#Part2: The Truth Behind “One Truth, Two Lies!” On our last post, we asked you to identify the truth among three financial statements. Now it is time to reveal the answers and explore why each one matters for your financial journey. 1. ? LIE: A 1031 exchange eliminates taxes on the sale of investment properties. A 1031 exchange doesn’t eliminate taxes on the sale of investment properties; it allows you to defer capital gains taxes by reinvesting in similar assets. This strategy might benefit real estate investors but requires careful planning to comply with IRS regulations. 2. ? LIE: Estate planning is only necessary for people with millions of dollars in assets. Estate planning is not just for the ultra-wealthy. It is for anyone who wants to ensure their wishes are carried out. Regardless of the size of your assets, having a plan in place can help reduce uncertainty and provide clarity for your loved ones. 3. ? TRUTH: Tactical portfolio management involves adjusting investments based on changing market conditions. The truth lies in tactical portfolio management, which involves adjusting investments based on changing market conditions. This approach considers shifts in risks and opportunities, helping align investment decisions with broader financial goals and evolving circumstances. Were any of these answers surprising to you? Share your thoughts in the comments, we would love to hear what you think! #ThornwoodFinancial #Thornwood #FinancialAdvisors #FinancialEducation #EstatePlanning #1031Exchange #TacticalManagement #SmartDecisions #YourGoalsYourWay #PlanWithPurpose #FinancialInsights #WealthManagement
