My father passed away in July 2014. His residence was willed equally to his 5 children. One of my siblings wants to buy the property from the rest of us but needs a bigger equity share to get a loan. The primary home is still in my fathers name but if not sold by Sept 1 it will have to be transferred into each of our names. The sibling wanting full ownership also received a separate property in its entirety in the will.
1) Can I trade my portion of my father's inheritance in his primary home to my sibling in exchange for the separate piece of property they received and which is now titled in their name? My equity % in the primary home is equal to the value of the other property (approx. $30,000) so no money will be exchanged and both of us are agreeable to this exchange.
2) What is the best (least expensive) means to make the exchange?
3) Will it be possible to simply do quitclaim deeds; his property to me and my equity to him?
4) Do we have to claim the true value in the quitclaim or just a dollar?
5) No tax was due by any of us for the inheritance(s) Will there be any tax issues for either of us immediately or in the future to be aware of?
6) Will a lawyer be required?
Both properties are located in the same county and township in WI and both of us also currently live in this township.
Thank you for any help and expertise you may offer regarding this unusual circumstance.