Jackson Walker L.L.P. recently assisted two San Antonio family offices in developing and executing a tax-efficient strategy to accommodate their evolving business and travel demands.
The complicated aircraft transaction, which was completed in 2013, required the immediate purchase of an undivided interest in an aircraft to accommodate the long distance travel needs, followed by the sale of an aging jet aircraft and a subsequent purchase of an additional undivided interest in a separate aircraft to support shorter, domestic travel requirements of the family offices. The Reverse 1031 Exchange and a concurrent Forward 1031 Exchange supported the family offices’ needs for flexibility in travel while providing a creative solution to their federal and state tax planning strategy. The term “1031 Exchange” refers to the section of the IRS tax code that governs like-kind exchanges of business or investment property.
The families were represented by partners Marshall Miller and Jim Struble, tax partners Ron Kerridge and Steve Moore, with assistance from Lauren Ciminello, Ann Leafstedt and Shari Mao. The successful transaction demonstrates the depth of experience of the firm’s Family Office Group, a multidisciplinary team of attorneys who serve as trusted counsel to some of the most affluent and influential families in Texas. Attorneys in the group are thoroughly well-versed in federal and state tax matters and are able to provide efficient and creative solutions for the acquisition, transfer and sale of real estate, aircraft, watercraft, and other specialized assets, as well as a full range of services to their family office clients.