Types of ownership

I see a lot of people are putting their land into an LLC. I own property (more than 100 acres) with my family inherited. Would it be best to put it into an LLC? What are the benefits? Do I need to get a LA lawyer to do that or do we use a lawyer in the state we reside? I know it is a lot of questions. I just need to tie up this loose end. Hopefully some one out there has been through this recently.

Thanks in advance!

Tags: llc

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Permalink Reply by drilltheshale on January 6, 2010 at 4:55

Very good point. We did find however (as others also probably have) that the HS is creating new inheritance (and medicaid recovery) issues all over the region for families that probably had little worries about such things because previously their assets were not significant. It seems that the estate/elder law attorneys are getting up to speed on the things they need for the O/G relationship.

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In researching the decades-old Tuscaloosa Trend and the immense wealth it has generated for many, I find it deeply troubling that this resource-rich formation runs directly beneath one of the poorest communities in North Baton Rouge—near Southern University, Louisiana—yet neither the university ( that I am aware of) nor local residents appear to have received any compensation for the minerals extracted from their land.

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As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More

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