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Old 01-09-2017, 02:21 AM
 
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we live in nyc and legal fees run quite high .

we paid 4800.00 for 2 disclaimer ,trusts , 2 wills, and all the other new paper work we needed since ny went to new power of attorney forms that are now far more complex and have many options you have to select from
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Old 01-09-2017, 09:48 AM
 
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Get three recommendations and interview them. Pick the one who comes mostly highly recommended and with which You feel comfortable.


Costs can be easily $5,000 and up. Well worth it for a variety of reasons.


You can put anything in the Trust which you wish, as long as it is not illegal. Write it down in your words...and the lawyer will interview you, take your writings, and put it all in legalese.


He will write a will, which will be a "Pour Over Will" which basically says everything goes to the Trust.


Good luck. Takes time. Worth the effort and cost in certain situations which the lawyer can advise you on.
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Old 01-09-2017, 10:25 AM
 
Location: SoCal
13,593 posts, read 6,475,362 times
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Quote:
Originally Posted by mathjak107 View Post
we live in nyc and legal fees run quite high .

we paid 4800.00 for 2 disclaimer ,trusts , 2 wills, and all the other new paper work we needed since ny went to new power of attorney forms that are now far more complex and have many options you have to select from
I think I paid about $5000 back in 2011. Then maintenance fee every two years for $1000.
I need to review my trust. I might need new one.
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Old 01-09-2017, 10:28 AM
 
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the beauty is we have no fee and no trust unless one of us elects to activate it in to an irrevocable trust after one of our deaths
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Old 01-09-2017, 10:36 AM
 
Location: SoCal
13,593 posts, read 6,475,362 times
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That's nice, I've already paid up front and they still want more every two years.
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Old 01-09-2017, 06:53 PM
 
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Thanks!
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Old 01-09-2017, 07:07 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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$1200 =
trust(s) + 2 wills + 4 advanced directives (neighboring states require separate) + 2 POA (general) + 2 POA Healthcare,

including designation of assets from 7 LLCs (2 RE, 2 business, and 3 out-of-state RE)

We did the footwork, attorney drafted and instructed and filed.

restatement is $350 every 10 yrs or so (as things change, heirs die)
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Old 01-09-2017, 07:46 PM
 
3,194 posts, read 1,749,864 times
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Originally Posted by peaches02 View Post
I want to thank everyone for all the input and conversation! You can learn a lot this way. As far as interviewing attorneys: Do you do phone call interviews or sit downs, and what are usual costs? I am new to this part and hope to start looking this week. Great advice!
Investigate - Google- the attorney , get referrals, find out what his experience is in. Always get a face to face meeting. They will ask about your assets, what you want to do. More often than not they would always like to do a trust. Listen and take notes, and get sense of whether you would like to work with him, his office. Ask a lot f questions, no question is stupid. Ask about fees, how they charge.

Think very carefully before you creat a trust. Get all your facts down.
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Old 01-10-2017, 02:17 AM
 
72,327 posts, read 72,269,260 times
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the important thing is to understand why you want a trust and all the ramifications that go with them .

they all can be opposite each other in what the effects are on you . irrevocable trusts ,which are the only ones that do much good as far as tax savings or medicaid protection can be horrible to live with for the surviving spouse.

you basically take control and free access away on 1/2 the resources . there are restrictions on what the spouse can live on from that other half .

revocable trusts can be good for avoiding probate or carrying out instructions and stipulations on assets ,especially minor children but they do no good estate tax wise and medicaid wise .

so you really need to understand what you are hoping to accomplish because no trust does it all or even much . they are tools to do a specific job .

i can tell you how we arrived at the type we use .

ny state has been slowly raising it's estate tax exemption from 1 million to 5 million over a 5 year period .

but enacting this bill they left a tax cliff in place . if you go over each years max by just 10% you just do not pay on the difference , you lost the entire exclusion and estate taxes are due on the entire amount .

so we needed a trust that could double our pass through until enough time went by that we would clear the tax pitfalls .

a disclaimer trust was perfect . it was suggested by our attorney .

it does not exist unless needed . no one is cut off from any assets unless a switch is thrown within 9 months of death of a spouse . once the switch is thrown the estate splits in to 2 .

my wife has access to her 1/2 of the assets but my half has restrictions once it goes in to the trust .

she is limited to all the gains , 5% of the principal a year . she can get more but it has to fall out only for certain reasons .

those parameters are set in the tax code , not choice .

that is what most irrevocable trusts allow under the tax code so they can be quite limiting to a surviving spouse . you cannot just write in what you want as far as what the spouse has access to. most irrevocable trusts have to abide by what is called the "powers of 5" meaning the spouse is limited to just 5% of the principal a year .
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Old 01-10-2017, 09:06 AM
 
3,194 posts, read 1,749,864 times
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Interview at least three lawyers. read up on trusts, estate planning, taxes, especially your own state tax.
Trusts can cause a lot of complexity so be very very sure you need one.
Only one attorney out of 4 we interviewed told us we do not need a trust. This is what made me think about and learn more on my own. The rest of them all tried to sell us on one. That is their job and they will do that and it is upto you to be an aware consumer.
Attorneys are glad to talk to you and the time they spend with you is not a favor, it is built into the fees they charge and a business expense for them. You should not be asked to pay for this consultation. You are shopping for the best advice, they need your business.
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