I would not consider a "financial advisor" sufficient to give advice about a 1031. Which is not a problem with the financial advisor. What is a problem is when the financial advisor doesn't admit that he/she is not the right person to talk to on this subject. I had always hoped that in cases like that one would be told "This is not my area of expertise, may I transfer you to a tax advisor (who specializes in 1031 exchanges)?"I believe that this is why, when selecting a financial advisor, one should seek a CFP(r) Professional ( http://www.cfp.net ). Topic 65 of the CFP Board of Standards' 101 topic curriculum covers tax consequences of like-kind exchanges. Subtopics include reporting requirements, qualifying transactions, multiple properties, liabilities, boot, and related party transactions. Advisors holding the CFP(r) Certification will have a comprehensive understanding of the topic.A CFP(r) Professional is analgous to a doctor practicing family medicine. He or she is the first person most people seek for almost all ailments, and therefore must be prepared to act on the wide range of issues he or she will encounter. In addition, it is the responsibility of the doctor, just as for a CFP(r) Professional, to identify cases where specialists need to be consulted for further review.Billdisclosure: sitting for the CFP(r) Certification Examination in July and studying like crazy in the meantime.
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