Gas Lease Estate Planning Attorney
It is very important for any landowner with Marcellus Shale gas wells to make certain that they have a proper plan in place to address the royalty and bonus payments under any lease. In addition, it is also important for a landowner to consider and address the liability aspects of a Marcellus Shale gas lease.
Minimizing your Tax Liability
Depending upon the circumstances, a landowner with a Marcellus Shale gas lease will incur Federal and State Income Taxes, Pennsylvania Inheritance Taxes and, depending upon the size of their estate and the current tax laws, Federal Estate Taxes. Depending upon the value of the subsurface minerals and the intentions of the landowner, a number of different estate planning options exist which can help lessen the tax burden and provide liability protection.
Simple and Complex Estate Planning
Under certain circumstances a basic will may be an appropriate option. Under other circumstances, more complex estate planning methods should be used in an effort to reduce the tax liability and to insure distribution of the lease interest to the intended beneficiaries. These alternate estate planning methods include gifts, family limited partnerships and grantor retained annuity trusts.
It is important to note that the alternate estate planning methods are not viable tools for every landowner. It is important to take into consideration all aspects of the plan and its effect on taxes, expenses and protection from liability.
Contact an Attorney Today
If you have any questions relating to your estate plan and your Marcellus Shale gas lease, call our office at 724-836-3300, or use our contact form; it's easy and we'll answer you as quickly as we can.