The first step to securing your lease income is to assemble a team of professional advisors. Your “team” should include your local Northwest team leader, an attorney, accountant, and CPA or tax preparer. Your Northwest team leader will help you navigate through the process of pre-lease planning and share his/her knowledge and experience to be sure you get the most from your lease.
There are a few major components to keep in mind during step one of the leasing process.
1. Legal Planning.
Your attorney will assist you with any legal issues that may arise in the singing of your oil and gas lease. They should be very familiar with Oil and Gas Law, as well as lease negotiations. It is also important that your attorney is familiar with tax and estate planning as a whole.
Your Northwest team leader will assist you in finding the proper attorney, as well as support an existing attorney, if needed.
2. Tax Planning.
Federal and state tax issues can and unfortunately usually occur with most oil and gas leases. Our team of experienced advisors as well as our network of knowledgeable CPA’s and tax preparers will show you how to avoid being overly taxed on your newfound wealth.
3. Estate Planning.
Oil and Gas leases can provide a large amount of income for you and your family. Our advisors will help you develop a plan to support your family from generation to generation, even after you’re gone.
4. Financial Planning.
There are many things to consider when it comes to investing your income from an oil and gas lease. Your Northwest team will help you decide where and what to invest, what to save, how to plan for your retirement and long-term health care, and even college planning for children and grandchildren.
The best time to learn about your oil and gas lease is, of course, before you sign it. Whatever stage you’re at with your oil and gas lease, our trusted, local, no cost advisors can help you prepare for a solid financial future!