It's not worth spending thousands of dollars in legal fees in Kansas to claim a virtually worthless interest in an oil well.

Q: My parents died several years ago. I inherited a tiny, virtually worthless interest in an oil well in Kansas. I never did probate in Kansas since this was the only asset they owned there. So the interest remains in their names. The tax office in Kansas continues to assess $6.95 of taxes each year. I have told them they are both dead, but they still send the tax bills. Is it safe for me to ignore these bills? Can I abandon the interest?

A: Yes, you can ignore the tax bills and essentially abandon the interest.

TAX CHANGES: Gift and estate tax rules are changing in 2024. Here's what you need to know.

Advertisement

Article continues below this ad

No one would ever fault you for not spending........

© Houston Chronicle