4 Steps to Securing Oil and Gas Lease Income
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1 Oil and Gas Lease Income Planning and Management 4 Steps to Securing Oil and Gas Lease Income A resource guide from your trusted, local financial advisor. PLUS What you can do right now to get started!
2 4 Steps to securing your lease income This lease may be my best chance for financial security. Where do I start? As your trusted, local financial advisor, Northwest does not charge an hourly fee for planning and guidance. The prospect of sudden wealth from an oil or gas lease may have you feeling a bit overwhelmed. The income can be substantial, but contracts, tax issues, and financial decisions to be made during the process can be confusing not to mention scary Should I spend the money or invest it? Should I pay off debt? Will this new windfall sum allow me to retire early? What s the best way to leave something for my children? How can these new assets best provide for my future healthcare needs and protect my property? When it comes to properly structuring and preserving your newfound wealth, Northwest Savings Bank is uniquely qualified to assist you with unbiased advice, expanded financial services, and a comprehensive approach to oil and gas lease income management. There are tools available at each step of the process including before your oil or gas lease is even signed to help you maximize income. Because we fully understand the Life Cycle of a lease we can better guide you through each step and help you make good money decisions with specialized knowledge, top-level service, and integrity.
3 Step 1 Pre-Lease Planning How can I get the most from my Oil or Natural Gas Royalties? Start by assembling a team of experienced professional advisors to guide you through this process. The best time to have a professional review your proposed lease is, of course, before you sign it. Led by Northwest Investment & Trust Services, your experienced, qualified legal, tax and estate planning professionals can help you to maximize royalties, minimize taxes, and transfer more wealth to your family right from the start. Legal Planning If you are like most landowners, your oil or gas lease will be the single largest, most significant contract you will ever sign. When you sign it you are presumed under the law to have fully read and understood it all of it. Each provision of an oil or gas lease has special meaning and can affect you and your family for years to come. We strongly recommend that you have your oil or gas lease reviewed by an attorney before signing it. Our team will work with your attorney to get you the lease you deserve. Estate Planning Your simple will, if you have one, is no longer adequate when you enter the world of oil or gas lease income. As your trusted advisor, we can help you and your counsel avoid pitfalls and confidently structure a complicated Federally taxable estate plan to minimize estate and inheritance taxes. We also offer estate administration and settlement services, wealth transfer (inheritance planning) services, family business services, and trustee services as needed. Financial Planning Who would you rather benefit financially: the state and federal governments, or your spouse, children, relatives, and charities? Our team of professional advisors will identify for you the appropriate tools at each stage of the process to reduce and minimize your tax exposure and maximize the wealth you transfer to your beneficiaries. Northwest Investment & Trust Services offers wealth management, debt management, retirement planning, educational planning for children and grandchildren, and more. Let us tailor the investment and tax solutions to fit your needs. Tax Planning You need knowledgeable, experienced professionals to help you minimize income taxes and provide assistance with more complicated tax returns. On the Federal level, you may have exposure to Income Tax, Gift Tax, Estate Tax, Alternative Minimum Tax (AMT) and Generation Skipping Tax (GST). Additionally, the state may assess you and your family with Income Tax, Inheritance Tax and Transfer Tax. We can help.
4 Step 2 Leasing Preparation Have I met with my attorney to review the lease agreement? Have I discussed tax implications with my tax advisor? Do you know the difference between a Bonus Payment, Delay Rental Payment, and Royalty Payment? Or a Pipeline Easement or Right-of-Way Payment? If you are like most landowners with an oil or gas lease, many or all of these may be coming your way. Each has its own unique characteristics you need to understand in order to structure them to your advantage and ensure you are being paid and taxed fairly. Before you enter into any legally binding contracts, you should have them reviewed by attorneys knowledgeable and experienced in Pennsylvania oil and gas law; and by accountants who understand the Federal and state tax implications associated with these unique contracts. Northwest can provide all the financial services you need, along with access to professionals (attorneys, accountants and other advisors) with experience in this area. Northwest Direct:
5 Step 3 Managing Lease Income When will I receive payments? How do I report them for tax purposes? Did you know there is no Federal or state income tax withholding from your lease income? You will likely have to submit quarterly estimated tax payments. Failure to do so can cause major problems for landowners come tax time. We can establish a special tax deposit account for your convenient use where you and your accountant can direct the deposit of a portion of your oil and gas lease income with which to pay your estimated tax liability on a quarterly basis. You must make estimated quarterly payments to avoid IRS penalties and interest. Northwest has the experience and specialized accounts to help you meet your tax obligations in a timely and efficient manner now and in the future. Types of Lease Income Bonus Payments A Bonus Payment is the amount paid up front for the execution of a lease by the oil or gas company. How and when bonus payments are made can be very important. If your situation warrants it, we can help you take advantage of graduated federal income tax rates spreading payment of bonus over two or more tax years. Delay Rental Payments Paid to you between the time you sign the lease and actual drilling occurs, these payments are highly negotiable and are taxed as ordinary income in the year in which they are paid. Royalty Payments Usually paid monthly, these payments may be very large at first and can continue for decades until production slows. Royalty payments are passive income subject to special tax rules. We will help you minimize your tax liability by identifying allowed deductions which are unique to royalty income. Other Payments Such payments may include pipeline easement payments, spud fees, and others. These are negotiable and carry special tax implications. It is crucial that a qualified attorney assists you in structuring these complex agreements upfront to protect you from any and all potential issues when it comes to the use of your land.
6 Step 4 Continuing Support How do I prudently invest my royalty payments to secure my financial legacy for generations to come? Your Northwest Investment & Trust professionals will help you manage your gas royalty wealth wisely over the course of time. Our comprehensive approach will help you evaluate and plan from a wide range of investment advisory and portfolio management services, estate and trust services, and a combination of FDICinsured and non-fdic-insured accounts. We will help you to make better decisions on debt reduction, savings, long-term care insurance, and investing for the future. As a trusted, familiar name with a proven history of providing highly sought-after expertise in royalty income management, Northwest can get you where you want to go with absolute confidence.
7 What you can do right now The Northwest Savings Bank strategy? Develop your plan, keep it simple, and start now. Northwest is here to help with trusted, local, and experienced investment, tax, and estate planning advice every step of the way. Please gather these records prior to consulting with us: Your deed(s) Your oil and gas lease(s), if any Statements reflecting all bonus, delay rental, spud fee and/or royalty payments received to date, if any Investment portfolio, if any Personal financial statement of assets and liabilities Past 3 years Federal and state tax returns Current will, if any Living will (or advanced health care directive), if any Power of attorney forms, if any Call your local Northwest Investment & Trust Services professionals for a no cost consultation and begin planning now!
8 About Northwest A trusted, local resource and no cost advisor, we do not charge an hourly fee for planning and guidance. Northwest Bancshares, Inc. is the Federally-chartered savings and loan holding company that operates Northwest Savings Bank, headquartered in Warren, PA. Founded in 1896, the bank has approximately $8 billion in assets with 169 community-banking locations across five states. We help you to reach your financial goals with a three-point process we work with you to assess your current situation, assist you in determining your financial needs, and chart a course for your future by developing a personalized plan to meet your financial goals and objectives. Over the years, Northwest has continued to add new lines of financial services with an emphasis on business banking and investment management and trust services. Northwest Investment & Trust Services offers highly personalized investment and administrative services in personal, corporate, charitable, and institutional trusts and employee benefits. From loans to build or improve your business, to cash management tools to help you run it better, to all of the personal products and services you need for complete financial peace of mind, Northwest can help. One bank, one team of financial experts putting all of their experienced, individual talents to work for you. Northwest Savings Bank provides this information for general guidance only, and the contents do not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with any professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax information provided in this presentation is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is as is, with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Northwest Investment & Trust Services offers products that are not FDIC-insured, not bank guaranteed, and may lose value in addition to FDIC-insured products. Daniel Simonsen Divisional Vice President Oil and Gas Officer (814) dsimonsen@nwbcorp.com Bud Shuffstall Senior Divisional Vice President Oil and Gas Officer (814) bshuffstall@nwbcorp.com Estate Planning Tax Strategies Financial Education Wealth Management Northwest Direct: REV 8/11
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