Posted: 11/23/2011 10:36:09 AM EDT
|
After way too much procrastination, I finally sat down with an estate planner to iron out some estate security. I'm curious if it's possible to estimate the cost of these things? I know you get what you pay for but is there a range from scary-don't bother low to I'm the best in the business way too high?
Nutshell: Me & Mrs, estate less than 1million, includes equity in primary res, vac home, and rental, 401 and cash. Attorney suggests a will, Pof A, living will, and revocable trust for flat fee $2000 Also, LLC for rental for liability protection, for another $1500. Without going into every nuance, is this in the ballpark? Way too high? I'm confident in his abilities but don't want to piss away a thousand bucks we don't have to. Thanks. |
|
1. You get what you pay for. $2000 for the entire estate planning package is not out of line.
2. $1500 just to form a LLC to hold rental properties seems pretty steep, but does that include doing the property transfers into them, the necessary title work to do that, etc.? If so then that's not unreasonable, either. |
|
Quoted:
1. You get what you pay for. $2000 for the entire estate planning package is not out of line. 2. $1500 just to form a LLC to hold rental properties seems pretty steep, but does that include doing the property transfers into them, the necessary title work to do that, etc.? If so then that's not unreasonable, either. The LLC does transfer the property and title change. Thanks for the insight. |
|
seems vary high here is a link for a trust(free), but this is up to you it is a fill in the blank type of deal and it is up to your judgement if you want to use it. read through it and fill in your own info where it belongs. i also used this to get my class 3 on my sbr and i waited a month in a half to get it(helps that i am active military) but they went over and there was no problems.
and i know this isnt everything you listed but its one thing that you were looking for. from what iv seen just a nfa trust will run you about $400 or more depending how great the lawyer thinks he is. The main reason I used this is because it's not a contract that I'm gaining or going to lose money on. It's just a trust and a great generic one where you will need to put in the info you want for you and your trustees to have. That's why I didn't see a prob to just use this. Now as far as your other issues I would deff use the liar cough lawyer. Another thing is the living will you can wright it out your self then go to your bank and have it notorized for free. You can also search the Internet or go to your local government and setup your own llc and put the rental property under it. That's all your lawyer was going todo and you were just going to pay for his gas to do it http://www.ar15.com/forums/t_6_17/334067_NFA_Trust_Sample.html (info) http://www.ar15.com/forums/t_6_17/257740_Complete_Guide_of_how_to_complete_a_Form_1.html |
|
Its relatively easy to create your own trust, or will. What's more difficult is making sure that they are effectively executed according to the laws of your state. And more difficult still is ensuring that you correctly transfer property to trusts. I see a lot of trusts that are not created correctly and more often that are not actually funded correctly.
I make nice money fixing "DIY" trusts these days, but if you don't get it done correctly before you pass, I can't fix it. |