Cost of Estate Planning

[Anonymous]

Would a will for one person be half the costs mentioned here?

I had these documents drawn up 20 years ago. They need updating. I did not love the first lawyer. Is it cheaper if I start with existing documents and just state what I want to change?

I am a NP, thank you.

[Anonymous]

Avoid probate, set up the trusts.

And...make a directive to move assets if the estate tax threshold moves down.

And...if there is a spouse who is in need of chronic care, make sure there is a trust established to take care of them, rather than burden the kids with it. They will have enough on their plate managing the parent who still needs care, to have to fund it as well.

[Anonymous]

Anonymous wrote:Would a will for one person be half the costs mentioned here?

I had these documents drawn up 20 years ago. They need updating. I did not love the first lawyer. Is it cheaper if I start with existing documents and just state what I want to change?

I am a NP, thank you.

With the attorney we used, it did not save anything to have existing documents. The only good thing was we'd already thought about what we wanted so there weren't a lot of big surprises where we needed long counsel because we'd never considered the options before.

[Anonymous]

Anonymous wrote:Avoid probate, set up the trusts.

And...make a directive to move assets if the estate tax threshold moves down.

And...if there is a spouse who is in need of chronic care, make sure there is a trust established to take care of them, rather than burden the kids with it. They will have enough on their plate managing the parent who still needs care, to have to fund it as well.

The thing is for the substantial majority of folks probate can be largely avoided simply by using beneficiary designations on their accounts combined with (subject to availability by state) a ladybird deed on the house. Sure, if you have a special needs child or some other type of complicated estate (i.e. a business) then these other options come into play.

I think a trust has value if you have minor children.

[Anonymous]

Anonymous wrote:I am bumping this thread Because, and this is a morbid topic, my parents are interested in finding an estate planner or estate planning lawyer Because Biden’s new tax bill is very aggressive. They own about $13m in real estate and $2m in stock. As of now, there is a revocable trust in place that we set up about 10 years ago. It looks like the estate tax exemption will be greatly lowered soon and so before any legislation is an acted we’re hoping to get a jump on the whole thing and set up some kind of estate plan to minimize taxes.

Can anyone recommend someone good in the DC area, hopefully somebody who has real estate experience as well? Thank you.

Your approach really doesn't make much sense. Let Biden sign whatever gets passed (or not), let the estate planning lawyers dissect it, and THEN go make your changes. You cannot plan around a bunch of maybes in potential new legislation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Avoid probate, set up the trusts.

And...make a directive to move assets if the estate tax threshold moves down.

And...if there is a spouse who is in need of chronic care, make sure there is a trust established to take care of them, rather than burden the kids with it. They will have enough on their plate managing the parent who still needs care, to have to fund it as well.

The thing is for the substantial majority of folks probate can be largely avoided simply by using beneficiary designations on their accounts combined with (subject to availability by state) a ladybird deed on the house. Sure, if you have a special needs child or some other type of complicated estate (i.e. a business) then these other options come into play.

I think a trust has value if you have minor children.

The trusts for minor children can be set up as testamentary trusts in the will.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm an estate planning attorney in a very small firm. I charge $1000 for wills, powers of attorney, and medical directives for a couple - so 6 docs. I charge $2000 if you want to do those 6 docs plus revocable trusts. I agree with the previous posters, though, that in today's estate tax world revocable trusts aren't needed for most people. I actively dissuade my clients from them except for certain circumstances like 2nd marriages, property in multiple states, high net worth, etc. Too many people get revocable trusts then don't retitle assets into them so its a big fat waste of time and money.

What about accounts at Vanguard and Fidelity ? Should those names be in name of the XXX Revocable Trust dated XXX or can the beneficiary of the taxable Vanguard account be the trust as the Primary?

Bump - anyone have an answer?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm an estate planning attorney in a very small firm. I charge $1000 for wills, powers of attorney, and medical directives for a couple - so 6 docs. I charge $2000 if you want to do those 6 docs plus revocable trusts. I agree with the previous posters, though, that in today's estate tax world revocable trusts aren't needed for most people. I actively dissuade my clients from them except for certain circumstances like 2nd marriages, property in multiple states, high net worth, etc. Too many people get revocable trusts then don't retitle assets into them so its a big fat waste of time and money.

What about accounts at Vanguard and Fidelity ? Should those names be in name of the XXX Revocable Trust dated XXX or can the beneficiary of the taxable Vanguard account be the trust as the Primary?

Bump - anyone have an answer?

For Fidelity I set up the trust as a contingent beneficiary after my spouse.

[Anonymous]

Anonymous wrote:We paid a lawyer in Rockville a flat fee of $800 to do these things. It really is not that complicated. There is not a reason to be paying someone $4000 for this.

Can you share this persons info? I was just quoted $350 an hr. I paid $500 flat when my mom needed this back in 2001.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm an estate planning attorney in a very small firm. I charge $1000 for wills, powers of attorney, and medical directives for a couple - so 6 docs. I charge $2000 if you want to do those 6 docs plus revocable trusts. I agree with the previous posters, though, that in today's estate tax world revocable trusts aren't needed for most people. I actively dissuade my clients from them except for certain circumstances like 2nd marriages, property in multiple states, high net worth, etc. Too many people get revocable trusts then don't retitle assets into them so its a big fat waste of time and money.

What about accounts at Vanguard and Fidelity ? Should those names be in name of the XXX Revocable Trust dated XXX or can the beneficiary of the taxable Vanguard account be the trust as the Primary?

Bump - anyone have an answer?

For Fidelity I set up the trust as a contingent beneficiary after my spouse.

What if you do not want spouse to be beneficiary? Want to leave to child in a trust to access when they are of age.

[Anonymous]

Has anyone done a Life Insurance Trust? Wondering how complicated and expensive setting one up could be.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm an estate planning attorney in a very small firm. I charge $1000 for wills, powers of attorney, and medical directives for a couple - so 6 docs. I charge $2000 if you want to do those 6 docs plus revocable trusts. I agree with the previous posters, though, that in today's estate tax world revocable trusts aren't needed for most people. I actively dissuade my clients from them except for certain circumstances like 2nd marriages, property in multiple states, high net worth, etc. Too many people get revocable trusts then don't retitle assets into them so its a big fat waste of time and money.

What about accounts at Vanguard and Fidelity ? Should those names be in name of the XXX Revocable Trust dated XXX or can the beneficiary of the taxable Vanguard account be the trust as the Primary?

Bump - anyone have an answer?

For Fidelity I set up the trust as a contingent beneficiary after my spouse.

What if you do not want spouse to be beneficiary? Want to leave to child in a trust to access when they are of age.

Then list the trust as the primary beneficiary. You can do this if it’s a testamentary trust, as well — “The Trust established for Larlo Smith by the will of xyz dated ….”

Be aware that your spouse may have an existing ownership interest in the underlying account if it is marital property.

[Anonymous]

Bump — anyone want to add to this topic?

[Anonymous]

New Poster - bumping again. Especially if there is anyone willing to name attorneys for some of the more affordable estimates provided

[Anonymous]

Anonymous wrote:Has anyone done a Life Insurance Trust? Wondering how complicated and expensive setting one up could be.

Bumping this. I have minor children and would prefer they be my alternative beneficiaries in the event my spouse passes first or with me in a catastrophe. Insurance company will not allow me to name minor children as beneficiaries.