My family had owned my rights for years. I just inherited them a few years ago. I want to pass them to my boys. How can I do this?
You should talk to an experienced estate planning attorney to determine your option, which will be affected by the value of the minerals. Your testamentary estate plan could involve creating a lifetime trust for each child, which would be structured for divorce and asset protections. If the value is significant, and you want asset protection for yourself, you may want to create a limited liability company and transfer the minerals to such company and your estate plan could leave your membership interests in such company to the trusts described above. You could also discuss with your attorney creating trusts for your children during your life and making gifts to such trusts. Your attorney should have a strong estate and gift tax background and be familiar with using trusts and entities in a tax advantaged manner.
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