My mother has mineral rights and recently has been admitted into a nursing home. Medicaid has not paid due to her ownership in mineral rights. How do we get the mineral rights valued? To the best of our knowledge the minerals rights have not produced She has had them since the 1960's. Thank you.
Kerri:
Placing a value on mineral rights is a very difficult procedure and if done properly, requires one with extensive knowledge in this field. There is an individual on this forum by the name of Gary L Hutchinson who specializes in this area. I would contact him and get some advice on how to begin your quest for mineral valuation.
How many acres does your monther have? perhaps you could lease them from her for $100 per acre then she wouldn't own the oil and gas anymore, only a royalty interest in the production. With no current production, the value of royalty would be $0. If someone wanted to drill in the future you could assign the lease to them for a bonus. Just a thought.
It may very well be too late if Medicaid knows of these "assets" but you might consider consulting with an attorney and seeing about getting the minerals gift deeded over to her heirs.
Hi Kerri,
I'm not a landman or atty. I just see things in a logical way. Your mineral rights are worth "0" if they haven't been leased. No lease, no offer to lease, worth nothing. Just my thought on it. : )
Wes Luke