I assume that son ifs not on title now, just you. One solution would be you sign a quit claim deed from you to you and your son, as jiont tenants, with a resital something like, " but all income from the property subject to this deed is reserved to the grantor during her life" or something like" Grantor reserves a life estate in all mineral rights revenue" I also see a gift tax issue here, since I assume the one half interest you want to deed to your son has a value in excess of $13,000. So maybe the deed should grant an "undivided 1% interest to son and an undivided 99% interest to you , as joint tenants, with a life estate as to all revenues reserved to you".
In that case you have several options. A JTRO essentially gives your son present rights to the property income. You cannot get away from this requirement as you MUST have an equal share in the property.
You do have lots of alternatives, however.
The first is to create a life estate in the property. You can transfer the property to your son, but retain a life interest for the remainder of your life. The property will then automtically go to him on your death, and avoids the Estate Rule if you ever need to go on Medicaid. HOWEVER, you did not indicate if your mineral rights are tied to an interest in property, or are now solely a contractual right. If this is solely a contractual right, this option is not available.
You can also place the property into a land trust or the contractual rights into a revocable trust. This method also avoids the above mentioned Estate Rule. If you have additional needs for control over the property, this is an even better option, as you have a wide variety of control that you can put on the land, its use, and how the money is to be distributed and under what circumstances
Finally, you can name him as a beneficiary of a Will (which you should have anyway since you own property), and name your son as the beneficiary.
I do notice that you are in WA, if you would like to talk over the phone more, please feel free to give me a call. My number is in the disclaimer
Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale negotiations, and estate planning in Whatcom, Skagit, Snohomish, King and Pierce counties. The response does not constitute specific legal advice, which would require a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter; rather, it is intended to be general legal information based on the limited information provided by the inquirer; it This response also does not constitute the establishment of an attorney-client relationship, which can only be established after a conflict of interest evaluation is completed, your case is accepted, and a fee agreement is signed. Johnson Legal Group, PLLC
I agree with Mr. Johnson. I would simply add that, in relation to the options he mentions, they would only be options provided that your son is in agreement and consents to them. If he is currently on the title with you, he has as much say as you do, and he could decide to simply say no. That is one of the reasons why making anyone (other than a spouse) joint owners with you on ANYTHING is not a good idea.
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