Family Secures College Funding
John Jones knows all too well the value of a good education. He was the first in his family to have secured a college education for himself. Not only that, John went further in obtaining a law degree at night from a nearby law school after having worked for a few years. Fast forward a few years. John is considering the implications of educating his 3 junior highers. Having broken through a family history of topping out in high school, John wasn’t about to regress with his children – they were going to college, and John was going to do everything in his power to help them.
As an attorney John certainly made a respectable living. Travel, time off, a few investments, time devoted to community service – all these were part of John’s lifestyle. John even felt comfortable taking on the job of City Attorney for a few years, a role considered more of a favor to the community than anything else.
However, as John took a moment one Sunday afternoon to review where he stood regarding education savings, the reality of today’s costs hit him. He was hard pressed to point to any scenario that would make much of a dent in the total. John’s mind turned to the kids possibly taking a part time job, a college loan, maybe some partial scholarships. But there was one “hidden” asset John had forgotten to consider… The fact that John had accepted 20 acres of mineral interests as payment for legal services he had rendered 15 years ago. Moreover, an oil company had leased the minerals from him about two years previous. To his knowledge, nothing had been done on the property.
Along about that time, John received a cash offer of $200,000 for his mineral interest. As John considered what to do, he kept coming back to the old adage, a bird in the hand is worth two in the bush. While a well might be drilled, and it might be a good one, there was also the clear possibility that nothing would take place. And, with the immediate cash, John could put to rest one of the major issues facing him, that of being sure his kids had money to attend college… thereby continuing the new family tradition in the Jones family, getting the best education possible.
- 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.