Estate Planning and Asset Protection for Mineral Rights
For decades, the idea of owning mineral rights has been a popular investment for people from all walks of life. Mineral rights provide a steady income and they can even help you build wealth if you become a savvy investor. But mineral rights can also become a problem when you are applying for Medicaid or if you find yourself in a situation where you are being sued and your assets are exposed. It is important to make your mineral rights a part of your estate planning and make sure that you are properly protected at all times.
What are Mineral Rights?
The most popular types of mineral rights are oil and gas, but mineral rights can apply to any type of mineral that comes from the Earth including gas, oil, salt, coal, and a variety of other items. You can buy right specific to certain minerals, or you can have a diverse portfolio that invests in many different types of minerals.
Asset Protection of Your Mineral Rights
Your mineral rights become instant targets of Medicaid once you apply for Medicaid benefits to help pay for an assisted living facility. If your mineral rights are substantial enough, Medicaid could delay approval of your application or deny your application outright. It is also possible that you could lose your rights if you are forced to move into an assisted living facility.
Asset protection is a service offered by elder law firms who are well-versed in protecting your family’s wealth. Protecting your mineral rights from Medicaid and other creditors takes time, but a good estate planning organization can use various methods to make sure that your rights and the income you get from them are not exposed to Medicaid or any other potential creditor.
Investors of all types get involved in mineral rights because of the steady flow of income those rights offer. But as you get closer to the time when you will need to transition to an assisted living facility, those mineral rights could give Medicaid the ability to deny your application.
Our helpful Asset protection lawyers have helped people with mineral rights to protect their assets and avoid problems with Medicaid. We invite you to give us a call now to start the process of planning a safe transition of your mineral rights to family members in a way that will not disturb your Medicaid application process.