My elderly mother with dementia inherited a 1/8th mineral interest of 220 acres of land in the John Scritchfield Survey, A-26, Leon County, TX. My research shows that there are oil wells on the property, but they have been inactive since the 1960's. In 2010, she was contacted by Rippy Interests, LLC. with an offer to lease the mineral rights. The 3 year lease with an optional extension for 2 more years was signed.
Since that time, my mother's healthcare costs have exhausted her assets and Medicaid is requiring the sale of this asset.
So, we need an appraisal, valuation, or several offers to purchase these rights. Obviously, Medicaid requires all transactions to be at fair market value.
Could someone please advise me on how to obtain a fair market value for these mineral rights?
If Medicaid is to get the proceeds from the sale of this mineral interest, then Medicaid should pay the costs of appraisal, etc. Medicare and Medicaid will lie to you and steal money from your pocket if you don't watch them. My brother, sister and I know from past experience. Just my opinion.