Estate planning...How much $$$

[devo]

Based on Master Blaster's thread here...How much should I expect to pay a lawyer for the biggies, POA, medical, trust, will?

How much did you pay?

I assume that it'll depend on the state to some degree, no?

I need to do this in the next couple of months, so I hope you all can help!

thanks,
devo O0

 

[peggy]

When DH and I had ours done last year, it was $700 for the two of us (for will, DPOA - health care, and living will) in Las Vegas.

I recommend seeing an attorney for this, rather than a kit, because the living will statutes and requirements vary so much state to state.

I have no idea what it would cost to set up a trust; DH and I haven't done that yet.

 

[WM]

We used Suze Orman's kit to do a living trust, wills, POAs, etc.

Her documents are modified for whichever state you're in, although some (don't recall which) were written to use CA's laws because she considered them the most favorable.

I know she doesn't enjoy favored status with everyone here regarding her financial advice and manner, are there similar concerns with her legal documents?

 

[MooreBonds]

Family has used an estate planning lawyer that charges $750 for an individual to set up a Revocable Living Trust, Healthcare POA, Durable POA, and Will. Cost is $1,250 for a couple.

I don't quite know that a do-it-yourself kit would necessarily be a bad thing...you can also get one from nolo.com (the reason my family members didn't do it on-line is that they're much more of the 'in-person' types that like the personal interaction....also, they met the lawyer at one of those free investment seminary dinners, and his personable demeanor helped coax them into setting up a trust).

 

[youbet]

Remember, the important issue is that you PAY LAWYERS! All the benefits received from trusts, wills, etc., prepared by lawyers could be handled by individuals if our legislators wished it to be that way. But they prefer that these benefits be available, but only if their fellow lawyers receive generous compensation for preparing the documents.

 

[Martha]

Remember, the important issue is that you PAY LAWYERS! All the benefits received from trusts, wills, etc., prepared by lawyers could be handled by individuals if our legislators wished it to be that way. But they prefer that these benefits be available, but only if their fellow lawyers receive generous compensation for preparing the documents.

I have said before that for simple wills, POAs, and health care directives I think you could use a kit, but if your situation is at all complex, or if you have or risk having a taxable estate, I would use an estate planner. Good estate planners keep up on all the strategies to minimize tax and to help you carry out your wishes and have good ideas about what you may want to do that you never thought of. And, if they screw up they are responsible to fix it. The money paid is cheap insurance and will be more than recouped in tax savings. Failure to properly plan when you have a taxable estate costs husbands and wives hundreds of thousands of dollars in taxes but the couples were too stingy to pay a lawyer.

I recently sent a friend of mine to my former firm's estate planner. He came up with ideas I never would have thought of to minimize the risk they will ever pay a tax, plus he figured out good and practical ways to move assets into the hands of their children in ways that minimizes taxes for everyone. A will kit or trust kit, or some internet guru would not have been helpful.

 

[FinanceDude]

I have said before that for simple wills, POAs, and health care directives I think you could use a kit, but if your situation is at all complex, or if you have or risk having a taxable estate, I would use an estate planner. Good estate planners keep up on all the strategies to minimize tax and to help you carry out your wishes and have good ideas about what you may want to do that you never thought of. And, if they screw up they are responsible to fix it. The money paid is cheap insurance and will be more than recouped in tax savings. Failure to properly plan when you have a taxable estate costs husbands and wives hundreds of thousands of dollars in taxes but the couples were too stingy to pay a lawyer.

I recently sent a friend of mine to my former firm's estate planner. He came up with ideas I never would have thought of to minimize the risk they will ever pay a tax, plus he figured out good and practical ways to move assets into the hands of their children in ways that minimizes taxes for everyone. A will kit or trust kit, or some internet guru would not have been helpful.

I could not agree more...........I have seen tax bills that hit high SIX FIGURES from folks that didn't do good planning.............

 

[youbet]

Martha.......

Didn't mean to rant at all lawyers..... My peeve is that estate and tax laws are written in such a way that it is near impossible to "do it yourself" and you're pretty much obliged to call in the pros to get the job done. Does it have to be so complicated? For example, instead of having a law that requires a pass through trust to preserve the estate tax exemption when the first spouse dies, why not just have it automtically preserved? You know, preserved for everyone automatically without the need for complicated documents and all that?

I guess I feel the same way about income tax laws. Do they have to be this complicated? Why? To control us in detailed ways? To create work for CPA's?

Has there ever been a estate or tax law written where the legislators started out by saying "let's make this simple and straight forward so the average citizen can handle it easily"?

 

[bosco]

Martha.......

Didn't mean to rant at all lawyers.....

lol that's the problem with having Martha around. It makes it tough to rant about lawyers without having pangs of conscience.

 

[youbet]

lol that's the problem with having Martha around. It makes it tough to rant about lawyers without having pangs of conscience.

Yep.......

 

[MasterBlaster]

"let's make this simple and straight forward so the average citizen can handle it easily"?

Does the average citizen have assets anywhere near the estate exclusion amount ?

 

[youbet]

Does the average citizen have assets anywhere near the estate exclusion amount ?

No, I don't think so, and didn't say they did. But still, why is it necessary, for example, to use a pass thorugh trust to preserve an estate exclusion amount when the first spouse dies? Anyone can pay to have the trust set up. There's nothing exclusive about it......... you just have to pay to have it done. Why not instead simply change the law so that it's automatic for everyone?

Or, take Martha's example where she sent a client to an estate planning specialist who, through indepth knowledge, saved him from paying estate taxes he otherwise would have. My opinion is that there is something wrong with the way we write these laws when one really clever lawyer can save you money and another can't. Why not make things more straight forward?

I think winners should be determined by how they played the game, not by who they chose to be score keeper.

Just a little peeve.........

 

[FinanceDude]

Does the average citizen have assets anywhere near the estate exclusion amount ?

No..................but that doesn't change the fact that most tax laws and such are illogical anyway.............

 

[lazygood4nothinbum]

don't know what mom paid to have accountants & lawyers put all this together but so far we're over $10k to settle the estate & we ain't done yet. and that is with no disputes among beneficiaries. can't wait to see the charge for that hour & a half meeting last week with all parties.

also i think the lawyer who put it together screwed up a bit. the will has us setting up trusts for the kids which i'm pretty sure mom would have intended just in case my brother had predeceased her (because it lists me, not my brother, as the trustee). no real reason to have the trusts otherwise. so now it looks like they will have the expense of setting up & maintaining trusts instead of just banking all the bucks. sure hope the lawyer didn't originally charge extra to write that wacked paragraph into the will.

 

[Martha]

lol that's the problem with having Martha around. It makes it tough to rant about lawyers without having pangs of conscience.

Well the last I looked at least 12 people voted that they hate lawyers.

 

[Martha]

don't know what mom paid to have accountants & lawyers put all this together but so far we're over $10k to settle the estate & we ain't done yet. and that is with no disputes among beneficiaries. can't wait to see the charge for that hour & a half meeting last week with all parties.

also i think the lawyer who put it together screwed up a bit. the will has us setting up trusts for the kids which i'm pretty sure mom would have intended just in case my brother had predeceased her (because it lists me, not my brother, as the trustee). no real reason to have the trusts otherwise. so now it looks like they will have the expense of setting up & maintaining trusts instead of just banking all the bucks. sure hope the lawyer didn't originally charge extra to write that wacked paragraph into the will.

Hum, sounds like she needed an update to her will. Also, from what I hear people in Florida pay through the nose for probate and that is the primary reason to have all your assets in a revocable living trust before you die, so you can avoid the expense of probate.

In many other states, probate isn't a big deal.

 

[Nords]

Well the last I looked at least 12 people voted that they hate lawyers.

13 now. Someone must have read your comment.

But the good news is that lawyers are only 10% of the vote!

Besides you're only using your lawyerpowers for ER good now, right?

 

[lazygood4nothinbum]

that was the updated will. the previous will was done when my ol'man died. at that time my homophobic uncle had mom list me in as a nonperson, living only off interest of a trust that would then go to my brother's kids on my passing so they could spend the capital as they pleased (since uncle presumes they are str8). when mom came out of mourning for her husband and realized she wasn't treating me as a whole person she corrected for my loving uncle's undue influence.

only part of the estate is in probate. i don't know why it was set up like this. it might have had to do with our taking over as guardianship. after many years of scamming here, florida is very careful to protect the assets of the elderly, even if it means the estate has to spend more for that.

 

[MikeD]

We paid $3,500 for everything you can imagine, including wills for while we were working on the trusts. We had a very good elder-care lawyer. She said our stuff was complicated. She gave us the price before she found out it was complicated. She was more expensive than the norm for around here (Northern Va). She also put everything into the trust and fixed errors when they were made by the many government entities involved.

Mike D.