Costs of Estate Planning
While estate planning is one of the most significant things you can do to safeguard your loved ones after you pass on as well as to ensure your care in case of incapacity, it is generally thought of as expensive.
If you have been putting off the idea of planning your estate, the chances are that you are concerned with the associated costs. So, what affects the cost of planning your estate? There are many factors which affect the cost of an estate plan, a few of which we hope to highlight in this article.
- The Firm: The first consideration is including whom you choose to be your attorney. Legal fees are set by each individual attorney and/or estate planning law firm and can vary significantly.
- The Scope: Not surprisingly, a full estate plan costs more than a bare bone plan. Therefore, costs depend on whether you are just having a will prepared to deal with assets after you die, or whether you are also signing advance directives such as health care proxies, durable powers of attorney, and appointment of agent to control your remains. These documents are a vital component of every estate plan, but add cost as well.
- Trusts: While not every estate plan requires it, for clients looking to avoid probate, a living trust provides the opportunity to avoid a potentially length and expensive court process after they pass away. A living trust allows the client to transfer ownership of his property to a legal entity they control and provide what happens to the asset after death, obviating the need for probate. This, of course, adds cost to the estate, but it saves at least an equivalent amount of money (not to mention time) when the client passes.
- Deeds: When creating a trust, it is important that it be funded with your assets, particularly real estate. Transferring real property into a trust not only involves legal work, but also filing fees, depending on the nature of the property and where it is located.
- Tax Planning: If your estate comes close to, or exceeds, the state and/or federal estate tax limits, it may require additional drafting and planning in order to maximize your tax savings. Tax planning increases costs because it involves custom drafting and planning to make sure your plan is tailored to fit you.
- Home Visits: Sometimes clients prefer or require an attorney to visit them at their home, hospital, or rehabilitation center. Some offices, such as ours, can accommodate their request. However, home visits increase the cost of an estate plan.
Each estate planning situation is unique and, if you want to get a sense of how much your estate plan will cost you, it is important to seek counsel from a reputable estate planning attorney. Feel free to contact our office at 347-766-2685 for a no obligation consultation to see how we can assist you in achieving peace of mind through planning for your loved ones.
Law Offices Of Roman Aminov 147-17 Union Tpke, Flushing, NY 11367 (347) 766-2685 Aminovlaw.com