1031 Exchange and gifting strategy

[Bolek Schwab]

My extended family and I own a vacation property structured under an LLC - S Corp, split between two parties and I plan to sell my 1/2 of the property to the other family member, and utilize a 1031 to roll the proceeds into another real estate investment. I had planned to bequeath my 1/2 of the property to my adult son but would like to gift it to him sooner rather than later using the estate tax exemption. At what point in the process can I make the gift / what is the best strategy to expedite the transfer? Can I form a new LLC, make the sale, go thru the 1031 procedure, acquire a rental property and then hire my son to manage it, then gift it to him after a year? Is there a cleaner path to the desired outcome?