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We
understand that the security
of your funds is your primary
concern. It's ours as well.
This is one of the reasons
we put each client's money
in a separate account.
And
we know that you have questions
about this money: "have
we received your funds yet?"
"How much interest has the
account earned?" "Did the
earnest money check for
the new property get sent?"
1031Access
will let you view your account
to find the answers to these
and all your other questions.
And
because you are busy, you
can access your account,
online from your computer,
24 hours a day.
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Nationwide,
Toll-Free:
866-694-0204 |
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New
Subscribers:
To sign up for a NEW 1031Access
account.
If
you are a client of The
1031 Exchange Experts,
fill out this form ONCE
to start your 1031Accesss
account..
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Subscribe
to 1031Access here so you can
monitor your exchange funds online!
A User ID and Password will be
sent to you via email pending
verification of your account. |
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| First
of all, I want to thank
you again for the EXPERT
service you provided during
our exchange last year.
You explained everything
accurately and factually
and there were no surprises.
And the TaxPak
I received will be very
helpful.
Whenever
a question or apparent problem
arose during the exchange,
it was answered and solved
quickly and accurately and
with only one call. Response
time was immediate and this
was of utmost importance
since mine was a reverse
exchange and the timing
was critical.
Sincerely,
W.
Heston
1031 Investor
Hebron, Ohio
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Click
here if you do not see the
FLASH demo above. Your 1031Access
interface may look different
from the sample above. |
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The Risk of
Commingled Accounts...
If
your Qualified Intermediary pools
all of its clients' exchange funds
into a single, or "commingled"
account, those funds are at risk
for a variety of reasons.
Since your funds are held in a
commingled account, you cannot
trace or earmark your particular
proceeds. Rather, they are legally
considered funds belonging to
the QI, meaning that your funds
could be attacked by creditors
of the QI in the event of a collection
action, or if the QI files for
bankruptcy. Your funds could also
be at risk if legal or regulatory
action is taken against any of
the QI's other clients, since
there is no separation of your
funds from theirs.
A
commingled account also makes
it easier for a QI to use your
funds for its own purposes. Dangerous
practices like investing client
funds for the QI's personal benefit
are not unheard of (see our Article
discussing an example of this).
You are also at higher risk of
losing your funds to accounting
error or embezzlement.
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Good News About Segregated Accounts...
Funds
held in separate, or segregated
accounts are protected from the
risks listed to the left. Since
your funds are clearly traceable
to you, they are protected from
attacks of creditors or of a bankruptcy
estate. The likelihood of conversion
or embezzlement of your funds
is drastically reduced.
This is why we, The Experts,
proudly establish a segregated
account for every exchange we
do. We always have. It's more
work for us to do this, but it's
safer for you. And with 1031Access,
you can keep your eye on your
money and be sure that we are
holding your funds safely.
No other QI in the 1031 industry
offers this kind of service, or
the peace of mind that comes with
it.
Read more about the dangers of
commingled accounts in the February
18, 2004 edition of The
Colorado Real Estate Journal
in our column
titled, "EXCHANGER BEWARE..."
by Gary Gorman.
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