What is the Fee for a Living Trust Package?
Our philosophy is that by narrowing the scope of services offered, we can be very skilled in specific areas of practice. With constant changes in the law, especially in the tax and estate planning areas, it’s very difficult for attorneys to be proficient in numerous areas of law. Our practice is limited specifically to estate, tax, and business planning. We analyze individual needs and goals and outline, design, and implement plans which meet your goals in the most beneficial and cost-effective way with the least possible paperwork and bureaucracy.
In order to enable clients to compare the cost and benefits of a revocable living trust with other estate planning options, we offer package prices on living trusts. That way, you know total investment before you authorize completion of your estate plan.
Our package price includes the following when applicable:
• A revocable living trust agreement which eliminates probate and the need for guardianship or conservatorship proceedings in regard to all assets transferred into the trust.
• Letters which provide all necessary information to your bank, stockbroker, insurance agent or other institutions where assets are located. These letters enable you to get assets transferred into your trust by simply filling in the blanks with pertinent information, delivering letters to appropriate institutions, and signing any forms required by them. We analyze proper titling and beneficiary designations on assets and insert instructions appropriate for your plan into the letters.
• Personalized service with us so all questions are answered and help is provided with no additional cost. This service is included with the package price for a period of 30 days after your trust is signed.
• Pourover will(s) which ensure that all property is transferred to the chosen beneficiaries, even if an asset is not transferred to the trust during lifetime.
• Durable power(s) of attorney, which allow a spouse or anyone else of your choice to sign documents and handle affairs for you. This document is particularly helpful if mental or physical disability prevents a person from managing his or her own affairs.
• Living will(s) or durable power(s) of attorney for health care which give directions to physicians and family members regarding continuation of life support systems.
• When applicable, a marital property agreement which classifies all property as marital, in order to ensure complete forgiveness of capital gains tax upon the death of one spouse. Marital property agreements which classify some assets as individual property will be subject to additional fees.
• A three-ring binder which contains all necessary documents and directions regarding procedures to follow if someone becomes incompetent or if there is a death. Various other informational documents are also provided, along with forms which can be completed regarding where assets are located, wishes for memorial services, and any other information which you consider to be pertinent.
The first 30 minutes regarding estate planning is free of charge.
After the initial meeting, if a living trust is appropriate for your situation and if you decide that a living trust is desirable for you, the following prices apply. By the end of the initial 30-minute meeting, the attorney will verify which package would be appropriate for your situation. We do retain the right to bill outside of package prices for highly complex estate plans. If this is the case, the client will be notified during the initial consultation, prior to making a decision as to whether to authorize work to be done.
In determining whether the benefit warrants the cost, it’s important to balance the cost of estate planning versus the cost if no planning is done. Potential costs of probate, guardianship proceedings, tax, and other expenses which can be minimized or eliminated through estate planning should be weighed against the cost of estate planning.
Costs of estate planning will vary substantially from attorney to attorney. It is very important that the quote for a living trust includes consultations, supplementary documents, and help in getting assets transferred into the trust, since a trust without assets will NOT avoid probate. Each individual estate plan is unique and must be designed specifically for you. Documents are worthless or may create negative consequences if they don’t fit your specific needs.
For estates needing special or extensive planning or when estate tax planning may be required, additional fees will apply & will be quoted at the end of the initial consultation or within a few days following that appointment.
Our philosophy is that by narrowing the scope of services offered, we can be very skilled in specific areas of practice. With constant changes in the law, especially in the tax and estate planning areas, it’s very difficult for attorneys to be proficient in numerous areas of law. Our practice is limited specifically to estate, tax, and business planning. We analyze individual needs and goals and outline, design, and implement plans which meet your goals in the most beneficial and cost-effective way with the least possible paperwork and bureaucracy.
In order to enable clients to compare the cost and benefits of a revocable living trust with other estate planning options, we offer package prices on living trusts. That way, you know total investment before you authorize completion of your estate plan.
Our package price includes the following when applicable:
• A revocable living trust agreement which eliminates probate and the need for guardianship or conservatorship proceedings in regard to all assets transferred into the trust.
• Letters which provide all necessary information to your bank, stockbroker, insurance agent or other institutions where assets are located. These letters enable you to get assets transferred into your trust by simply filling in the blanks with pertinent information, delivering letters to appropriate institutions, and signing any forms required by them. We analyze proper titling and beneficiary designations on assets and insert instructions appropriate for your plan into the letters.
• Personalized service with us so all questions are answered and help is provided with no additional cost. This service is included with the package price for a period of 30 days after your trust is signed.
• Pourover will(s) which ensure that all property is transferred to the chosen beneficiaries, even if an asset is not transferred to the trust during lifetime.
• Durable power(s) of attorney, which allow a spouse or anyone else of your choice to sign documents and handle affairs for you. This document is particularly helpful if mental or physical disability prevents a person from managing his or her own affairs.
• Living will(s) or durable power(s) of attorney for health care which give directions to physicians and family members regarding continuation of life support systems.
• When applicable, a marital property agreement which classifies all property as marital, in order to ensure complete forgiveness of capital gains tax upon the death of one spouse. Marital property agreements which classify some assets as individual property will be subject to additional fees.
• A three-ring binder which contains all necessary documents and directions regarding procedures to follow if someone becomes incompetent or if there is a death. Various other informational documents are also provided, along with forms which can be completed regarding where assets are located, wishes for memorial services, and any other information which you consider to be pertinent.
The first 30 minutes regarding estate planning is free of charge.
After the initial meeting, if a living trust is appropriate for your situation and if you decide that a living trust is desirable for you, the following prices apply. By the end of the initial 30-minute meeting, the attorney will verify which package would be appropriate for your situation. We do retain the right to bill outside of package prices for highly complex estate plans. If this is the case, the client will be notified during the initial consultation, prior to making a decision as to whether to authorize work to be done.
In determining whether the benefit warrants the cost, it’s important to balance the cost of estate planning versus the cost if no planning is done. Potential costs of probate, guardianship proceedings, tax, and other expenses which can be minimized or eliminated through estate planning should be weighed against the cost of estate planning.
Costs of estate planning will vary substantially from attorney to attorney. It is very important that the quote for a living trust includes consultations, supplementary documents, and help in getting assets transferred into the trust, since a trust without assets will NOT avoid probate. Each individual estate plan is unique and must be designed specifically for you. Documents are worthless or may create negative consequences if they don’t fit your specific needs.
For estates needing special or extensive planning or when estate tax planning may be required, additional fees will apply & will be quoted at the end of the initial consultation or within a few days following that appointment.
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1. Single trust package for a single person where no testamentary trust, disability planning, or business planning is necessary.
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$1,490
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2. Joint trust package for married couples who choose to own everything 50-50, where no testamentary trust, disability planning, or business planning is necessary, and where no unusual circumstances exist.
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$1,790
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3. Single trust package for a single person when testamentary trust, business planning, or disability planning IS necessary.
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$1,990
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4. Single trust package when some assets are to be held in trust for the spouse, or joint trust package when testamentary trust, disability planning, or business planning is necessary.
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$2,290
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5. Joint trust package when some assets are to be transferred to trust or to other beneficiaries at first death, or when testamentary trust, disability, or business planning is necessary, or in individual trust situations when substantial business planning or marital property planning is necessary.
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$2,590
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6 Joint trust package when more than one testamentary trust, disability, options to purchase, or other special planning needs exist.
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$2,990
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Preparation of assignments to transfer property into the trust, deeds, and other documents will be quoted separately, with fees depending upon the degree of title work or other issues which apply. (This fee does not apply to letters of instruction to provide information on transfer of bank accounts, publicly traded stock, or other transfers not requiring a separate form or document. Letters of instruction for transfer of these assets are included in the package price.)
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$100 approx.
(Fees may vary with complexity.) |
Joint trust packages include all documents necessary to complete the estate plan of both spouses. (Business planning includes options to purchase a farm or business as part of the plan of distribution, or other issues specific to ownership of a farm or other business. Amendments to business agreements or analysis of other business issues are subject to additional fees.)
Package prices quoted above apply only to revocable living trusts. Information on fees for irrevocable life insurance trusts, will packages, and other documents and services is available upon request.
How long does it take to complete a living trust estate plan?
A living trust estate plan can typically be completed within three weeks after the attorney receives all requested information. At an initial meeting you will discuss your individual situation and your goals with the attorney who then applies probate and tax law to your situation and recommends estate planning steps which will accomplish your goals. All information necessary for preparation of your plan is then given to the attorney, and a written statement of total cost for your estate plan is given to you prior to the time you decide whether you want to authorize work to be completed. If a written statement of exact cost cannot be given at the end of the initial appointment, the written statement will be provided as soon as all information is received by the attorney and before work is authorized.
Two to three weeks after the initial appointment, at a second appointment, which is usually the final appointment necessary to complete all estate planning documents, all documents are explained, documents are formally executed, and the binder which includes all information on the estate plan is covered in detail. Necessary steps to complete the transfer of assets into the trust are discussed, including use of letters to deliver to institutions where assets are located.
Questions which arise are answered during this conference, and additional questions regarding transfer of assets to the trust are included for one month after execution of documents at no charge to you. After the second meeting, you are prepared to proceed with all steps necessary to transfer assets into the trust. The estate plan is then complete.
What should I consider before the first meeting?
It is helpful if before the meeting, you think about:
• Who should be named as the person who would handle paperwork and control your assets if you were unable to do so? (This can be an individual, such as a family member or friend, or could be an institution, such as the trust department of a bank.)
• Who are the beneficiaries who should eventually receive assets? This information would be the same as the plan of distribution which would ordinarily be put in a will.
• Determine the approximate value of your estate, including all assets such as investments, real estate, personal property, life insurance, IRAs, and pensions. The total value of assets is not required to be disclosed to anyone, but, if you choose to disclose this information to the attorney, potential probate costs, tax considerations, and other costs or concerns may be analyzed. Exact values are not necessary since valuations change over time anyway, but knowledge of approximate net worth and the types of assets will be helpful to the attorney.
What should I bring to the first meeting?
It is helpful if you bring the following items to the initial meeting or mail them to the law office prior to the initial meeting:
• A copy of your current will(s), if you have one, and copies of any other existing estate planning documents.
• Copies of any deeds to real estate, the most recent property tax statements for real estate, and any documents regarding real estate such as mortgages or anything else restricting use or transfer.
• Copies of promissory notes or contracts if anyone owes you money.
• If you own a business, copies of any partnership, buy-sell, or corporate redemption agreements which may be in place.
• A basic financial statement listing assets and liabilities and showing whose name assets are titled in and beneficiary designations.
Package prices quoted above apply only to revocable living trusts. Information on fees for irrevocable life insurance trusts, will packages, and other documents and services is available upon request.
How long does it take to complete a living trust estate plan?
A living trust estate plan can typically be completed within three weeks after the attorney receives all requested information. At an initial meeting you will discuss your individual situation and your goals with the attorney who then applies probate and tax law to your situation and recommends estate planning steps which will accomplish your goals. All information necessary for preparation of your plan is then given to the attorney, and a written statement of total cost for your estate plan is given to you prior to the time you decide whether you want to authorize work to be completed. If a written statement of exact cost cannot be given at the end of the initial appointment, the written statement will be provided as soon as all information is received by the attorney and before work is authorized.
Two to three weeks after the initial appointment, at a second appointment, which is usually the final appointment necessary to complete all estate planning documents, all documents are explained, documents are formally executed, and the binder which includes all information on the estate plan is covered in detail. Necessary steps to complete the transfer of assets into the trust are discussed, including use of letters to deliver to institutions where assets are located.
Questions which arise are answered during this conference, and additional questions regarding transfer of assets to the trust are included for one month after execution of documents at no charge to you. After the second meeting, you are prepared to proceed with all steps necessary to transfer assets into the trust. The estate plan is then complete.
What should I consider before the first meeting?
It is helpful if before the meeting, you think about:
• Who should be named as the person who would handle paperwork and control your assets if you were unable to do so? (This can be an individual, such as a family member or friend, or could be an institution, such as the trust department of a bank.)
• Who are the beneficiaries who should eventually receive assets? This information would be the same as the plan of distribution which would ordinarily be put in a will.
• Determine the approximate value of your estate, including all assets such as investments, real estate, personal property, life insurance, IRAs, and pensions. The total value of assets is not required to be disclosed to anyone, but, if you choose to disclose this information to the attorney, potential probate costs, tax considerations, and other costs or concerns may be analyzed. Exact values are not necessary since valuations change over time anyway, but knowledge of approximate net worth and the types of assets will be helpful to the attorney.
What should I bring to the first meeting?
It is helpful if you bring the following items to the initial meeting or mail them to the law office prior to the initial meeting:
• A copy of your current will(s), if you have one, and copies of any other existing estate planning documents.
• Copies of any deeds to real estate, the most recent property tax statements for real estate, and any documents regarding real estate such as mortgages or anything else restricting use or transfer.
• Copies of promissory notes or contracts if anyone owes you money.
• If you own a business, copies of any partnership, buy-sell, or corporate redemption agreements which may be in place.
• A basic financial statement listing assets and liabilities and showing whose name assets are titled in and beneficiary designations.