With an oil and gas boom happening in eastern Ohio, everyone has questions. We have seen incredible amounts of money flow into Ohio from the drilling industry. Ordinary people are now facing complicated legal and financial planning needs. When a property owner stops by our office with mineral rights issues, we handle with extreme caution.
When we’re planning proactively, our biggest question about the income from the mineral rights is “what is it for?” Are you planning on taking advantage of those mineral rights by selling or leasing them? Are you going to hold on to them out of environmental or other concerns? Are you already receiving regular payments? What do you use those payments for? These are the questions we will ask. Your answers will determine what advice you receive.
When planning for long-term care, we often find people who want some of their income protected from potential costs – this can be accomplished using various strategies, but we need to know in advance. If you are using that money for your day-to-day living expenses, or even less regularly for things like visits to the grandkids or that trip to Europe that you always promised yourself, then we need to account for it differently, especially as it relates to your long-term care planning. We can help you make these decisions, but expect to be asked these questions. Talk about it with your spouse and your kids. When you’ve identified what is important to you, come chat with us and we can get your planning done exactly how you want it.
If you wait until you’re in a nursing home crisis, you may have fewer options. Even in an emergency, you may still be able to protect assets, such as large tracts of land or investment and retirement accounts. If you come to see us for emergency planning and you have mineral rights, be sure you know what you have. If you suspect you have mineral rights, make sure you tell us, and we can help gather the details.
The recent mineral boom has been great for many Ohioans. When it comes to planning, we want to ensure that the boom doesn’t become a burden. If you have mineral rights and you aren’t sure how to deal with them, give AlerStallings a call or reserve your seat at one of our events. We would welcome the opportunity to help.