Inheriting Gas and Oil Leases

[Kshaffer]

My question involves estate proceedings in the state of: Indiana

My mother is 87, I am her only heir and executor of her estate. She receives a monthly income from Gas and Oil leases for mineral rights in Texas.

When I inherit those, how are they valued for Indiana Estate Tax purposes?

She has occasionally received offers to buy ranging from $100,000 to $200,000 and I've advised her not to sell as she gets a nice income from them around $3000/month.

Can I do a TOD for those?

[llworking]

My question involves estate proceedings in the state of: Indiana

My mother is 87, I am her only heir and executor of her estate. She receives a monthly income from Gas and Oil leases for mineral rights in Texas.

When I inherit those, how are they valued for Indiana Estate Tax purposes?

She has occasionally received offers to buy ranging from $100,000 to $200,000 and I've advised her not to sell as she gets a nice income from them around $3000/month.

Can I do a TOD for those?

You are going to have to get them appraised. The inheritance tax exclusion for children of the deceased is 100k, therefore an appraisal will be required by the state. You will also need an appraisal for any real estate or vehicles. These appraisals should be done after she passes away.