Colorado Estate Tax Planning Lawyer
Legal Guidance to Reduce Estate Tax
Owning land with productive oil and gas wells can mean a great deal to your family in terms of income in the present and into the future. If you have been fortunate enough to be able to set up a working oil & gas partnership agreement, it is in your best interests to make arrangements to ensure that the royalties and revenue that you currently enjoy from the proceeds of the well aren't subjected to any more tax than is necessary on your passing. Mineral rights and facilities are included under federal law as part of the taxable estate of anyone in our area, and the impact of estate taxes and capital gains tax will often cost the heirs a significant portion of the revenue.
There are several approaches to minimizing the amount your estate will have to pay in taxes in the transition period, such as trusts, wills, tax planning & gifting of mineral royalty interests, family limited partnerships and living trusts. It is important to work with a knowledgeable Colorado oil and gas law lawyer who can assist you in selecting the strategy that is best suited to your unique situation, as well as helping you draft the document you choose. Failure to take action on this matter can mean that your family is deprived of a large portion of the inheritance that you plan to pass on.
Oil and Gas Law Attorney in Colorado
Come to Feldmann Nagel Cantafio & Song PLLC for answers to your questions about what will happen to your estate when you pass away. We have assisted countless individuals and families in preparing for the transfer of wealth, and we have a special familiarity with the many approaches for protecting an estate that receives royalties and other income related to oil and gas wells from the heavy taxation they would otherwise undergo. Meet with an attorney from our firm before getting started on your estate planning, so we can advise you of the best solution for your needs and goals.
Contact a Colorado estate tax planning lawyer for skilled assistance with protecting your estate and the revenues of your mineral rights from the demands of the estate tax.