Elderly Mother Secures Family Inheritance
Betty is a mother of 3 adult children. She is well past her “golden years” of retirement having recently celebrated her 90th birthday. Her children know she has only a few years left to live because two years ago her health took a turn for the worse with the onset of macular degeneration.
Fortunately for Betty, her late husband Rennie left her a healthy portfolio of stocks and bonds. Rennie’s hard work as a salesman in the family’s printing business in Colorado allowed him to save a modest nest egg for their retirement. But unfortunately the economic crisis of 2008-2009 wiped out half of the portfolio’s value.
Betty was faced with a tough decision, but luckily help came in the form of an offer letter to buy her mineral interest in a well she had owned for some time. The well had been producing for the past 10 years, but each month’s royalty check slowly got lower and lower.
The offer was for $120,000, which would be more than enough to cover her medical costs for the next 4 years. By selling the mineral interest Betty would avoid the expense of paying a lawyer to divide her mineral interest among her three children. Plus, the cash offer was a solid financial asset as opposed to the volatile and unpredictable royalty checks she had been receiving. Betty decided to accept the offer.
Betty safeguarded her children’s family inheritance while at the same time providing for her own care and well-being. Her late husband’s legacy of smart saving and investment would be passed on to the next generation.
- Cash payment for oil and gas royalty – Learn how to exchange your oil and gas royalties or mineral rights for cash. Call 713.893.4476 for a no obligation cash offer.
- Mineral Rights Inheritance – Short article examining mineral rights inheritance and ownership issues. Discover tax implications of inherited mineral rights.