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Lately, the Tax Reform Bill and proposed cap on Like Kind Exchanges (LKEs) has been making headlines and spurring conversation. This cap will impact real estate investors who utilize exchanges to grow, diversify, and strengthen the future of their businesses. Like many other financial institutions, Northern Bank is working on understanding the Bill’s impact on investor clients and addressing their concerns.
The New England Real Estate Journal featured Michele Fitzpatrick’s article on the nationwide economic benefits of IRS section 1031 exchange as a spotlight edition in its September 2021 issue. The article highlights recent economic studies commissioned by the Federation of Exchange Accommodators (FEA), as well as the benefits of 1031 exchange. In addition, Michele’s piece addresses the individual benefits of 1031 exchange and the many reasons investors utilize this tax deferment to improve their real estate holdings.
Since 2016, Northern Bank has facilitated hundreds of 1031 Exchanges every year. Those exchanges save our clients thousands of dollars in taxes, which they can invest in better properties, while creating jobs that benefit the economy. We are hopeful that the efforts of the FEA coalition will be successful and that there will be minimal impact to IRC 1031. At Northern Bank we’re ensuring our clients are aware of potential changes, and working with them to find solutions that enable them to expand their businesses.
Michele Fitzpatrick brings 16 years of banking knowledge and almost 18 years working as a real estate professional to her role as the Vice President of Northern 1031 Exchange. On the Northern Bank team since 2014, Michele has played an integral role in the growth and inception of this wholly-owned subsidiary.
In 2001, Michele earned her Massachusetts Real Estate license and began working for Coldwell Banker, where she focused on buying and selling her own investment properties. With a portfolio of multi-family and vacation rentals, Michele was able to leverage her assets by utilizing 1031 exchange. As the Massachusetts real estate market climbed to record levels in 2003, she shifted her focus to banking and finance, working with Sovereign through the merger of Santander and onto Stoneham Bank, where she worked in both Retail and Cash Management.
Financial wellness is the state of having a healthy relationship with your finances, where you effectively manage your money, plan for the future, and feel secure in your financial decisions. Achieving financial wellness doesn’t happen overnight — it is a process that may take time and effort to achieve.
Bank changes shouldn't slow down your business. As your trusted partner, we'll help you stay ahead with practical steps to navigate any transition smoothly.
Northern Bank announced today that it would begin accepting applicants for its annual $5,000 college scholarship award.
Northern Bank is a full-service bank dedicated to providing practical, common sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $3.11 billion with 12 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, and an Equal Housing Lender.
Contact us now to learn more about how Northern Bank can help you realize your goals and dreams.