Best mineral holding structure for wife and 3 adult kids

General Mineral Rights Discussion
1

Hi everyone. I could really use some advice.

My wife and I have been married for 35 years and I have (mostly) happily handled her mineral rights and taxes and such.

She is about to inherit another 10 properties from her mother, so 20 total max. Some produce and some do not. About $30k annually.

While I have enjoyed learning about the counties in Oklahoma and how this all works, our adult kids have other things to do with their time. And some of them have kids, and…..

So, what is the best structure for a 60-year-old woman to use to manage these assets and then hand them to her children when she and her husband (me) die?

We have a family trust that is set up to protect her assets so they go to the kids if she dies first. So, we could use Family Trust, FBO . But is this best?

Irrevokable trust, LLC?

What do we need?

Easy to track all the assets and deeds - I have spent the past 6 years tracking down my mother in law’s interests. I find this fun, it makes her children crazy.

One account to receive payments

One set of taxes with optimal taxation

Protected from debtors, I guess. Seems smart.

Easy to divide by 3 when we’re both gone. Or, mabye the kids keep it whole and divide the shares?

Thanks,

John

2

Adding this -

I can manage all of this now. We are each 60. In 20 years I want it to be easy for the kids to undertand and manage.

THEN, we want a clean break for the kids into 3 after the second death.

As much as we don’t want futher dilution, we really don’t want any issues among the kids once we are dead about how to manage joint assets. Each gets 1/3, and you do you.

3

Mine were registered in the name of my Trust and considered an asset of the Trust - just like stocks, bonds & real estate. Or, she can just put them in her will with beneficiaries as she desires.