Typical Estate Planning and Administration Costs
In an effort to offer a logical, consistent, and fair pricing system. I provide most of my services under fixed-fee arrangements. In other words, unless we’ve agreed differently, you will know the cost of your estate plan after the initial consultation. The initial estate planning consultation is complimentary, with no obligation to proceed. The cost of your plan will depend on the complexity of the issues identified and the goals you express. Reduced prices may be available if you only need to update an estate plan prepared by another law firm.
Typical Quoted Costs
Any quoted fee is dependent upon the complexity of your situation and the solutions you choose. Issues that affect the cost of your plans include, but are not limited to, prior marriages, age of your children, do you have children from prior relationships, nature of the estate's assets (i.e. is most of your estate value in a primary home and checking account or is it a series of partnerships and corporations), and the need to address portability of the federal estate exemption.
A straightforward, simple Will-based plan for a single individual with no minor children – $400 to $800 – Will and associated durable power of attorney and health care power of attorney for one person.
A straightforward, simple Will-based plan for a married couple with no minor children – $600 to $1000 – Two wills and associated durable powers of attorney and health care powers of attorney for two persons.
A simple Trust-based plan for a single individual – $1,400 to $1,800 – Revocable living trust, pour-over will, and associated durable power of attorney and healthcare power of attorney. This price does not include subsequent retitling of assets to fund the trust.
A simple Trust-based plan for a married couple - $1,800 to $2,400 - Revocable living trust, two pour-over wills, and associated durable powers of attorney and healthcare powers of attorney. This price does not include subsequent retitling of assets to fund the trust.
Add On Services
Inheritance Protection Planning for Surviving Spouse
1. Integrated marital trusts to protect assets from future spouses and/or minimize estate taxes. $800
2. Individual revocable trust to protect separate property and/or integrate “SECURE Act compliant” trust provisions (conduit, accumulation, or charitable remainder) to protect inherited retirement accounts. $600
3. “SECURE Act compliant” stand-alone IRA beneficiary trust or charitable remainder trust to restrict or protect inherited retirement accounts. $1,200
Inheritance Protection Planning for Non-Spouse Beneficiaries
1. Restricted trusts to protect beneficiaries from own actions or future threats (spendthrift, special needs, susceptibility to undue influence, or need to maintain beneficiary’s qualification for government health benefits/supplemental income benefits, divorce, lawsuits). $600 to $1,200
2. Integrate “SECURE Act compliant” trust provisions (conduit, accumulation, or charitable remainder) to delay, restrict, or protect inherited retirement accounts. $400
3. Add “SECURE Act compliant” stand-alone IRA beneficiary trust or charitable remainder trust to delay, restrict or protect inherited retirement accounts. $800
Irrevocable Life Insurance Trust - $1,500 to $2,000
An ILIT is used to purchase life insurance policy on grantor. The grantor makes annual gifts to the trust sufficient to to pay the insurance premiums. Upon granton's death, the insurance proceeds are outside of federal estate tax calculations and available to the beneficiaries to pay estate tax assessment.
Comprehensive Financial Planning - $500 to $1500
I offer a personalized financial plan as a add on for my clients. The cost of the financial plan depends on the complexity of your situation and the underlying matter I was already addressing. For instance, the relative cost of the financial plan will be greater for someone seeking only a simple will and associated powers of attorney than someone who engaged me for a complex trust based estate plan because the underlying financial data has already been gathered and analyzed for purposes of the trust. .