Tag Archives: real estate

What is a “Like Kind” Exchange?

like kind exchangeA tax deferred exchange or “like kind” exchange is a method of disposing of and reinvesting funds from investment or business-use assets while deferring capital gains and recapture taxes. To successfully complete a like kind exchange, timing is extremely important and the assistance of experienced counsel is highly recommended.

The like kind exchange benefits are created by Internal Revenue Code Section 1031. So the process is often called a “1031 Exchange”. Before discussing the basics of the transaction, it is important to understand the nomenclature. The “Exchanger” is the person or entity that is selling and buying like kind property. The property being sold is called the “Relinquished Property” and the property being purchased is the “Replacement Property”. Continue reading

Procedures for Selling Real Estate through Ohio Probate Estates (Part 2 – Land Sale)

land_saleClick here to read Part 1 – Testate & Intestate

Our firm is regularly asked by our clients to assist with the sale of real estate in Ohio probate court. This article provides a brief overview of the sale real estate in a probate estate through a land sale. Having experienced legal counsel to assist with the sale of real estate through estates is important for making sure that the transaction proceeds smoothly and properly.

When a person dies owning Ohio real estate that is either titled in the name of the decedent only, or is titled as tenants in common (as opposed to being titled as joint tenants with rights of survivorship), the title to the decedent’s real estate immediately vests by operation of law in beneficiaries who are entitled to inherit the real estate under the decedent’s Last Will and Testament (a testate estate). If there is no Will, the title to the decedent’s real estate immediately vests in the decedent’s heirs at law (an intestate estate). The rights of the beneficiaries or heirs to the decedent’s real estate are subject to divestment if the real estate needs to be sold to pay the decedent’s debts, or if the real estate is otherwise sold pursuant to a procedure below. Continue reading

Procedures for Selling Real Estate through Ohio Probate Estates (Part 1 – Testate & Intestate)

real_estateOur firm is regularly asked by our clients to assist with the sale of real estate in Ohio probate court. This article provides a brief overview of the ways real estate can be sold through a probate estate in a testate or intestate estate. Having experienced legal counsel to assist with the sale of real estate through estates is important for making sure that the transaction proceeds smoothly and properly.

When a person dies owning Ohio real estate that is either titled in the name of the decedent only, or is titled as tenants in common (as opposed to being titled as joint tenants with rights of survivorship), the title to the decedent’s real estate immediately vests by operation of law in beneficiaries who are entitled to inherit the real estate under the decedent’s Last Will and Testament (a testate estate). If there is no Will, the title to the decedent’s real estate immediately vests in the decedent’s heirs at law (an intestate estate). The rights of the beneficiaries or heirs to the decedent’s real estate are subject to divestment if the real estate needs to be sold to pay the decedent’s debts, or if the real estate is otherwise sold pursuant to a procedure below. Continue reading