My mother has OGM rights in Oklahoma. We just went to have her will re-done and the attorney said that because of her mineral rights, we need to hire an independent appraiser in the area (we live in another State) and an attorney to represent her to find out the fair market value of her interests. I am one of six children. She wants all six of us to inherit equal shares in these rights upon her death. At the moment, wells are being built on the property (we do not own the land). She received an initial lease payment four years ago and were told within this last year that the company is just waiting for the price of oil to rise (it already has) before they will start drilling. To date, she has not received any royalties.
The attorney told us that because we were told that the estimated dollar amount of her interests (many, many millions), that upon her death, we as her children have 90 days to pay the inheritance taxes (millions that we don't have).
My question is, she wants to know if she can convey her interests to her children prior to her death to avoid this. We are lost and haven't a clue as to where to find this out.
Can anyone help?
Thank you in advance.