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STRAIGHT TALK ABOUT SECTION 1031
 AND PROTECTING YOUR EXCHANGE FUNDS
 

It's tough out there right now. To make matters worse, in the past year hundreds of taxpayers who trusted their money, sometimes their life savings, to Qualified Intermediaries to take advantage of Section 1031, lost it all, and still had to pay capital gains taxes!

This  money was lost because the taxpayer was convinced that their money would be safe and available when the time came to purchase their replacement properties, or to cash out if the Exchange failed. Many factors contributed to these issues including, greed, stupidity, lack of Government regulation and oversight and fast talking pro's that convinced taxpayers that their money was being held in trust - even though the Agreement they signed clearly gave all control of the funds to the Intermediary.
 

Since the tax code says that in order to effect a Section 1031 Exchange, the taxpayer cannot have constructive receipt of their funds, a Qualified Intermediary must be used. This being the case, and with the recent instances of flat out theft, many are now thinking twice about utilizing one of the most powerful wealth building gifts the Government has ever given us (Section 1031 went into effect in 1921).

Edmund & Wheeler, Inc. wants you to understand the risks involved in getting involved in a Section 1031 exchange without fully understanding your Qualified Intermediary's strategy in safeguarding your funds.

• We have been facilitating Exchanges since 1981. We specialize in Section 1031 as a consulting practice and not as a way to aggregate funds.
   
• We've facilitated thousands of Exchanges worth hundreds of millions, nationwide.
   
• First in the nation to segregate client's Exchange funds using their own taxpayer ID.
   
• First in the nation to grant total control of the movement of funds to the client using an online banking authorization system.
   
• Does not, will not and has NEVER "invested" client funds, and does not have an "investment policy".
   
• For 29 years not one dime of any client's funds have been lost, misused, misplaced or "invested" into anything other than an FDIC insured money bank.

• Provide "best of class" consulting to ensure Section 1031 is the right strategy for the client.
   
• Properly insure our company with errors and omissions insurance that is sized correctly to protect our client's funds.
   
• Maintain a Fidelity Bond with Travelers.
   
• Safeguard all client funds in a segregated bank account using client taxpayer ID numbers.
   
• Set up bank accounts so that client has full access to the ledger of the account.
   
• Set up bank accounts so that funds CANNOT be moved without client's online approval.
   
• Our client's can rest assured that they have total control of their deposits (without constructive receipt) at all times.

Should you Exchange?

We provide unlimited pre-exchange support to make sure that your situation strictly meets all of the requirements of Section 1031. We will work with you and your trusted advisors in establishing that
 Section 1031 is indeed in your best interests.

When an Exchange is in your Best Interest

When it is determined that an Exchange is the best avenue, we create an Exchange Agreement.
This Agreement will clearly indicate how your funds will be handled. There is no mystery here. Edmund & Wheeler deposits your funds into an FDIC insured money Bank.

How your funds are handled.

We deposit and transfer all funds only through wire transfer. We set up client accounts
 through our primary banking partner,

The segregated account is set up using the client's taxpayer ID.

The client is granted online access to this account so that the account can be monitored 24/7.

When funds are required for deposits, build-to-suit disbursements, or funding replacement properties, Edmund & Wheeler sets up the funds transfer at the bank with all pertinent information.

The client then must log into the banking system, review the disbursement and then approve the transfer.

Money CANNOT leave the account without the electronic approval of the client.

What if something happens to Edmund & Wheeler, Inc.

Good question. Edmund & Wheeler has almost a 30 year track record of successful Exchanges. We have taken every available precaution within the statutes to safe-guard client funds. The fact that these funds are held in a segregated bank account in YOUR name and YOUR taxpayer ID goes a long way in ensuring that your funds will continue to be safe.

We  have also built in safeguards with our board of directors so that no one
member of the Edmund & Wheeler team is a weak link in the availability
 of your funds when you need them.

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Edmund & Wheeler, Inc. QI
567 Cottage Street
Littleton, NH 03561
603.444.0020
603.444.6611 Fax
exchange@section1031.com

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The information contained on this site is for informational purposes only and does not constitute tax, legal or accounting advice.