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Q&A: An exit strategy for retiring doctors
I'm starting to consider an exit strategy for when I'm ready to retire from my practice. What do I need to know about handling the sale of my building, tax planning, retirement options, etc.?
Q: I'm starting to consider an exit strategy for when I'm ready to retire from my practice. What do I need to know about handling the sale of my building, tax planning, retirement options, etc.?
Section 1031 allows for a "like-kind"-i.e., of the same nature-exchange of investment real estate and continued deferral of the tax that would otherwise be due upon the sale. The total proceeds from the sale, rather than the net after-tax amount, can be invested in income-producing real estate and provide additional retirement income.
Dan Deighan, CLU, CFC (left), is founder and principal of Deighan Financial Advisers in Melbourne, Florida. He has counseled clients since the firm's inception in 1974. Learn more by visiting http://www.deighanfa.com.
