Can anyone give me any insight on how you go about dividing my mineral acres. I have received my first check and realize this is too much income for me at my age. Can I still divide my MA even if I have received my first check.
By divide your income, do you mean sell it to someone else?
If you are concerned about the moneys effect on Medicare/social security, then there are options to convey the mineral interest into a trust, you would need to speak to a CPA for that.
I thought I wanted to have an oil check and now I want to give those MA to my children, can I still give them to them or not since the well is already producing. Is there a time frame that I can't give them away?
There is quite a bit to think about.
1) Your first check is likely the highest you will ever receive by far. Most of the time there will be a few months of production on the first check. Also monthly production will decline. Type of well and where it is at, and the depth all play a part. It might only last 2-7 years and then only pay 5% of what it is paying now.
2) You can only “GIFT” $13,000 dollars (cash or value) a year to someone without having to pay gift taxes. (unified estate tax credit is one) Consult a GOOD estate planning attorney and get some advice. There are ways to give more than that.
3) Remember, if you give it, it is gone. They are free to sell it if they want to There are other ways to handle it if needed. Again consult a estate attorney. It is better to spend a few thousand to do it right.
4) Hire a second estate planning attorney to review it before you sign. Mistakes here will cost a lot of money and time.