Inhheritance Tax?

I talked to a freind in PA. yesterday that told me that his elderly mother had passed away last May . He told me that the state (PA) had put a hold on her properties and wanted him to hire a geologist to appraise the gas and oil under her properies so he could pay the inheritance on the appraised amount. He told me that his attorny told him that there are alot of properties in PA in a similar postion and everyone is waiting for someone to sue the state over the practice so that party can bear the expense then the rest of the parties will file using the prior case.

Has anyone heard anything about this?

I'am still amazed how important things like this dont make it into are local newspapers at all

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Permalink Reply by GBrewer on March 30, 2012 at 3:33am

Can you please share the following:

a. in what county the property is located?

b. was the property under an active lease?

c. if leased, whether the lease was in a unit, drilled upon and/or in production?

Thanks!

 

Permalink Reply by rmc on March 30, 2012 at 4:22am

 a. Hello I believe all her properties where located in Greene County PA.

b. Yes all the properties are under an active lease that I know of she had three serperate properties inthe

same area only one had surface rights the other two where oil and gas rights only.

c. No no activity at all

Permalink Reply by Billy Park Whyde on March 30, 2012 at 3:41am

Sounds like speculative taxation!

Permalink Reply by rmc on March 30, 2012 at 4:25am

Just watch how the heirs of these old farms will be forced to sell the properties because of the amount of state inhheritance tax on them and it wont even make the papers the only place we will hear about it are on sites like this one

0l1a6laz7smpfPermalink Reply by 0l1a6laz7smpf on April 1, 2012 at 3:23pm

rmc...you are correct if there isn't enough monies in the inheritance to cover the tax amount.   And this is a real problem and yes it needs very thoroughly discussed and i am glad that Billy brought up the discussion.

In fact if the Bush tax cuts had been altered for this year....(haven't actually looked at them recently) but many would be losing their families farms and houses if the Bush tax rates for IRS had been changed by the Obama admin.   and if the family didn't get a fair and decent bonus for leasing there may not be the money to pay the tax bill.

I see that the exemption levels are higher than in 2009...for IRS...but Pa. still requires inher. tax.

http://www.irs.gov/businesses/small/article/0,,id=164871,00.html

Permalink Reply by Lester L Greevy on April 1, 2012 at 2:57am

Our office is in conversations with the Department of Revenue on how these interests are to be valued.

Les Greevy

Permalink Reply by Billy Park Whyde on April 1, 2012 at 3:41am

Your office, can you elaborate?

Permalink Reply by Lester L Greevy on April 1, 2012 at 3:46am

Greevy and Associates, attorneys

les@greevy.com

Permalink Reply by Buddy on April 1, 2012 at 10:54am
Attorney Greevy, What is your opinion concerning how to protect heirs with mineral rights inheritance? LLC? LFP? Sell the rights? Trusts????
Permalink Reply by Lester L Greevy on April 1, 2012 at 11:54pm

Buddy,

We like Family Limited Partnerships coupled with proper Will , Power of Attorney and Living Will.

Les

Permalink Reply by Buddy on April 2, 2012 at 2:51am
Attorney Greevy, Thank you for the response... I think we are leaning in the FLP direction but were told that we would pay approximately $5,000 for the document plus another large amount for the CPA services. Do we really need extra CPA services to set this up? And is this an appropriate cost for a FLP? Finally, is there enough liability protection in a FLP?
Permalink Reply by Lester L Greevy on April 2, 2012 at 4:06am

Please email me privately at les@greevy.com

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