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I am involved in a land trust in South Dakota. A large trust with 8 participants (all family). We are also all undivided interest owners in a large area of land in East Texas. I want to do a Value for Value swap of my percentage of the land trust in South Dakota for their interests in the East Texas land in order to get out of the "undivided interest" intanglement caused by 8 owners. Ist this legal and what are the financial and tax ramifications?
ANSWER
Expert Mark Anderson's Answer:
It really depends upon your interest in the trust. Are you a beneficiary or grantor of the trust. You might be able to do a like kind exchange if you own the real estate. You should be able to work out some type of deal. I would start by having a trust attorney in South Dakota see if you have an interest in the property that can be exchanged. I hope this answers your question. Thank you.
