Set up a FLP for your family to share proceeds of mineral royalties
New tax law gives FLP's an additional 20% tax break. I used the FLP in 2007 to help share the royalty income with all my children and grandchildren. I think this has helped greatly and future generations will share the benefits without breaking up the mineral interests lending strength to the mineral ownership. It is worth the work and money. Find a good lawyer to set one up! We have a business meeting yearly - getting everyone together.
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Replies to This Discussion
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Oil & Gas ProPermalink Reply by Andrew on -
Does passive royalty income qualify as QBI eligible for the 20% tax break?
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landownerPermalink Reply by EastTexasFarmer on -
The benefits of the family limited partnership can be significant. But they can only be realized if the arrangement is valid under the requirements of the IRS. There are costs and expenses associated with the creation of these legal instruments. Consult a qualified legal or tax advisor if you think your family could benefit from a family limited partnership.
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