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■ 2017 VIRGINIA LEGAL ELITE


Ute Heidenreich


Towne 1031 Exchange LLC Suffolk


CORPORATE COUNSEL 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 se nior


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 McGuire- Woods; 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 abil- ity 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 some- one 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 provid- ers. 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.


54 DECEMBER 2017


Photo illustration. Photo by Mark Rhodes


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