The coming wave of baby boomer retirements is likely to trigger a related shift in the real estate market. As clients retire - and relocate - you may find yourself discussing what to do with a Snowbelt investment property held for many years, which a client doesn't want to manage from the Sunbelt.

"We see a lot of that here," says Paul Auslander, chairman and CEO of American Financial Advisors in Orlando, Fla. "Many people in that situation are interested in a tax-deferred exchange, rather than paying tax on a sale." That, in turn, may draw more attention to property exchanges spelled out under Section 1031 of the tax code.

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