519 Yes, you uh you know it's it's like anything else. 00:12:47.600 --> 00:12:50.960 Uh it you get out of it what time and effort you put into it. 00:12:51.039 --> 00:13:09.679 And so if you're someone who's managing a handful of different properties and uh the pipes keep needing to be replaced, and and the AC unit needs to be replaced, and the tenant has a problem with this, and you have to find a new tenant every you know three or four months for a particular unit, uh, it can come to be a lot of a hassle for people. 00:13:09.759 --> 00:13:17.440 Uh, and and that is one of the things that that the people we work with tell us when they are looking at maybe selling their property. 00:13:17.600 --> 00:13:20.320 They don't want to pay capital gains taxes on the sale. 00:13:20.480 --> 00:13:23.360 They don't want to 1031 exchange it into another headache. 00:13:23.519 --> 00:13:26.720 They have to start all over with renovating a new building, etc., etc. 00:13:27.120 --> 00:13:35.039 When I heard a client say what the I'd rather the devil I know than the devil I don't know, in the sense of like, I know what I have with my existing real estate. 00:13:35.120 --> 00:13:35.200 Yes. 00:13:35.360 --> 00:13:36.559 And they and I hear this all the time. 00:13:36.639 --> 00:13:40.320 Why would I go buy another real estate that I don't that I'm not aware of? 00:13:40.399 --> 00:13:47.120 And that's where it's these conversations we're having about 1031 exchange, it's not that they're not opposed to doing a 1031 exchange. 00:13:47.200 --> 00:13:50.000 It's that they it's the replacement property that's been a challenge. 00:13:50.240 --> 00:13:52.240 Yes, and a 1031 exchange property. 00:13:52.399 --> 00:13:56.799 Uh 1031 exchange is called a like-kind exchange under the tax code. 00:13:57.039 --> 00:14:00.639 And people think that that means that if I sell a laundromat, I have to buy a laundromat. 00:14:00.799 --> 00:14:01.759 And that's not true. 00:14:01.919 --> 00:14:06.720 Uh you can turn any piece of real property into another interest in real property. 00:14:06.799 --> 00:14:08.960 Uh there are some

limitations and exceptions. 00:14:09.039 --> 00:14:15.840 Uh, however, uh again, that's where that the what we've been talking about for for the last month, the DST comes in. 00:14:15.919 --> 00:14:20.639 Uh, you own a fractional interest in a property that's being managed by someone else. 00:14:20.879 --> 00:14:29.360 And and it's it's that you hear that term mailbox money, you know, you're you're participating in the ownership in these larger properties. 00:14:29.440 --> 00:14:33.440 And and just generally, these properties can be anywhere from a hundred million to five hundred million. 00:14:33.519 --> 00:14:42.320 It could be a a student housing facility, a senior housing, it could be an industrial, it could be multifamily, it could be self-storage, and these are these are fractional. 00:14:42.639 --> 00:14:51.039 DST is Delaware Statutory Trust, and it's fractional ownership in a larger, professionally managed institutional level real estate where it might be an option. 00:14:51.120 --> 00:14:55.919 Uh and and it and it's the it it solves the the replacement property. 00:14:56.080 --> 00:15:00.639 It it it's the potential you know, tax deferral, it's less day-to-day management. 00:15:00.720 --> 00:15:03.919 It's the you're you're having somebody else professionally manage it. 00:15:04.639 --> 00:15:36.320 I mean it it again for the right, for it's not for everybody, but it is a strategy worth considering, you know, for for some people, and this is where we've this is something that you can you know, it's one thing to have a a$500,000 investment property, but to sell it, not pay, you know, defer the taxes, move that into uh uh you're a you're a percentage of a larger property, and and it and it also can solve the estate planning challenges. 00:15:36.480 --> 00:15:41.600 Real estate's the number one litigated asset in this in an estate, and you sort of touched on that. 00:15:41.919 --> 00:15:45.360 Yes, I you know, again, it it's really hard to split up real estate. 00:15:45.519 --> 00:15:48.799 While it's a great investment, uh you can get depreciation. 00:15:48.879 --> 00:15:53.519 There's a lot of benefits in the tax code related to real estate, such as the 1031 exchange. 00:15:53.759 --> 00:16:13.120 Uh, when you leave, if your primary asset is real estate, whether that's your personal residence or your personal residence and uh an investment property you own, figuring out which of your kids gets it, uh who is their majority owner on with your kids, did you run a business that is also in that building? 00:16:13.279 --> 00:16:14.559 Who's getting the business? 00:16:14.720 --> 00:16:17.120 Is that different than who's getting the building? 00:16:17.360 --> 00:16:52.000 Uh if you don't answer those questions through your estate plan, you're uh we all like to think that we have a great relationship with our family all the time, but adding additional stressors to that discussion between your kids after you passed, uh, what did our parents want, and trying to figure that out, we like to cut all that out of the equation and just make it straightforward and have the document say exactly what we want done, and sometimes that means changing the nature or character of the assets, doing some transfers, purchase and sale during your lifetime. 00:16:52.240 --> 00:16:55.840 It's never too early to start working on setting those things up. 00:16:56.000 --> 00:16:58.799 Um at a certain point, it becomes too late to do anything. 00:16:59.120 --> 00:17:08.000 Well, then this is where instead of a blessing, it becomes a burden, but also uh you know the cost of waiting, we've talked about that, can be can be ex expensive. 00:17:08.319 --> 00:17:09.839 Uh yes, it can absolutely. 00:17:10.000 --> 00:17:13.279 Uh, and let's talk about a commercial real estate property. 00:17:13.359 --> 00:17:22.640 Uh, if you were to list that on the market, I think the what we're looking at right now and on the market is the average sale time for a residential property is 90 days. 00:17:22.880 --> 00:17:26.000 Uh would that be similar for commercial or is that a little bit longer? 00:17:26.400 --> 00:17:27.680 Commercial can be longer. 00:17:27.839 --> 00:17:39.119 Actually, uh, in some times, uh some of the real estate that we've helped uh facilitate with the sale of commercial, in some cases we've worked over a year on on some some properties. 00:17:39.440 --> 00:17:51.599 I would say if it's the if it's a big property, particularly, it's not uncommon for it to take two or three years to find a buyer who's ready to pay the amount of money that you want to receive because not everyone can qualify for a three million dollar loan. 00:17:51.759 --> 00:17:53.440 So your pool of buyers is smaller. 00:17:53.680 --> 00:18:01.839 It isn't these are the runways much longer, the planning and preparation is longer, the underwriting. 00:18:01.920 --> 00:18:12.079 This is this is where it is, uh, there's a lot more complexity to this, and that's why having the right team of professionals to navigate this with you is significant. 00:18:12.319 --> 00:18:28.400 We, you know, whether it's uh and we've done this, we we have portfolios of real estate, you know, we uh and again to be clear, you can do a 1031 exchange on a on a$200,000 property, you can do it on a$200 million property, and it and there's everything in between. 00:18:28.720 --> 00:18:33.759 You can do it on a lot that you purchase for with for speculation, and it it's worth$70,000. 00:18:34.240 --> 00:18:34.640 That's right. 00:18:35.119 --> 00:18:53.119 And this is where this can this this concept, and this is where it's the your your unique situation, and and it's and it's this is this actually does apply to anybody that has real estate investments, and this is where so real estate investors, property owners, this is where and like who's our audience for this event? 00:18:53.279 --> 00:19:08.160 I mean, it it's real estate investors, it's also you know, professionals

like tax advisors or wealth advisors or or commercial lenders, I mean, or and by the way, nonprofits, but this is where this is this uh there's a lot of conversations that we've been having about this. 00:19:08.400 --> 00:19:13.359 Yes, and and you know, we like to work with people from square one all the way to the finish line, you know. 00:19:13.599 --> 00:19:22.480 So if you're someone who thinks that uh that you might be purchasing a piece of you you'd like to get into real estate investment, that's a conversation we want to have. 00:19:22.640 --> 00:19:34.720 If you're someone who's has some properties and you might want to swap a property for another one, or you want to make sure that your uh everything that you're doing is is the way you should be doing it, we'd like to have that conversation with you. 00:19:34.799 --> 00:19:40.559 If you're looking to get rid of a headache that one of your properties has turned into, we're happy to help you with that as well. 00:19:40.799 --> 00:19:50.640 Um and uh as Noah was saying, uh there's you know, there's really no like there's a cost to to waiting to start that conversation. 00:19:50.799 --> 00:19:53.119 A lot of these things take a long time. 00:19:53.359 --> 00:20:05.519 And uh we there are plenty of people that we talk with a year or two before they're even ready to take any action to just get the wheels moving and start setting things up and lining things up so that your transaction can go really smoothly at the end of the day. 00:20:05.759 --> 00:20:13.680 And I think that's some perspective we want to both Justice and I share is the long-term perspective and conversations we're having. 00:20:13.839 --> 00:20:16.720 Just because you have a conversation doesn't mean you're doing anything. 00:20:16.880 --> 00:20:29.279 It's it's understanding, it's getting clarity, it's getting support, it's understanding what your options are, and and you and I have a long-term perspective and vision in what we're doing and how we're serving our clients. 00:20:29.599 --> 00:20:30.000 Absolutely. 00:20:30.079 --> 00:20:33.200 And in most cases, real estate in particular is a long-term asset. 00:20:33.279 --> 00:20:41.119 Uh, there are very few people who look to purchase a piece of property and then sell it one year later with the appreciation it'll get on the market. 00:20:41.440 --> 00:20:50.480 This is an example that Troy has actually shared, and I think he's shared it on the radio, and he's shared it uh multiple times with our uh meetings we've had before. 00:20:50.720 --> 00:21:09.359 When you talk about long-term, he recently helped a family in Hawaii Stewart and uh a property that had been in the family since the 1800s, and I think it got to a point where there was a hundred owners, a hundred heirs of this real estate. 00:21:09.440 --> 00:21:17.200 And one of the benefits of real estate is the children, the heirs, multiple generations of heirs get what's called the step-up basis. 00:21:17.599 --> 00:21:30.880 And that is one of the the impacts that generational wealth happens because it allows one generation to to continue to build and grow an asset that can continue creating value for the next generation. 00:21:31.119 --> 00:21:42.160 And this and this is where and sometimes you get to a point where you're like, oh, we we don't really we didn't they didn't think they had options, and they thought it would just literally be in the family for forever. 00:21:42.640 --> 00:21:56.400 And then the conversation came about about a 1031 exchange, and then to the Delaware Statutory Trust, and and it went from a hundred people being in business together on real estate that had been owned before Hawaii was a state. 00:21:57.200 --> 00:21:59.519 And it's remarkable, and it ended up selling. 00:22:00.079 --> 00:22:05.279 I think some two hundred and sixty million dollars was the sale of the of the real estate. 00:22:05.599 --> 00:22:05.920 Right. 00:22:06.079 --> 00:22:14.400 And now each person has their own separate portfolio, uh that's their percent interest of that sale, and and they can each manage it however they'd like. 00:22:14.480 --> 00:22:16.880 And they don't have to be beholden to a hundred other people. 00:22:17.119 --> 00:22:39.039 It's a that's an extreme example, but that's how again you can you know, year, you know, generations after generations inherit real estate, which is again it was life-changing for that family to have, you know, you go from land that was I mean, Troy says it was a swamp land in the 1800s to being you know, beachfront and Waikiki Beach, you know. 00:22:39.359 --> 00:22:46.720 And so that that's an extreme example, but these conversations we're having aren't these extreme examples, but it it applies happen. 00:22:46.880 --> 00:22:50.400 I mean, I've worked with with properties that had 28 owners, you know. 00:22:50.480 --> 00:22:59.759 It's and it's there wasn't a plan in place, and so some people inherited the property, and then some more people inherited the property, and now who's supposed to pay the taxes? 00:22:59.920 --> 00:23:02.559 Who needs to fix the roof now that the roof needs to be replaced? 00:23:02.640 --> 00:23:03.920 There's 28 owners. 00:23:04.079 --> 00:23:06.480 How do you get 28 people to all agree on anything? 00:23:06.640 --> 00:23:18.079 It takes a lot of work, and the sooner you set things in place, you know, if that something had been set in place the first or the second generation on how this property was to be managed, and uh it could have solved a lot of headache. 00:23:18.319 --> 00:23:28.960 And and can you can't pr you can't guarantee the preservation of relationships, but this can certainly reduce friction with family with family members. 00:23:29.279 --> 00:23:58.240 And I think being clear, again, I I've said this, I said this earlier this episode, but being clear to your to your heirs on what your wishes are, I the biggest fights I see, this is a little bit anecdotal, but a

lot of times when I'm doing a state administration, what I see is uh one child thinks that uh you know mom or dad would have wanted this, and the other one thinks that mom or dad would have wanted that, and so they're both trying to honor their parents' wishes, but they have a different idea of what those wishes are. 00:23:58.400 --> 00:24:13.599 And so if we can be clear from the up front and say, uh we want these four things to happen, and then and everyone knows that that's what you wanted because it's in writing, uh, a lot of times that can solve that can keep a fight from happening. 00:24:14.000 --> 00:24:14.640 Isn't that interesting? 00:24:14.720 --> 00:24:15.839 Isn't that interesting? 00:24:16.000 --> 00:24:20.720 Neither party was malicious, and I'm in this anecdotal situation. 00:24:20.880 --> 00:24:26.160 They both were trying to honor what their parents what they perceive their parents' wishes would have been. 00:24:26.480 --> 00:24:27.359 Isn't that interesting? 00:24:27.839 --> 00:24:44.559 And the clearer you can be, and what whether it's real estate or not, when you're having these conversations with your clients about their wishes and about their desires and their vision for their legacy and their estate planning and their will, it can really you can get ahead of it. 00:24:44.880 --> 00:24:45.359 Absolutely. 00:24:45.440 --> 00:24:46.720 It's all about discernment. 00:24:46.960 --> 00:24:54.640 Uh, our goal is to meet with people, figure out exactly what they want, how they want it, and ensure that that is carried out. 00:24:54.799 --> 00:25:07.440 And so all we ask of our clients is for them to come in to meet with us, tell us everything that they're worried about, uh, tell us everything they want to happen, and let us put all those pieces together for them. 00:25:07.839 --> 00:25:14.480 What do you think is one of the biggest misunderstandings or misconceptions of working with an attorney in these situations? 00:25:15.279 --> 00:25:28.799 So I think the biggest misconception, and this may or may not be exactly answering your question, is a lot of people think that if they pass away, everything goes to their spouse, and then everything goes to their kids when the second of them passes away. 00:25:28.880 --> 00:25:31.359 And that's not how it works under North Carolina law. 00:25:31.440 --> 00:25:43.839 So if you don't have a plan in place, your spouse will get a portion of what you have, and your kids will get a portion at the time of the first of you passing, and then when the second of you passes, it'll then go to your kids. 00:25:44.160 --> 00:25:48.799 But uh most people want everything to go to their spouse when the first person passes. 00:25:49.119 --> 00:25:53.440 Well, and I know more and more common is is blended families. 00:25:53.680 --> 00:25:53.839 Yes. 00:25:54.079 --> 00:25:57.119 And that's a very common conversation I know you're navigating. 00:25:57.440 --> 00:25:57.759 Right. 00:25:57.839 --> 00:26:08.480 And

so a lot of times uh we have clients who have some assets that are joint and some that are separate, and they want their separate assets to go to their kids, and they want the joint assets to go to their spouse. 00:26:08.559 --> 00:26:13.200 There might be some separate assets that pass back and forth when the when one of the two passes. 00:26:13.519 --> 00:26:22.960 Um, but that conversation is different every time, and it just you know it it each family is different, and the right answer for family A is never going to be the exact right answer for family B. 00:26:23.039 --> 00:26:26.799 So we try not to, you know, put everyone in the same bucket. 00:26:26.880 --> 00:26:35.680 Uh, but absolutely, uh, if you're in a blended family situation, uh it can be a lot more complicated, and the laws are less equipped to handle that. 00:26:35.920 --> 00:26:47.200 And this is where asking the right questions, having the right professional like justice, having the the right uh people in your corner, and in like every situation is unique and different. 00:26:47.359 --> 00:26:48.960 That's also true for real estate. 00:26:49.039 --> 00:27:06.799 This is where and we're asking these questions about how you want your life to look like around your personal home, how you want your your plans and dreams to look like around your your maybe it's the hundred acres your family owns together, maybe it's the apartment complex, or maybe you've had a lifetime of building up a real estate portfolio. 00:27:06.960 --> 00:27:14.480 We are we're asking questions, we're understanding, we want to have clarity about what your dreams and goals and how this and what your life looks like. 00:27:14.559 --> 00:27:25.920 And maybe you're you're done uh managing the real estate, maybe you again, this is where some of these solutions and strategies are might be worth considering. 00:27:26.000 --> 00:27:30.799 And so we have this Monday, Troy Wada coming with us. 00:27:30.960 --> 00:27:32.480 We're gonna have an event this Monday. 00:27:32.559 --> 00:27:35.279 We're sponsoring lunch, and we'd love to have you come out. 00:27:35.440 --> 00:27:39.039 If you want information, you can call our office, you can call Justice's office. 00:27:39.200 --> 00:27:40.720 You know, we'd love to share with you about the event. 00:27:40.880 --> 00:27:44.000 You're we're inviting you to come out and learn more. 00:27:44.480 --> 00:27:49.039 And of course, if you can't make it for that lunch, please reach out. 00:27:49.119 --> 00:27:51.759 We can have these conversations at any point. 00:27:52.000 --> 00:27:53.119 Yes, absolutely. 00:27:53.279 --> 00:27:57.200 Uh you don't know what all your options are until you speak about what your options are. 00:27:57.279 --> 00:27:59.119 And that's why we're bringing this here to you. 00:27:59.359 --> 00:28:09.599 We want you to know uh how DSTs work, if it's a good fit for you, and if it's not, we're gonna work with you to create a solution uh in a different way. 00:28:10.240 --> 00:28:14.480 And in this the question before that is the the 1031 exchanges. 00:28:14.559 --> 00:28:20.000 I mean, 1031 is its own conversation, DSTs is its own conversation. 00:28:20.240 --> 00:28:29.519 Maybe the right thing for you and your family is to talk to justice about what it looks like to just let our children inherit the real estate because kids get the step-up basis. 00:28:29.839 --> 00:28:33.119 Well, you get a step-up basis on a any on any 1031 exchange property. 00:28:33.440 --> 00:28:35.359 Well, whether it's a DST or not. 00:28:35.599 --> 00:28:42.799 I mean, any real estate owned that anybody that inherits the and there I know there's some limitations and some exceptions, right? 00:28:42.880 --> 00:28:47.759 There's some that of course, but the the there is a step-up basis, which is one of the most beautiful. 00:28:48.319 --> 00:28:50.720 It can reduce yeah, capital gains by quite a lot. 00:28:51.039 --> 00:28:51.599 Dramatic. 00:28:51.920 --> 00:29:01.839 And that's where it's your unique situation, your unique real estate, your unique estate planning, your these are conversations, and then there's not a one size fits all. 00:29:02.240 --> 00:29:05.359 And that's why it's a custom customizable approach. 00:29:05.440 --> 00:29:12.799 And it's a it's really through discretion and and and and wisdom of you're doing these every single day. 00:29:12.960 --> 00:29:25.200 I mean, you are having these conversations, and then where this is a significant decision for someone to make in the wisdom and in uh fiduciary and the the consultative approach that you're bringing to the table. 00:29:25.519 --> 00:29:29.519 It's you're learning people are learning from other people's experiences. 00:29:29.680 --> 00:29:32.720 You don't have to be the first one to make these decisions. 00:29:33.039 --> 00:29:33.599 Absolutely. 00:29:33.759 --> 00:29:37.200 And and uh as I've said before, no one can be an expert at everything. 00:29:37.359 --> 00:29:47.359 Uh you don't want me to do your plumbing, but let us be your expert in in getting you connected with the right people and starting the conversation of how do we want to plan for the future? 00:29:47.440 --> 00:29:57.920 Um, whether things seem uncertain to you or not, whether you think you might make some adjustments in the future, no one knows what's gonna come uh what tomorrow is gonna look like. 00:29:58.079 --> 00:30:06.240 And so uh going ahead and putting in place plans for for different eventualities, uh, we can always tweak them. 00:30:06.400 --> 00:30:12.720 And we just want to make sure that that you're situated in a situation that you feel comfortable with when you go to bed at night. 00:30:12.799 --> 00:30:16.000 Uh, if I don't wake up tomorrow, that I know things are gonna be okay. 00:30:16.319 --> 00:30:29.039 Well, I think you bring up ultimately that we want to have peace and clarity, and you can reduce the stress or burden that you're carrying by having a plan and

making those decisions. 00:30:29.200 --> 00:30:35.599 It's easier to make those decisions now than it is when it's when it's too late, or even your heirs are having to make those decisions. 00:30:35.759 --> 00:30:42.480 And so you can, like you said, you can go to bed at night in peace knowing you have these your affairs in order. 00:30:42.720 --> 00:30:43.440 Yes, absolutely. 00:30:43.680 --> 00:30:44.319 It's so important. 00:30:44.480 --> 00:30:51.759 Justice Mullen, give our listeners the best way to reach out to you and your your firm and best ways to to connect with you, your location. 00:30:51.920 --> 00:30:56.799 And again, we're so grateful for your uh your thank you for being here part of this radio series. 00:30:56.960 --> 00:30:57.839 It's been a lot of fun. 00:30:57.920 --> 00:31:01.839 And for our listeners, we've have a number of these podcasts. 00:31:02.079 --> 00:31:06.240 This conversation we've been having over the last you know four weeks has been a lot of fun. 00:31:06.319 --> 00:31:08.319 So I'm so so grateful for your your time. 00:31:08.640 --> 00:31:10.160 It's been great to do this with you, Noah. 00:31:10.319 --> 00:31:11.759 Uh, I'm Justice Mullen. 00:31:11.839 --> 00:31:13.599 I'm with Romeo Harrelson and Mullen. 00:31:13.680 --> 00:31:17.920 We are on 136 South King Street, Suite B in Hendersonville. 00:31:18.000 --> 00:31:22.000 Uh, you can reach us at 828-698-2345. 00:31:22.319 --> 00:31:23.279 Amazing, Justice. 00:31:23.440 --> 00:31:24.000 Thank you so much. 00:31:24.079 --> 00:31:28.640 And and again, thank you for how you've you've helped so many of our clients and continue to do that. 00:31:28.720 --> 00:31:34.559 Uh, it's been a privilege to be here sharing uh the space with Justice, sharing about again these conversations. 00:31:34.720 --> 00:31:39.359 And and I'm so grateful uh to have Troy Wada with us next week in town. 00:31:39.519 --> 00:31:45.279 He's coming in from Honolulu and he's got an office in Pittsburgh, he's got an office in Honolulu. 00:31:45.359 --> 00:31:59.279 It's remarkable that our small town, uh Hendersonville, and and again, it's the power of relationships, and and he's literally the one of the leading experts in the Delaware statutory trust uh world, and and we're grateful to have him share about that and share about the 1031 exchanges. 00:31:59.359 --> 00:32:03.039 And again, that this is might be something, uh a strategy to consider. 00:32:03.119 --> 00:32:10.079 You know, whether it's a uh a$20,000 lot, a$200,000 property, a$200 uh million dollar property. 00:32:10.160 --> 00:32:13.920 Again, the gamut is is there and again across the board. 00:32:14.000 --> 00:32:22.079 And so if we can help you in any way, whether it's your personal home, your investment property, you can call the George Real Estate Group at$828-393-0134. 00:32:22.160 --> 00:32:27.920 Another reminder every Friday morning at 8 45, the George Real Estate Group sponsors the Hometown Hero Series. 00:32:28.000 --> 00:32:29.759 And this week is Jay King. 00:32:29.920 --> 00:32:36.799 And Jay just completed a personal half triathlon challenge honoring his wife Celeste's battle with MS. 00:32:36.880 --> 00:32:42.880 And Jay completed the triathlon and met his fundraising goal and is now raising awareness of MS. 00:32:42.960 --> 00:32:49.359 And he'll be joining us tomorrow morning to talk about uh the amazing work he's doing and awareness around MS. 00:32:49.440 --> 00:32:52.880 And so, again, grateful to have Jay join us tomorrow morning. 00:32:53.039 --> 00:32:56.319 And to our listeners, again, we're here every Thursday morning. 00:32:56.480 --> 00:32:59.279 You be sure to follow us on social media. 00:32:59.359 --> 00:33:08.160 We have a number of open houses, but again, connect with us, and again, this event we're having uh tomorrow, uh, excuse me, Monday, but tomorrow is Hometown Hero Series. 00:33:08.240 --> 00:33:12.000 Have a great day, have a great week, and we'll see you next week. 00:33:18.640 --> 00:33:26.160 What happens when real estate, taxes, estate planning, investment strategy, and charitable giving all come together? 00:33:26.319 --> 00:33:33.440 That's the focus of a special multi-week radio and podcast series featuring Attorney Justice Mullen and myself. 00:33:33.599 --> 00:33:49.680 Over the next several weeks, we'll talk with experienced professionals about real estate 1031 exchanges, Delaware Statutory Trust, tax planning, estate planning, charitable strategies, and real-life examples of how these pieces can work together. 00:33:49.839 --> 00:33:59.039 Our goal is to help you better understand your options and ask better questions about your wealth, your family, and your legacy. 00:33:59.200 --> 00:34:05.759 If you miss the show live, each episode will be available as a podcast to the George Real Estate Group Radio Show. 00:34:05.920 --> 00:34:12.079 And in early November, we'll bring it all together with a special in-person educational seminar. 00:34:12.239 --> 00:34:18.400 For more details, call the George Real Estate Group today or visit George Real Estate GroupRadio.com. 00:34:18.639 --> 00:34:22.400 Thank you for listening to the George Real Estate Group Podcast. 00:34:22.559 --> 00:34:27.599 Tune in next time for more industry news, updates, and real estate tips. 00:34:27.760 --> 00:34:37.840 You can reach Greg, the George Real Estate Group, at 828-393 0134 or at realestatebygreg.com.