Tax Planning & Gifting of Mineral Royalty Interest
Considering a mineral or royalties gift?
Colorado has become one of the newest production boom areas in the U.S. Many people have acquired mineral rights and royalty interests in this boom and there is a burgeoning interest in gifting to family members and charities. This complex area must be addressed by an experienced Colorado oil and gas law attorney, however, with the background to answer all of your questions about how taxes may affect your gifting. At Cantafio & Song PLLC we are a legal team with extensive experience in tax law and the availability to answer your questions. We invite you to schedule a consultation with us and give us an opportunity to explain the laws and guide you through the process of gifting your mineral and royalty interests.
Tax Planning & Gifting of Mineral & Royalty Interests in Colorado
The varying degrees of ownership make gifting of oil and gas interests an extremely complex matter that involves very specific considerations. It is imperative that you consult with an attorney from our firm who is knowledgeable in the area of estate tax planning and oil and gas law. We can help you through the process step by step, including a clarification of exactly what kind of interest you own. Types of ownership include:
- The actual real estate that contains the oil gas or mineral deposits
- The separate rights to the oil, gas or minerals on the land
- Interest in a lease or royalty agreement
- Some combination of the above
Once that is determined, we can move forward with your desire to gift your interests to individuals or charities of your choice. In addition to tax planning issues, we believe that you will also be pleased with the other advantages of adding an oil and gas perspective to estate planning, such as liability protection, the lifetime management of your assets, succession planning and income taxation and valuation of your mineral rights.
For help from an experienced and knowledgeable legal team, please contact a Colorado oil and gas lawyer at Cantafio & Song PLLC at your earliest opportunity.