Outdoors
Sponsored by

Transfer of Mineral Interest

841 Views | 5 Replies | Last: 16 days ago by SweaterVest
rancher1953
How long do you want to ignore this user?
My mother who is 95 years of age has part mineral in some gas wells. She wants to transfer these to her grandchildren before death. Can any attorney handle this or will a need an oil and gas attorney. Thanks
rancher1953
How long do you want to ignore this user?
I forgot to add the grandchildren are both age 7.
Jabin
How long do you want to ignore this user?
I would recommend an O&G attorney. Probably many attorneys can handle documenting the actual transaction, but a specialist knows what additional questions to ask. There's frequently more than just the simple conveyance. It's what you don't know that you don't know that always gets you in trouble.

Also, a specialist shouldn't cost any more and may actually be less expensive since this is everyday stuff for them.
Brush Country Ag
How long do you want to ignore this user?
AG
You will probably need to get that interest appraised by a certified o & g appraiser.
mhnatt
How long do you want to ignore this user?
I recommend Stephen Moon. This (oil and gas, property/minerals) is his specialty and he's a darn good Aggie and an ethical man.

Texas Law Office of Stephen B. Moon
551 William D Fitch Pkwy, College Station, TX 77845

I think the number is 979-431-0692
SweaterVest
How long do you want to ignore this user?
AG
Not an attorney, but I think you'll need to have the mineral interests appraised. If the appraised value is higher than the annual gift tax exclusion ($20k per recipient per year I think) the conveyance would be subject to taxes.

If that is the case it might be more efficient for your mother to leave the minerals to her grandchildren in a will, as the estate tax limit is significantly higher and if her assets are less than ~$13MM the transfer would be tax free. If she has substantial assets you could look into a generation skipping trust as well.

I could be crossing some wires, definitely talk to someone well versed in O&G and estate planning.
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.