If you have the good fortune of income from and oil or gas lease, you may benefit from a Family Trust created and funded by payments received under the gas lease, or a Family Limited Partnership (FLP), which allows gifting of fractional interests without the need for property deeds.
There are many options available to ensure the financial security of your family's future. At Northwest, we can help you choose which plan works best for your situation.
Northwest also has the knowledge and experience to help you meet your oil and gas lease income tax obligations in a timely and efficient manner.
We can establish a special tax deposit account to direct a portion of your lease income to pay your estimated taxes on a quarterly basis. We can even transmit your estimated payments directly to the IRS, avoiding the possibility of significant penalties and interest.
Contact us today to learn more about Northwest's personal banking services.