HOW MUCH DOES IT COST?
Many concepts and terms in this section are defined in our video presentations on estate planning that will soon be available online. The concepts and terms are highlighted. Click on the highlighted term for links to the video presentations. This section addresses costs for
• Simple Planning. • Complex, Customized Planning. • Annual Reviews. • Counseling and Planning at Trigger Events.
SIMPLE PLANNING
For simple planning, an individual will pay the following amounts, as will a couple with identical plans.
Basic Wills. For a large number of people, it is most appropriate to sign a $250 Will, do the simple work on their own in creating Will Substitutes to avoid Probate, or to instruct their beneficiaries in their wills to sign a Small Estate Affidavit or go through simple, Uncontested, Informal Probate proceedings when funds are more readily available to wrap up the estate. If you are in this category, a will may be all you want; you may consider other documents, such as powers of attorney, unnecessary or not worth the cost.
• Basic Wills $250
Basic Trusts and Wills. Similarly, for a large number of people, it is most appropriate to create Simple Revocable Trusts and then fund the trusts on their own to avoid the expenses of even Uncontested, Informal Probate. The $490 trusts and wills package is our fundamental simple planning package.
• Basic Simple Trusts and Wills Package $490
Basic Trusts and Wills are appropriate for many, many individuals, but are not appropriate for the following: people with complex distribution desires; people in second marriages with adult children from prior marriages; people with minor children and complex distribution desires; peope with any concern (however slight) that there may be contention among their beneficiaries (or beneficiary spouses) at their death; people who have ignificant concerns about protecting assets against fraud; or people with signficant concerns about probate and taxes.
Other Basic Documents. Other basic documents include the following:
• Basic Health Care Powers of Attorney Package $450 • Medical Directive (Living Will) $250 • Basic Financial Power of Attorney $490
COMPLEX, CUSTOMIZED PLANNING
Consumer Reports states that quality, customized estate planning costs as much as $6,000 (Article Here). That was in 2006. In 2009, our rates for all the following documents and services are in the range of $2,000 to $3,000 for Unfunded, Complex Trusts and accompanying wills to $8,000 for (1) the entire range of customized planning documents, (2) funding services, (3) antifraud services, (4) probate prevention services, and (5) family meetings.
An individual will pay the amounts listed below, as will a couple with identical estate plans. Again, Clients can choose all the following documents and services or only certain sets of documents or services to include in their planning portfolio. A breakdown of the costs is found following the list of documents and services.
You will please note that the planning documents listed do not include advanced tax, marriage, or special needs planning: that is, irrevocable trusts, prenuptial agreements, special needs trusts, foundations, or business succession documents, such as buy/sell agreements. For costs related to those documents and services please contact us.
Planning Documents
• Wills. • Complex Revocable Trusts. • Customized Financial Powers of Attorney. • Health Care Powers of Attorney. • Medical Directives (Living Will). • Advanced Health Care Forms. • Caregiver Agreements. • Digitized Copies of all Documents • First Responder Sticks for Emergencies (ask us!)
Asset Transfer Documents
• All Documentation Work Necessary to Transfer All Assets into Your Trusts. • Asset Master Lists You Will Use the Rest of Your Life.
Consultations
• Customized Consultations with You and Advisors regarding Finances, Investments, Retirement Plans, Insurance, Business Issues, Care of Beneficiaries, Choice of Trustees, and Every Other Issue Involved in Making Your Plan Work in Reality (not just on paper). • Family and Fiduciary Meetings.
We charge a retainer of $1,000 at the beginning of the process with payments made during the process and in full at the end of the process. We accept visa and mastercard. We are also willing to accept twelve month, no-interest payment plans.
Breakdown of Costs
Health Care Documents
• Utah Advanced Health Care Forms $95 • Health Care Power of Attorney $375 • Medical Directives $250 • Caregiver Agreements $250 • First Responder Emergency Sticks $100 • Digitized Copies of Documents $75
Total $1,145 These costs include attorney consultations, documents, signing, and all staff work. These documents allow agents to do everything and more than a formal guardian. A formal guardianship proceeding costs $1,200 to $2,000 in Utah.
Financial Power of Attorney
• Customized Financial Power of Attorney $800 This cost includes attorney consultations, the documents, signing, and all staff work. These documents allow agents to do everything a conservator can do at much less the cost and hassle of a formal conservatorship. For $500 more we petition a court for formal approval of the financial power of attorney (talk to us about this). A formal conservatorship proceeding alone costs $1,200 to $2,000 in Utah.
Trusts and Wills
• Trusts and Wills $2,000 to $3,000 This cost includes attorney consultations, the documents, signing, and all staff work.
Transfer Work
• Transfer Work $250 to $2,000 Trusts are useless until they are funded. Transfer work is essential in preventing probate. This work can be done by clients on their own.
Family Meeting
• Family Meeting $500 to $1,000 The Family Meeting at the end of the process is what guarantees that your planning will really work. This meeting is among the most gratifying things we do as professionals and will be among the sweetest, most beneficial experiences of the year for you.
ANNUAL REVIEWS
Annual reviews help you proactively manage and ensure the success of your estate planning. We encourage you to take advantage of our annual reviews. We charge existing clients $125 per hour (half our hourly rate) to review their plans.
COUNSELING AND PLANNING AT TRIGGER EVENTS
"Trigger events" are those events that trigger application of a Client's documents. For example, if a Client becomes mentally incapacitated, the date of mental incapacity is a trigger event, putting into play the Client's financial power of attorney (and trust to a lesser extent). The death of a Client or death or major event affecting a beneficiary is also a trigger event. We encourage you to contact us immediately at trigger events. We charge existing clients (or their fiduciaries) $250 per hour to counsel with survivors, beneficiaries, or fiduciaries and plan what needs to be done. If you have proactively engaged in family meetings and annual reviews with us, these sessions are very brief and highly effective.
