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CORPORATE COUNSEL

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Ute Heidenreich

Towne 1031 Exchange LLC
Suffolk

Title: President

Other legal specialties: I also serve as general counsel at TowneBank.

Birthplace:  Lörrach, Germany

Education: Bachelor’s degree, College of William and Mary; law degree, Marshall-Wythe School of law, College of William and Mary

Spouse:  Michael Zugelder, business law professor at Old Dominion University

Children:  Miles, a high-school senior

Hobbies or pastimes:  Reading, gardening, time with family and friends

First job as a lawyer:  Associate in the Norfolk office of McGuireWoods

Favorite vacation spot:  Ocracoke Island

Recently read books: “Option B” by Sheryl Sandberg and “A Gentleman in Moscow” by Amor Towles

Career mentor:  The late Vann Lefcoe at McGuireWoods; my colleague George Whitley; and TowneBank President Morgan Davis

Tell us about your company. We are a qualified intermediary, wholly owned by TowneBank, one of Virginia’s top-ranked community banks.  Our service helps our customers obtain tax deferral and the ability to leverage funds to acquire property that works best for them.  I know each of our customers as they have entrusted us with their funds and with properly documenting their exchanges.  I love when someone says: I’ve talked to three people, and they all told me to call you.

Why are there a growing number of 1031 exchange companies in Virginia? Despite a few additional legal requirements put into place after 2008, the barrier of entry is still very low.  Values have recovered; the market is active with sellers seeing the possibility of moving into more suitable properties. The need for the service brings providers.  It is important to go with someone you know and trust, to follow all the rules to avoid an IRS challenge and, most importantly, keep your funds safe.


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