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  • Accruit Presents at FEA Virtual Conference

  • Accruit Presents at FEA Virtual Conference

  • Accruit Presents at FEA Virtual Conference

  • Why Your Next 1031 Exchange Should be a Reverse Exchange

    The majority of all 1031 exchanges are structured as either forward delayed exchanges or simultaneous exchanges. This is likely because of the perceived ease in completing such exchanges. But failing to consider a reverse exchange could be costing many taxpayers more than they think. Let’s compare the exchange strategies of two siblings, Jean, and her brother Jeremy.
    Forward Exchange
    Jeremy is certain that a forward delayed exchange is the best way to handle the exchange of his investment property. His current property – which we will call Strawberry Field – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On March, Jeremy enters into a contract to sell Strawberry Field for $400,000, with closing scheduled for April 1. Closing occurs without delay, after which the $400,000 in exchange proceeds are wired to his qualified intermediary (“QI”). The QI is paid $1,000 for its services, leaving Jeremy with $399,000 to reinvest. Jeremy promptly starts looking for appropriate replacement properties. He is targeting single-family or condo-style properties near the local university. On May 15, Jeremy submits his identification list, designating three potential replacement condos, each worth $200,000. By the end of the month, Jeremy has been able to negotiate contracts for the purchase of two of the condos. Closings for the condos are scheduled for July 31. As a result of some title-related delays, Jeremy is able to complete the acquisition of the two condos on August 31, 152 days, or a full five months after he sold Strawberry Field. Jeremy has lost five months of rental income, $15,000, and paid $1,000 to his qualified intermediary, for a “loss” of $16,000.
    Reverse Exchange
    Jean was always the more analytical of the siblings. She consulted her QI months before she began the process of upgrading her investment situation, and has determined that a reverse exchange better suits her needs. A reverse exchange is one that takes place in a reverse sequence, that is, the replacement property is effectively acquired before the old property is sold. While a taxpayer is not allowed to directly acquire the new property first, a http://https://www.accruit.com/blog/are-1031-reverse-tax-deferred-excha… exchange structure using an exchange company can accomplish the same thing. Jean’s current investment property – which we will call Solsbury Hill – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On February 1, Jean enters into a contract to acquire Paisley Park, a fully occupied rental property, for $400,000. Closing is scheduled for April 1. Jean coordinates with her QI to structure this acquisition as the replacement property for a reverse exchange. Accordingly, with the QI’s aid, she forms a new LLC – Paisley Park LLC – to take title to Paisley Park. Formation of the LLC cost her about $500 including the legal fees, and the QI’s related exchange accommodation titleholder (“EAT”) was listed as the sole member of the entity. On April 1, Paisley Park LLC acquires Paisley Park, which is generating approximately $3,000 per month. Allowing the EAT to take title on her behalf, she is not considered to have acquired it herself but has taken it off the market and preserved her ability to use it as her replacement property once the relinquished property is sold.
    Jean enlists the aid of her friendly real estate agent and begins marketing the sale of Solsbury Hill. Jean and her real estate agent successfully negotiate the sale of Solsbury Hill, and on June 1 she enters into a contract to sell the property for $400,000, with closing scheduled for August 1. As a result of some financing related delays, Jean’s buyer is finally able to complete the acquisition of Solsbury Hill on August 31. This is closed as the first leg of a routine forward exchange using the QI. Once closed, Jean is ready to https://www.accruit.com/blog/case-study-forward-exchange-real-estate”>f… her exchange. At this time, the EAT transfers membership of Paisley Park LLC to Jean, officially cementing Jean as the owner of Paisley Park. From the time Jean acquired Paisley Park until she disposed of Solsbury Hill was five calendar months. During this time, she had combined cash flow on the two properties of $30,000. She did have to pay $500 for the formation of the LLC, and her exchange fees were about $4,000, so she had net income of $25,500 during the same time when Jeremy had net losses of $16,000 – a difference of over $41,000.
    The Bottom Line
    For exchangers who have the financial capacity to do so, structuring transactions as reverse exchanges is an option that is often overlooked. Among other things, it takes away the pressure of having to narrow down choices of possible replacement property within 45 days of a sale of the original property. Consulting with a QI, as well as tax and legal advisors before embarking on the sale of investment real estate is highly recommended. The skilled and experienced team at Accruit can help structure forward and reverse exchanges, and even non-safe harbor reverse exchanges that may take longer than 180 days to complete.

    https://cta-redirect.hubspot.com/cta/redirect/6205670/420491a0-24fe-4b8… alt=”ask a qualified intermediary 1031 exchange questions” class=”hs-cta-img” height=”74″ id=”hs-cta-img-420491a0-24fe-4b8e-bf05-f2bf216b525f” src=”https://no-cache.hubspot.com/cta/default/6205670/420491a0-24fe-4b8e-bf0…; style=”border-width:0px;” width=”787″ />https://js.hscta.net/cta/current.js”> hbspt.cta.load(6205670, ‘420491a0-24fe-4b8e-bf05-f2bf216b525f’, {});

  • Why Your Next 1031 Exchange Should be a Reverse Exchange

    The majority of all 1031 exchanges are structured as either forward delayed exchanges or simultaneous exchanges. This is likely because of the perceived ease in completing such exchanges. But failing to consider a reverse exchange could be costing many taxpayers more than they think. Let’s compare the exchange strategies of two siblings, Jean, and her brother Jeremy.
    Forward Exchange
    Jeremy is certain that a forward delayed exchange is the best way to handle the exchange of his investment property. His current property – which we will call Strawberry Field – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On March, Jeremy enters into a contract to sell Strawberry Field for $400,000, with closing scheduled for April 1. Closing occurs without delay, after which the $400,000 in exchange proceeds are wired to his qualified intermediary (“QI”). The QI is paid $1,000 for its services, leaving Jeremy with $399,000 to reinvest. Jeremy promptly starts looking for appropriate replacement properties. He is targeting single-family or condo-style properties near the local university. On May 15, Jeremy submits his identification list, designating three potential replacement condos, each worth $200,000. By the end of the month, Jeremy has been able to negotiate contracts for the purchase of two of the condos. Closings for the condos are scheduled for July 31. As a result of some title-related delays, Jeremy is able to complete the acquisition of the two condos on August 31, 152 days, or a full five months after he sold Strawberry Field. Jeremy has lost five months of rental income, $15,000, and paid $1,000 to his qualified intermediary, for a “loss” of $16,000.
    Reverse Exchange
    Jean was always the more analytical of the siblings. She consulted her QI months before she began the process of upgrading her investment situation, and has determined that a reverse exchange better suits her needs. A reverse exchange is one that takes place in a reverse sequence, that is, the replacement property is effectively acquired before the old property is sold. While a taxpayer is not allowed to directly acquire the new property first, a http://https://www.accruit.com/blog/are-1031-reverse-tax-deferred-excha… exchange structure using an exchange company can accomplish the same thing. Jean’s current investment property – which we will call Solsbury Hill – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On February 1, Jean enters into a contract to acquire Paisley Park, a fully occupied rental property, for $400,000. Closing is scheduled for April 1. Jean coordinates with her QI to structure this acquisition as the replacement property for a reverse exchange. Accordingly, with the QI’s aid, she forms a new LLC – Paisley Park LLC – to take title to Paisley Park. Formation of the LLC cost her about $500 including the legal fees, and the QI’s related exchange accommodation titleholder (“EAT”) was listed as the sole member of the entity. On April 1, Paisley Park LLC acquires Paisley Park, which is generating approximately $3,000 per month. Allowing the EAT to take title on her behalf, she is not considered to have acquired it herself but has taken it off the market and preserved her ability to use it as her replacement property once the relinquished property is sold.
    Jean enlists the aid of her friendly real estate agent and begins marketing the sale of Solsbury Hill. Jean and her real estate agent successfully negotiate the sale of Solsbury Hill, and on June 1 she enters into a contract to sell the property for $400,000, with closing scheduled for August 1. As a result of some financing related delays, Jean’s buyer is finally able to complete the acquisition of Solsbury Hill on August 31. This is closed as the first leg of a routine forward exchange using the QI. Once closed, Jean is ready to https://www.accruit.com/blog/case-study-forward-exchange-real-estate”>f… her exchange. At this time, the EAT transfers membership of Paisley Park LLC to Jean, officially cementing Jean as the owner of Paisley Park. From the time Jean acquired Paisley Park until she disposed of Solsbury Hill was five calendar months. During this time, she had combined cash flow on the two properties of $30,000. She did have to pay $500 for the formation of the LLC, and her exchange fees were about $4,000, so she had net income of $25,500 during the same time when Jeremy had net losses of $16,000 – a difference of over $41,000.
    The Bottom Line
    For exchangers who have the financial capacity to do so, structuring transactions as reverse exchanges is an option that is often overlooked. Among other things, it takes away the pressure of having to narrow down choices of possible replacement property within 45 days of a sale of the original property. Consulting with a QI, as well as tax and legal advisors before embarking on the sale of investment real estate is highly recommended. The skilled and experienced team at Accruit can help structure forward and reverse exchanges, and even non-safe harbor reverse exchanges that may take longer than 180 days to complete.

    https://cta-redirect.hubspot.com/cta/redirect/6205670/420491a0-24fe-4b8… alt=”ask a qualified intermediary 1031 exchange questions” class=”hs-cta-img” height=”74″ id=”hs-cta-img-420491a0-24fe-4b8e-bf05-f2bf216b525f” src=”https://no-cache.hubspot.com/cta/default/6205670/420491a0-24fe-4b8e-bf0…; style=”border-width:0px;” width=”787″ />https://js.hscta.net/cta/current.js”> hbspt.cta.load(6205670, ‘420491a0-24fe-4b8e-bf05-f2bf216b525f’, {});

  • Why Your Next 1031 Exchange Should be a Reverse Exchange

    The majority of all 1031 exchanges are structured as either forward delayed exchanges or simultaneous exchanges. This is likely because of the perceived ease in completing such exchanges. But failing to consider a reverse exchange could be costing many taxpayers more than they think. Let’s compare the exchange strategies of two siblings, Jean, and her brother Jeremy.
    Forward Exchange
    Jeremy is certain that a forward delayed exchange is the best way to handle the exchange of his investment property. His current property – which we will call Strawberry Field – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On March, Jeremy enters into a contract to sell Strawberry Field for $400,000, with closing scheduled for April 1. Closing occurs without delay, after which the $400,000 in exchange proceeds are wired to his qualified intermediary (“QI”). The QI is paid $1,000 for its services, leaving Jeremy with $399,000 to reinvest. Jeremy promptly starts looking for appropriate replacement properties. He is targeting single-family or condo-style properties near the local university. On May 15, Jeremy submits his identification list, designating three potential replacement condos, each worth $200,000. By the end of the month, Jeremy has been able to negotiate contracts for the purchase of two of the condos. Closings for the condos are scheduled for July 31. As a result of some title-related delays, Jeremy is able to complete the acquisition of the two condos on August 31, 152 days, or a full five months after he sold Strawberry Field. Jeremy has lost five months of rental income, $15,000, and paid $1,000 to his qualified intermediary, for a “loss” of $16,000.
    Reverse Exchange
    Jean was always the more analytical of the siblings. She consulted her QI months before she began the process of upgrading her investment situation, and has determined that a reverse exchange better suits her needs. A reverse exchange is one that takes place in a reverse sequence, that is, the replacement property is effectively acquired before the old property is sold. While a taxpayer is not allowed to directly acquire the new property first, a http://https://www.accruit.com/blog/are-1031-reverse-tax-deferred-excha… exchange structure using an exchange company can accomplish the same thing. Jean’s current investment property – which we will call Solsbury Hill – is worth around $400,000 and yields about $3,000 in monthly rental income.
    On February 1, Jean enters into a contract to acquire Paisley Park, a fully occupied rental property, for $400,000. Closing is scheduled for April 1. Jean coordinates with her QI to structure this acquisition as the replacement property for a reverse exchange. Accordingly, with the QI’s aid, she forms a new LLC – Paisley Park LLC – to take title to Paisley Park. Formation of the LLC cost her about $500 including the legal fees, and the QI’s related exchange accommodation titleholder (“EAT”) was listed as the sole member of the entity. On April 1, Paisley Park LLC acquires Paisley Park, which is generating approximately $3,000 per month. Allowing the EAT to take title on her behalf, she is not considered to have acquired it herself but has taken it off the market and preserved her ability to use it as her replacement property once the relinquished property is sold.
    Jean enlists the aid of her friendly real estate agent and begins marketing the sale of Solsbury Hill. Jean and her real estate agent successfully negotiate the sale of Solsbury Hill, and on June 1 she enters into a contract to sell the property for $400,000, with closing scheduled for August 1. As a result of some financing related delays, Jean’s buyer is finally able to complete the acquisition of Solsbury Hill on August 31. This is closed as the first leg of a routine forward exchange using the QI. Once closed, Jean is ready to https://www.accruit.com/blog/case-study-forward-exchange-real-estate”>f… her exchange. At this time, the EAT transfers membership of Paisley Park LLC to Jean, officially cementing Jean as the owner of Paisley Park. From the time Jean acquired Paisley Park until she disposed of Solsbury Hill was five calendar months. During this time, she had combined cash flow on the two properties of $30,000. She did have to pay $500 for the formation of the LLC, and her exchange fees were about $4,000, so she had net income of $25,500 during the same time when Jeremy had net losses of $16,000 – a difference of over $41,000.
    The Bottom Line
    For exchangers who have the financial capacity to do so, structuring transactions as reverse exchanges is an option that is often overlooked. Among other things, it takes away the pressure of having to narrow down choices of possible replacement property within 45 days of a sale of the original property. Consulting with a QI, as well as tax and legal advisors before embarking on the sale of investment real estate is highly recommended. The skilled and experienced team at Accruit can help structure forward and reverse exchanges, and even non-safe harbor reverse exchanges that may take longer than 180 days to complete.

    https://cta-redirect.hubspot.com/cta/redirect/6205670/420491a0-24fe-4b8… alt=”ask a qualified intermediary 1031 exchange questions” class=”hs-cta-img” height=”74″ id=”hs-cta-img-420491a0-24fe-4b8e-bf05-f2bf216b525f” src=”https://no-cache.hubspot.com/cta/default/6205670/420491a0-24fe-4b8e-bf0…; style=”border-width:0px;” width=”787″ />https://js.hscta.net/cta/current.js”> hbspt.cta.load(6205670, ‘420491a0-24fe-4b8e-bf05-f2bf216b525f’, {});

  • Franchise Assets and 1031 Exchange

    Can Franchise Rights be Exchanged?
    Since becoming law in 1921, the rationale for the inclusion of tax deferred exchanges in the IRS code, has been that a taxpayer who is vested with an asset and who receives in exchange other like-kind assets, and no cash, there is a continuity of holding the same or similar assets. Since the same kind of assets were sold and bought and the taxpayer pocketed no cash, the transaction isn’t seen as a taxable event. The gain on the sale of the first assets, the relinquished property , is deferred until the acquired like-kind assets, the replacement property , are sold without a further exchange.
    Upon the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, the types of assets qualifying for tax deferral through an exchange changed dramatically. Tax deferral through 1031 exchanges would only be allowed for what is considered real property (land, buildings, etc.) and not for personal property (heavy equipment, cars, franchises. Therefore, since the passage of the TCJA, the actual franchise rights no longer qualify for a like kind exchange to defer taxes on gains. However, should the investor own the underlying real property where the Franchise resides the investor still could qualify for an exchange on the underlying land/building.
    What Qualifies for Tax Deferral upon the Sale of a Franchise?
    Perhaps the most common inquiries around franchise exchanges are those that involve fast food restaurants. An owner might have one or more franchise locations that have greatly increased in value over time, value that the owner would like to parlay into additional restaurants. The exchange of such a business was formerly a more straightforward matter because the IRS regarded the business as a whole entity that included the value of any underlying assets. This changed shortly before 1991’s exchange regulations, and now the IRS requires that each underlying asset be separated and valued individually.
    For owners/investors of franchises this means that the value of the franchise rights are separate from the value of land, buildings and furniture, fixtures and equipment (FF&E). A restaurant franchise valued at $300,000 for the franchise rights and $750,000 for the land/building can separate the sale of the land/building from the sale of the franchise rights. The land/building would then qualify for a like-kind exchange into land/building for a new franchise or a multitude of other real property deemed like-kind such as a multi-family rental building or farmland.
    It’s worth noting that any value associated with goodwill, including trademarks and trade names, is not capable of being exchanged, because the regulations state that goodwill is “inherently unique and inseparable from the business.” For this reason, sellers of businesses may wish to minimize the value of the goodwill and increase another component asset of the sale which will be capable of receiving like-kind exchange treatment. Inventory and cash-on-hand are also not part of a franchise exchange since, unlike equipment, these assets are not held for use in a business or trade.
    Retaining the Services of a Qualified Intermediary
    A qualified intermediary (QI) is necessary for most exchanges in which the relinquished assets are sold to a buyer and the replacement assets are being acquired from a seller, who is not the same as the buyer of the relinquished assets. The taxpayer essentially sells the relinquished assets to the QI, who in turn sells them to the buyer. Similarly, the taxpayer purchases the replacement assets from the QI, who acquires those assets from the seller. In effect, the taxpayer completes an exchange with the QI. Selecting the correct QI is a decision that should not be taken lightly. Read on to learn more about the considerations for

  • Franchise Assets and 1031 Exchange

    Can Franchise Rights be Exchanged?
    Since becoming law in 1921, the rationale for the inclusion of tax deferred exchanges in the IRS code, has been that a taxpayer who is vested with an asset and who receives in exchange other like-kind assets, and no cash, there is a continuity of holding the same or similar assets. Since the same kind of assets were sold and bought and the taxpayer pocketed no cash, the transaction isn’t seen as a taxable event. The gain on the sale of the first assets, the relinquished property , is deferred until the acquired like-kind assets, the replacement property , are sold without a further exchange.
    Upon the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, the types of assets qualifying for tax deferral through an exchange changed dramatically. Tax deferral through 1031 exchanges would only be allowed for what is considered real property (land, buildings, etc.) and not for personal property (heavy equipment, cars, franchises. Therefore, since the passage of the TCJA, the actual franchise rights no longer qualify for a like kind exchange to defer taxes on gains. However, should the investor own the underlying real property where the Franchise resides the investor still could qualify for an exchange on the underlying land/building.
    What Qualifies for Tax Deferral upon the Sale of a Franchise?
    Perhaps the most common inquiries around franchise exchanges are those that involve fast food restaurants. An owner might have one or more franchise locations that have greatly increased in value over time, value that the owner would like to parlay into additional restaurants. The exchange of such a business was formerly a more straightforward matter because the IRS regarded the business as a whole entity that included the value of any underlying assets. This changed shortly before 1991’s exchange regulations, and now the IRS requires that each underlying asset be separated and valued individually.
    For owners/investors of franchises this means that the value of the franchise rights are separate from the value of land, buildings and furniture, fixtures and equipment (FF&E). A restaurant franchise valued at $300,000 for the franchise rights and $750,000 for the land/building can separate the sale of the land/building from the sale of the franchise rights. The land/building would then qualify for a like-kind exchange into land/building for a new franchise or a multitude of other real property deemed like-kind such as a multi-family rental building or farmland.
    It’s worth noting that any value associated with goodwill, including trademarks and trade names, is not capable of being exchanged, because the regulations state that goodwill is “inherently unique and inseparable from the business.” For this reason, sellers of businesses may wish to minimize the value of the goodwill and increase another component asset of the sale which will be capable of receiving like-kind exchange treatment. Inventory and cash-on-hand are also not part of a franchise exchange since, unlike equipment, these assets are not held for use in a business or trade.
    Retaining the Services of a Qualified Intermediary
    A qualified intermediary (QI) is necessary for most exchanges in which the relinquished assets are sold to a buyer and the replacement assets are being acquired from a seller, who is not the same as the buyer of the relinquished assets. The taxpayer essentially sells the relinquished assets to the QI, who in turn sells them to the buyer. Similarly, the taxpayer purchases the replacement assets from the QI, who acquires those assets from the seller. In effect, the taxpayer completes an exchange with the QI. Selecting the correct QI is a decision that should not be taken lightly. Read on to learn more about the considerations for

  • Franchise Assets and 1031 Exchange

    Can Franchise Rights be Exchanged?
    Since becoming law in 1921, the rationale for the inclusion of tax deferred exchanges in the IRS code, has been that a taxpayer who is vested with an asset and who receives in exchange other like-kind assets, and no cash, there is a continuity of holding the same or similar assets. Since the same kind of assets were sold and bought and the taxpayer pocketed no cash, the transaction isn’t seen as a taxable event. The gain on the sale of the first assets, the relinquished property , is deferred until the acquired like-kind assets, the replacement property , are sold without a further exchange.
    Upon the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, the types of assets qualifying for tax deferral through an exchange changed dramatically. Tax deferral through 1031 exchanges would only be allowed for what is considered real property (land, buildings, etc.) and not for personal property (heavy equipment, cars, franchises. Therefore, since the passage of the TCJA, the actual franchise rights no longer qualify for a like kind exchange to defer taxes on gains. However, should the investor own the underlying real property where the Franchise resides the investor still could qualify for an exchange on the underlying land/building.
    What Qualifies for Tax Deferral upon the Sale of a Franchise?
    Perhaps the most common inquiries around franchise exchanges are those that involve fast food restaurants. An owner might have one or more franchise locations that have greatly increased in value over time, value that the owner would like to parlay into additional restaurants. The exchange of such a business was formerly a more straightforward matter because the IRS regarded the business as a whole entity that included the value of any underlying assets. This changed shortly before 1991’s exchange regulations, and now the IRS requires that each underlying asset be separated and valued individually.
    For owners/investors of franchises this means that the value of the franchise rights are separate from the value of land, buildings and furniture, fixtures and equipment (FF&E). A restaurant franchise valued at $300,000 for the franchise rights and $750,000 for the land/building can separate the sale of the land/building from the sale of the franchise rights. The land/building would then qualify for a like-kind exchange into land/building for a new franchise or a multitude of other real property deemed like-kind such as a multi-family rental building or farmland.
    It’s worth noting that any value associated with goodwill, including trademarks and trade names, is not capable of being exchanged, because the regulations state that goodwill is “inherently unique and inseparable from the business.” For this reason, sellers of businesses may wish to minimize the value of the goodwill and increase another component asset of the sale which will be capable of receiving like-kind exchange treatment. Inventory and cash-on-hand are also not part of a franchise exchange since, unlike equipment, these assets are not held for use in a business or trade.
    Retaining the Services of a Qualified Intermediary
    A qualified intermediary (QI) is necessary for most exchanges in which the relinquished assets are sold to a buyer and the replacement assets are being acquired from a seller, who is not the same as the buyer of the relinquished assets. The taxpayer essentially sells the relinquished assets to the QI, who in turn sells them to the buyer. Similarly, the taxpayer purchases the replacement assets from the QI, who acquires those assets from the seller. In effect, the taxpayer completes an exchange with the QI. Selecting the correct QI is a decision that should not be taken lightly. Read on to learn more about the considerations for

  • Webinar: Advanced 1031 Exchange Exit Strategies

    Join Roy Pfleger of RVP II Consulting, and David Gorenberg, Managing Director of Accruit, as they discuss the basics of 1031 exchanges, and replacement property options including NNN, TICs, DSTs and more.
    Date: Tuesday, December 15th, 2020
    Time: 11:00 AM-12:00 PM EST
    Location: Online
     
     
    In this 1-hour webinar, you’ll: 

    Learn the basics of 1031 exchange, including the process and different types of exchanges
    Know how and why to leverage the benefits of 1031 exchange as it relates to various replacement property options, including NNN, TIC, DST, and oil and gas royalties.

    This webinar is presented in collaboration with RVP II Consulting

    https://js.hscta.net/cta/current.js”> hbspt.cta.load(6205670, ‘4c34c848-591e-41ae-967b-d613cad8e2f2’, {});
    About the Speakers: 
    Roy Pfleger II, Financial Consultant
    Roy has spent his entire career within the financial services sector. He began his journey at one of the country’s top John Hancock agencies as an intern. During his tenure at John Hancock and over the course of his career, Roy gained vast experience in financial services and excelled in management. Roy oversaw multiple branch offices locally and around the country. He had responsibilities in compliance, supervision, marketing, recruiting, day-to-day operations, administration, life insurance case management, business and investment processing, transitioning books of business and client accounts, and technology implementation.
    As the President and Owner of RVPII Consulting, Roy Pfleger set out to break the boundaries of the traditional financial services experience by incorporating his managerial and operational background. By using his knowledge and expertise, Roy focuses on guidance, accountability, and implementation of strategies, to share with his clients along their financial planning journey.
     
    David Gorenberg, Esq., CES ®, Managing Director, Accruit
    A dedicated and successful professional, David Gorenberg has over twenty years of experience in business development and public speaking. His dynamic personality enables him to make effective presentations to groups both large and small, at all professional levels. David has written and spoken extensively on 1031 Exchange transactions pursuant to Section 1031 of the Internal Revenue Code , and Tenant-In-Common (TIC) and Delaware Statutory Trust (DST) investment properties as like-kind replacement property solutions for 1031 Exchange transactions pursuant to IRS Revenue Procedure 2002-22 and Revenue Ruling 2004-86.
    Prior to joining Accruit, he was with Wilmington Trust, where he served as the Vice President and Product Leader for Wilmington Trust 1031 Exchange, LLC out of Wilmington, DE. Prior to that, he spent six years with Citibank’s 1031 operations, where he built their 1031 Exchange service from the ground up, ultimately generating over $850 million in annual deposits for the bank. In addition he has held leadership positions with three other national Qualified Intermediaries (Accommodators). Prior to becoming a full time Qualified Intermediary , David managed a successful law practice, where he was involved in business and real estate transactions. In that capacity, David has guided his clients through 1031 Exchange transactions since 1992.