Legal Question in Wills and Trusts in Minnesota

I need some advice, and I am so confused on the best route to go.
My Parents and Uncle owned several farm properties together. Back in 2005 my father died of a heart attack and in 2006 my mom died of cancer. My brother and I inherited their � of the land through a life estate.
A lot of this farm land was purchased by my parents and uncle back in the 1970s. Ok so NOW they way I understand it, is my brother and my � has "Stepped up" in value, and my uncle still has the "value" on his � of when it was purchased. Now, to clean up things in life we feel it would be best to divide up the land. My brother and I would take � and my Uncle would take the other �. Would it be best for us to do this by using the 1031 exchange? I think the quitclaim deed would result in my brother and I paying a gift tax on the � we would get from my uncle? I don't want to do anything illegal or do something that will put me in the poor house by paying a huge tax rate. If we go the 1031 exchange, would a Market Survey work for getting the current values to trade piece for piece? Also if my brother and I want to sell some of the property we get, is there a time restriction on this?

Asked on 3/26/10, 8:17 pm

Daniel Reiff Reiff Law Office

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0 attorneys agreed

The questions you are asking are too complicated for a simple response here. You should hire an attorney to advise you on these issues.

Answered on 3/31/10, 8:31 pm

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