My Mother in law died this past May 2024 in Pennsylvania. She had a trust that includes several properties that have active natural gas wells and then some mineral rights. Some of the mineral rights are on property not owned by the trust - they just own the rights. There are 4 heirs between the ages of 62 and 70 yrs old. Only 2 heirs live in PA. One is in Virginia and 1 in Indiana. Family is having a hard time deciding what to do going forward in whether to sell all properties and accompanying rights and royalties, put all in an LLC and manage, or just hold in a trust. (if that's possible). Trustee and co-trustee (my husband's sisters) have been confused as to what lawyer has told them so far and thus have communicated some erroneous information that had to be corrected. (thinking they didn't have to get appraisals after death). Does anyone have experience in these issues and shed some light on what considerations might be? There are 13 grandkids that once heirs pass that would figure into future decisions if properties are kept. The properties are in northern Pennsylvania, very rural and the trustees in charge are the least educated and financially savvy of the group. Properties were appraised at 2.0 million. We don't want to overstep but we want to be able to understand what best options are. We are especially concerned about tax liability going forward since I will have to take RMD's in 3 years and we have been trying to manage our taxable income. We were not aware of the value of the properites before his Mother died. Thanks for any assistance.
Statistics: Posted by mdshumaker — Mon Sep 16, 2024 11:12 am — Replies 3 — Views 268