Montclair, NJ asked in Estate Planning for New Jersey

Q: Like-kind exchange with siblings for inherited property?

I am the executrix of my dad's estate. Myself and my three sisters are named in the will. The estate tax has been paid. There is a house that is part of the will (equally split) I'm going to be taking over to live in. It's presently still in my dad's name. There was an agreed upon value put on it between my sisters and myself after a real estate inspection and review. I was told I could enact a like-kind exchange with my sisters for their interest in the house and get an Executor's Deed to transfer the property to myself. Most of necessary inherited funds that would have covered the exchange have been distributed. Can I deposit the necessary funds into the estate account so I can write checks to my sisters for their 1/4 interest in the property? Otherwise what is the easiest/best way to handle this without any pitfalls?

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1 Lawyer Answer
H. Scott Aalsberg
H. Scott Aalsberg
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: Best way is to hire an estate planning lawyer, what your asking can be very complicated and has many possible pitfalls and not meant for a short question and answer forum which is basically to tell people whether they should speak with a lawyer or not.

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