Nils Johnson

Written by
about Ownership and Transfers
on November 5, 2013

Mineral Rights, Survivorship, and Probate

When an individual dies, the probate court takes all of the real property titled in the deceased person’s name and determines the new owner.  The same is true of oil, gas, and mineral interests, as they are real property.

This process is fairly straightforward if the individual had a will that clearly stated where they wanted these interests to go.  Even so, the probate court must approve of the transfer.  This can be a lengthy process and is subject to court costs and attorney’s fees.

Alternatively, the mineral interests can pass automatically if they are part of a deed containing survivorship language. …

Written by
about Ownership and Transfers + Royalties + Taxes
on June 18, 2012

Minimizing Tax Impact of Oil and Gas Royalties

The impact oil and gas leasing has had on Ohio is remarkable.  A farmer who struggled to make ends meet one year could find himself with an income tax bill he never imagined the next.  Though we Ohioans have been blessed by these essential resources, allocating their value can be troublesome from a financial standpoint.  Many people may find themselves unsure of what to do with signing bonus money.  It doesn’t take a financial adviser to outline the basic options: save it or spend it.  Prudence dictates the best of these two options.

Everyone’s financial situation is different.  However, people from all types of situations certainly have people that they care about and would like to support if they are able. …