Posted: 12/10/2024 10:59:42 PM EDT
| What’s the typical path for estate planning? Looking into power of attorney, healthcare directive, will, asset protection, etc… |
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Before you meet with a lawyer, take some time to collect all of the information you need... names of decision makers, list of assets, property Edit because typing is hard |
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Find an estate attorney. Their main purpose is to keep your things out of probate. They will also have things covered that you may not have even thought of. A good trust will have a pour-over will and living will. Good estate attorneys will give a class to a group to get you on the right path, for free. Mine gave a discount for attending the course. My wealth manager has their own in-house estate attorneys. It is nice having a one stop shop. It was nowhere near as expensive as I thought it would be. Wife hounded me for years to set one up, glad it is done. |
Preferred pronoun: MARINE
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Originally Posted By wildearp: Find an estate attorney. Their main purpose is to keep your things out of probate. They will also have things covered that you may not have even thought of. A good trust will have a pour-over will and living will. Good estate attorneys will give a class to a group to get you on the right path, for free. Mine gave a discount for attending the course. My wealth manager has their own in-house estate attorneys. It is nice having a one stop shop. It was nowhere near as expensive as I thought it would be. Wife hounded me for years to set one up, glad it is done. So I attended a seminar workshop and learnt quite a bit. At the end, two packages were offered. One was a foundational package that created a will, POA, and a healthcare directive. That was a flat fee of $1500. The other package was the foundational package but also included asset protection in the form of creating trusts. This package had a flat fee cost of $5500. Although the lawyer seemed solid, the package pricing seemed high so I’m going to see if I can get some other lawyers/firms estimates to see if the above prices are par for the service. |
Heller II - Challenging DC's bans on semi-automatic rifles, large-capacity ammunition feeding devices, and its onerous and expensive handgun registration process. http://www.HellerFoundation.org/
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Originally Posted By Bubbles: Was anything discussed about how to avoid PA's state inheritance tax? https://www.pa.gov/agencies/revenue/resources/tax-types-and-information/inheritance-tax.html https://www.pa.gov/content/dam/copapwp-pagov/en/revenue/documents/taxtypes/inheritancetax/documents/inheritance_tax_qa.pdf https://www.pa.gov/content/dam/copapwp-pagov/en/revenue/documents/formsandpublications/formsforindividuals/inheritancetax/documents/rev-584.pdf He made it sound like paying inheritance tax (4.5%) is the cheapest way around it without losing all control or screwing the children over. I believe he said using a revocable trust would avoid probate (high lawyer fees) but not resolve the concern of asset protection in regards to the Medicare 5 year look back. |
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Originally Posted By msprain10: So I attended a seminar workshop and learnt quite a bit. At the end, two packages were offered. One was a foundational package that created a will, POA, and a healthcare directive. That was a flat fee of $1500. The other package was the foundational package but also included asset protection in the form of creating trusts. This package had a flat fee cost of $5500. Although the lawyer seemed solid, the package pricing seemed high so I’m going to see if I can get some other lawyers/firms estimates to see if the above prices are par for the service. Those prices are insanely high. I have an attorney who normally bills at $475 and he did a POA/Health/Will for 2 people for $850. As mentioned, PA inheritance tax is very high for non next of kin. 15% when I was executor of a will 10 years ago. |