A good estate plan varies in complexity. For many people, a simple will along with a few supporting documents is enough. However, in some cases, estate planning requires trusts, Family LLCs or LLPs, POD accounts, lifetime gifts, etc. The purpose of this post is not so much to educate on these concepts as it is to explain how much it will cost you. Here is a list of what we do:
Basic Estate Planning (for most estates under $100k) the cost is $450 for couple $350 for individual:
- – Will
- – Power of Attorney
- – HIPAA Waiver
- – Health Care Directive (AKA Healthcare Power of Attorney)
- – Add a package to cover minor children (protects children until permanent arrangements in your will are set) – $150
Advanced Estate Planning (most estates from $100K-$5,250,000) cost ranges from $1,000 to $6,000:
- All of the documents above
- Revocable trust
- Life insurance use plan (typically to cover administration costs after death)
- Custom planning for illiquid assets
- Pour-over provision in will
- Funding the trust
- Testamentary Trust (added provisions in the will)
Expert Estate Planning (all estates over $5,250,000) costs start at $5,000 and typically require an annual review for $1,000:
- Everything above
- Family LLP or LLC
- Lifetime gifts
- Portability considerations
- Marital trusts
- irrevocable trust
- For Farmers and Business owners life insurance to cover taxes if needed
- Tax elimination plan including charitable trusts, value minimization, exemption maximization, etc. (goal = disinherit the IRS)
If you have any estate planning needs, have one of our experts help you. We have attorneys from Lehi to Salt Lake to Tooele. We can get you on the right track to caring for your loved ones even after you’re gone.