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(Effective February 2011 -- Subject to
Change)
How much do you
charge for estate planning documents?" or "How much does a will cost?"
These are the most asked questions of estate planning
attorneys. Estate planning costs are a significant financial
commitment for most clients. Wherever possible, I try to
charge a predetermined or "flat" fee that takes into account the time
spent in an initial conference with you as well as later conferences,
whether in person or by phone, and the necessary time to draft and
revise all documents. But note that I said “whenever
possible.” In many years of experience I have encountered a
wide variety of situations: Clients are both old and young;
married to the same person for many years, or divorced three times;
wealthy and very poor; come from dysfunctional families or have a
close-knit family, etc. Estate planning is the process of evaluating
your specific financial and family circumstances and preparing
appropriate documents that will comply with your dispositive wishes and
minimize taxes.
Because of the variety of persons and situations, I tell clients that
after the initial consultation, I will be able to evaluate their needs
and answer the question “How much will it cost.” The
following represents our standard estate planning fees, but situations
that do not fit neatly into these “Plans” will require a different fee
quote.
Basic
Will Plan
$575 Individual
$800 Couple |
Includes
for each person:
- A "Basic Will."
- A Durable
Financial Power of Attorney (statutory and supplemental)
- A Medical Power
of Attorney with living will provisions
Basic
Wills leave your entire estate to one or more persons, and do
not include specific bequests (except for general bequests of tangible
personal property), provisions for minor children, or any trust
provisions.
Financial and medical powers of attorney allow the person(s) you name
to manage your financial affairs and make medical decisions for
you in the event of incapacity. |
Family
Will Plan
$750 Individual
$950 Couple
|
Includes
for each person:
- A Will
with Guardianship and Trust Provisions for children
- A Durable
Financial Power of Attorney (statutory and supplemental)
- A Medical Power
of Attorney with living will provisions
The Family Will Plan is for families with minor children as well as for
parents who wish to leave assets to their adult children in
trust until they reach specified ages or other milestones. |
Family
Will Plan With Tax Planning
$1,500
("Bypass" Trust)
$1,750 (With "QTIP" Trust)
$2,500 (One of the above with GST planning) |
Includes
for each person:
- A Will
with Guardianship and Trust Provisions for children and a "bypass"
Trust, with either mandatory or "disclaimer" funding
- A Durable
Financial Power of Attorney (statutory and supplemental)
- A Medical Power
of Attorney with living will provisions
This Plan is for married couples with assets over either the state or
federal estate tax exemption limits. It
allows the minimization of estate
taxes due after the death of both spouses, and/or the deferment of
state estate
taxes. For families with sizeable assets, this plan can save
hundreds of thousands of dollars for your heirs. |
Living
Trust Plan
$1,075 Individual
$1,800 Couple
|
Includes
for each person:
- A Revocable Living Trust
- Pour-Over Will
- A Durable
Financial Power of Attorney (statutory and supplemental)
- A Medical Power
of Attorney with living will provisions
This
is a probate avoidance Plan. Most families do NOT need a
revocable trust plan,
despite the many seminars that promote such plans. For older
individuals, however, it can be an excellent choice. I will
explain the
pros and cons. |
Living
Trust Plan With Tax Planning
$2,500 -$3,500
|
Includes
for each person:
- A Revocable Living Trust
- Pour-Over Will
- A Durable
Financial Power of Attorney (statutory and supplemental)
- A Medical Power
of Attorney with living will provisions
This
Plan is for married couples with assets over either the state or
federal estate tax exemption limits. It
avoids probate and allows the minimization of estate
taxes due after the death of both spouses, and/or the deferment of
state estate
taxes. For families with sizeable assets, this plan can save
hundreds of thousands of dollars for your heirs. |
|
Other Estate Planning
Services |
| $250
additional to any Plan |
Testamentary
Special Needs Trust |
| Variable |
Irrevocable
Living Trust |
| $1,500 |
Irrevocable
Life Insurance Trust |
| $295/hr |
Transfer
of Assets to a Trust |
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