I inherited some mineral rights in Jackson County Tx. and am probating my Mothers estate the court wants to know what they are worth how do I find out this information?
Thanks
I would think that your probate attorney could advise you on this. I would ask my attorney if an offer to buy would be sufficient in the courts eyes to determine value, you could then contact all the mineral buying companies that send out unsolicited offers to buy and with a half dozen of those in hand set the value. I think it's worth a try because it could cost more to have the acres appraised than they are worth. Ask your attorney and good luck.
Thanks my attorney couldn't advise me on this. I don't fully understand why the value is important as the rights are non producing at this point and have never been. Until someone offers to buy or lease they seem worthless to me.
Bubba:
I agree with rw kennedy in that the probate attorney might be able to advise you in this matter. On the other hand, Gary L. Hutchinson, a member on this Forum, has an expertise in mineral appraisals and might be able to give you some pointers in your case.
You might be able to skip the expensive and time-consuming probate process with a simple Muniment of Title. Ask a well-informed attorney who knows what this and if your Mom's estate qualifies.
Good luck ... the probate process can be stressful.
Pat
The probate attorney should have known, especially for non-producing minerals.
Hi Bubba -
I am not an attorney and you really should ask one about this, but in my years of experience in research public records I have only seen non-producing minerals listed in one Inventory. And those were valued at $0.00.
It is my understanding that only income producing minerals are taxable under the Probate Code and, thus, required to be listed in an Inventory.
If you would like me to take a look at the area around your lands, send me your legal description.
Hope this helps -
Charles Emery Tooke III
Certified Professional Landman
Fort Worth, Texas
My boss, Mr. Paul R. Clevenger, registered Petroleum Engineer is qualified to appraise mineral interests, producing and non-producing. If you would like to contact him, phone #210-822-2464 or email [email protected]
I'm very interested in this, too. My mom is still with us, but her last birthday was 100, and I'm having trouble finding an attorney in western Nebraska to answer my questions. Both my mom and I are in Oregon, and I've been told that if I can get the mineral rights (and her farmland) put in both of our names, that it won't trigger probate. Anyone have any resources for me?
Recommendations for Texas oil and gas attorneys Mr. Bob Werner 210-736-6600 and Mr. Boxy Hornberger 210-271-1700 and Mr. David Hughes 512-480-0010 and Mr. Roy Jeffries (210) 348-6600 - maybe they can recommend someone in Nebraska?
Simply put ... non-producing minerals are worth "nothing." Why someone would need an attorney to tell them "that" is beyond me.
Thanks, Dana. I appreciate these names. I'll give them a call.
Dana Krisch said:
Recommendations for Texas oil and gas attorneys Mr. Bob Werner 210-736-6600 and Mr. Boxy Hornberger 210-271-1700 and Mr. David Hughes 512-480-0010 and Mr. Roy Jeffries (210) 348-6600 - maybe they can recommend someone in Nebraska?
With all respect to Ms. Malone and others, non-producing minerals are taxable in an estate. I have just been through this with my father's estate and a highly qualified tax/estate lawyer and we had to have the minerals appraised. There is a huge variation in how appraisers may value these minerals. I'm sure you could find someone to tell you they are worthless. But most will look at leasing activity in the area and base the value on some multiple of recent bonuses paid in the area.
Ms. Pat Malone said:
You might be able to skip the expensive and time-consuming probate process with a simple Muniment of Title. Ask a well-informed attorney who knows what this and if your Mom's estate qualifies.
Good luck ... the probate process can be stressful.
Pat
Patty:
Non-producing minerals in ND and MT are not taxable. Of course if there is production from these minerals, it is taxable on both the State and Federal levels. I understand that mineral appraisals must be made in regards to estate settlements. Maybe the State where your area is located taxes non-producing minerals but I am not aware of any State that follows this procedure.
Patty said:
With all respect to Ms. Malone and others, non-producing minerals are taxable in an estate. I have just been through this with my father's estate and a highly qualified tax/estate lawyer and we had to have the minerals appraised. There is a huge variation in how appraisers may value these minerals. I'm sure you could find someone to tell you they are worthless. But most will look at leasing activity in the area and base the value on some multiple of recent bonuses paid in the area.
Ms. Pat Malone said:You might be able to skip the expensive and time-consuming probate process with a simple Muniment of Title. Ask a well-informed attorney who knows what this and if your Mom's estate qualifies.
Good luck ... the probate process can be stressful.
Pat
I was speaking strictly to federal estate taxes which I thought was the original question. Non-producing minerals are not taxed at the state level in Texas where my father lived.
charles s mallory said:
Patty:
Non-producing minerals in ND and MT are not taxable. Of course if there is production from these minerals, it is taxable on both the State and Federal levels. I understand that mineral appraisals must be made in regards to estate settlements. Maybe the State where your area is located taxes non-producing minerals but I am not aware of any State that follows this procedure.
Patty said:With all respect to Ms. Malone and others, non-producing minerals are taxable in an estate. I have just been through this with my father's estate and a highly qualified tax/estate lawyer and we had to have the minerals appraised. There is a huge variation in how appraisers may value these minerals. I'm sure you could find someone to tell you they are worthless. But most will look at leasing activity in the area and base the value on some multiple of recent bonuses paid in the area.
Ms. Pat Malone said:You might be able to skip the expensive and time-consuming probate process with a simple Muniment of Title. Ask a well-informed attorney who knows what this and if your Mom's estate qualifies.
Good luck ... the probate process can be stressful.
Pat
A Texas probate court is insisting you put a value on Texas non-producing minerals? Unusual. Unless your mother has an estate tax issue, i.e. her estate is worth more than $5 million, just put a minimal value on them and be done with it rather than hiring a mineral appraiser. Texas appraisal districts do not put any value on non-producing minerals, and there is no estate tax in Texas.
Dana, which counties are putting values on non-producing? I have been tracking minerals in 40+ Texas counties, and none are putting values on non-producing that I have seen.
My apologies, you are correct.
Wade Caldwell said:
Dana, which counties are putting values on non-producing? I have been tracking minerals in 40+ Texas counties, and none are putting values on non-producing that I have seen.
No one seems to have mentioned putting her minerals and perhaps her whole estate in an irrevocable trust to go to you upon her death. My mother did this for me and it simplified so many things. Where I had a problem was that the minerals in Mom's estate did not have a clear title. When my father died mother did not understand that she needed a Wyoming probate lawyer to prepare the proper title ownership change.
She would also have had to produce an appraisal to add to the papers submitted to the clerk of court as my fathers estate was willed to her.My part was in a trust from my grandmother administered by my father but unknown by me. There were other aspects that were unclear about the title as it had been in the family for over 130 years and there were many splits happening down the line as family inherited pieces of the rights.The paper trail was hard to follow. Just be sure your mother has a clear title in her name. It sure can become a mess. Our minerals have never produced either but we have had leases over time.
Patty said:
With all respect to Ms. Malone and others, non-producing minerals are taxable in an estate. I have just been through this with my father's estate and a highly qualified tax/estate lawyer and we had to have the minerals appraised. There is a huge variation in how appraisers may value these minerals. I'm sure you could find someone to tell you they are worthless. But most will look at leasing activity in the area and base the value on some multiple of recent bonuses paid in the area.
Ms. Pat Malone said:You might be able to skip the expensive and time-consuming probate process with a simple Muniment of Title. Ask a well-informed attorney who knows what this and if your Mom's estate qualifies.
Good luck ... the probate process can be stressful.
Pat