Renee
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Renee's Discussions

Balance of bonus payment
1 Reply

I am curious if any of you have any experience with a similar situation. We signed a lease with the bonus payment divided into 2 payments. One payment was made at the signing of the lease with the…Continue

Started this discussion. Last reply by Jack Straw Feb 11.

Benefits of LLC for Mineral Rights Owner?
19 Replies

Hello,Could someone please describe the tax benefits of forming a LLC for a natural gas rights owner. We are trying to plan for the balance of a lease signing bonus as well as future royalty…Continue

Started this discussion. Last reply by Steven Kacerski Jul 24, 2012.

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Jack Straw replied to Renee's discussion 'Balance of bonus payment'
"RE: "One payment was made at the signing of the lease with the balance due 1 year later after all title and survey work has been completed. If the 1 year anniversary date comes around and the title work is still being processed, how would you…"
Feb 11
Renee posted a discussion

Balance of bonus payment

I am curious if any of you have any experience with a similar situation. We signed a lease with the bonus payment divided into 2 payments. One payment was made at the signing of the lease with the balance due 1 year later after all title and survey work has been completed. If the 1 year anniversary date comes around and the title work is still being processed, how would you proceed? See More
Feb 11
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Renee updated their profile
Feb 11
A discussion started by Renee was featured

Benefits of LLC for Mineral Rights Owner

Hello,Could someone please describe the tax benefits of forming a LLC for a natural gas rights owner. We are trying to plan for the balance of a lease signing bonus as well as future royalty payments. The property is located in PA but we live out of state. Thank you. See More
Jul 25, 2012
19 Comments
Steven Kacerski replied to Renee's discussion 'Benefits of LLC for rights owner'
"LW, One of the first things I would consider and recommend if you're considering a family trust is make sure you find an attorney who works in the estate and trust area to draft the trust documents.  Just like any other professional…"
Jul 24, 2012
Steven Kacerski replied to Renee's discussion 'Benefits of LLC for rights owner'
"That's one of the main things I have tried to stress to people when I've presented at oil & gas meetings about the tax and financial implications of the marcellus and utica shales.  The tax issues/planning shouldn't just…"
Jul 23, 2012
Clinton44 replied to Renee's discussion 'Benefits of LLC for rights owner'
"Buddy, Everyones case is different, if pooling of or drilling on your land is not in the near future you still have time to gather information and make decisions. You know how much drilling activity is in your area and due to the low price of gas…"
Jul 21, 2012
Buddy replied to Renee's discussion 'Benefits of LLC for rights owner'
"Yes, I knew about the look back period and thought that transferring sooner rather than later would be the best route.  Hard to know what to do, especially in this "high middle" age bracket.  Thanks again."
Jul 21, 2012
Steven Kacerski replied to Renee's discussion 'Benefits of LLC for rights owner'
"Buddy, If you're transferring property and not selling it, you would still need to determine the value of that property for gifting purposes.  There could be gift tax consequences depending on the value of the property transfers.  You…"
Jul 21, 2012
Buddy replied to Renee's discussion 'Benefits of LLC for rights owner'
"Eric and Stephen,  Thank you for your answers.  We are pretty overwhelmed with the procedure and the cost involved in this.  Our acres have Marcellus Shale gas but how good it is and how important it will be in the future is…"
Jul 21, 2012
Steven Kacerski replied to Renee's discussion 'Benefits of LLC for rights owner'
"Buddy, It all depends on the firm that does the appraisal and how much you want to spend. As I have told people at tax seminars I have done over the past year, there is no one size fits all tax solution for the oil & gas income.  All…"
Jul 20, 2012
Clinton44 replied to Renee's discussion 'Benefits of LLC for rights owner'
"Buddy, As it was explained to us by our attorney the appraisel protects the members of the LLC from disgruntled parties claiming that the lease/mineral rights were bought for less than fair market value. I do not think the cost for the appraisel…"
Jul 20, 2012
Buddy replied to Renee's discussion 'Benefits of LLC for rights owner'
"Steven,  What is involved in having these appraisals done?  Is it always necessary to do this in forming a LLC or a family partnership?  Who can afford $10 to $15,000 when they are trying to PROTECT their interests for the…"
Jul 20, 2012
Clinton44 replied to Renee's discussion 'Benefits of LLC for rights owner'
"Our appraisel was done in March of 2011 for under $3000. Our acreage is around 100 acres I would imagine the larger the parcel the higher the appraisal fee??"
Jul 20, 2012
Steven Kacerski replied to Renee's discussion 'Benefits of LLC for rights owner'
"Angela, I agree with what Eric said in his reply.  You would need to have a valuation done by an engineering/geology firm.  For smaller acreage, you might be able to get away with having a CPA who specializes in valuations, but…"
Jul 20, 2012
Angela Smith replied to Renee's discussion 'Benefits of LLC for rights owner'
"Thank you. We'll look into that option."
Jul 20, 2012

Profile Information

What is your role in the Marcellus?
Other
Why are you here?
Learning
Which state(s) are you following?
Pennsylvania

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