Before You Come Into Marcellus Money . . .
Dec. 10 'Wealth Management' video conference addresses your crucial questions.
John Vogel
Published: Dec 6, 2010
It's just about every landowner's dream to have a Marcellus shale landman (lease procurer) offer you a deal of your lifetime. But long before you strike a deal to lease your natural gas rights, you need to be thinking about the tax implications and what you'll do after that first check arrives.
Whether you sign a lease as a person or a business entity may have a huge impact on what you keep or send to Uncle Sam. That's why American Agriculturist has pulled together a team of experienced professionals to answer such questions – with the help of Ag Choice Farm Credit, Penn State Cooperative Extension and Cornell Cooperative Extension.
BEFORE THEY DRILL: Getting your financial house in order and doing advance tax planning is absolutely crucial before you sign a gas lease's bottom line. On Friday, Dec. 10, these sponsors will host a live video conference linked to at least eight sites in Pennsylvania and possibly others in New York State. They'll tackle issues such as:
• What's the first thing to do and who can you trust?
• How will lease bonuses and royalty income be taxed?
• How much should you invest versus spend (squander)?
• How should you protect assets from taxes, divorce and creditors?
• Should you transfer farm enterprise ownership or control before or after royalties begin?
These questions and more will be addressed in five sections of this one program, running from 10 a.m. to 3 p.m. on Friday. The panel includes: Attorney Gary Heim, CPA Jim Leonard, Penn State Extension's Marcellus Team Coordinator Dave Messersmith, farmer and lease consultant Jackie Root, and Ag Choice Farm Credit's Tim Sutherland and Amy Van Blarcom,
You can attend one of eight host sites in Pennsylvania and sites yet to be named in New York State. You'll also be able to get your questions answered live via the conference hookup. Please make reservations in advance by contacting your host location.
• In New York, please e-mail: marcellusshale@cornell.edu .
• Penn State Extension - Wayne County: Contact: Dave Messersmith, dtm101@psu.edu or call 570-253-5970 x 4110
• Penn State Extension - Tioga County: Contact: Craig Williams, jcw17@psu.edu or call 570-724-9120
• Penn State Extension - Forest County: Contact: Scott Weikert, sjw128@psu.edu or call 814-755-3544
• Penn State Extension - Sullivan County: Contact: Rick Smith, rss7@psu.edu or call 570-928-8941
• Penn State/University Park: Contact: Mike Jacobson, mgj2@psu.edu or call 814-865-3994
• AgChoice Farm Credit - New Stanton: Contact: Doug Huston, dhuston@agchoice.com or call 724-696-3276 or 800-487-4135
• AgChoice Farm Credit – Butler: Contact: Kathy Hartzell, khartzell@agchoice.com or call 724-482-2173 or 800-829-0056
AgChoice Farm Credit – Lewisburg: Contact: Erin Bingaman, ebingaman@agchoice.com or call 570-524-2204 or 800-223-3276
Permalink: Click here
Tagged: Extension, farm, Marcellus, american agriculturist, marcellus shale
|