Would like to look into / learn more about protecting assets. If anyone has gone through this process and have advice / tips, would appreciate that too. TIA
We paid $100 to sign up with a service DH's company was offering at the time. The guy did our will, guardianship forms and a basic trust for minor children.
It was a lot because it was dissolution of assets, transferring stock, dealing with money manager, sale of house and generally keeping the peace among the children which was actually a smart thing to do as I think one of my sibs would easily have taken off with everything if attorneys weren't watching . What you are describing sounds less involved and less people to pay For services
I am actively researching this now. Asked Fidelity and Merrill and they will give recommendations but no one in-house. Spoke to someone else who used Lawrence Mendular at Venable LLP. Charged $10-15K for what I think is $5MM assets, for trusts, medical directives etc. Sounds like need will/trust, medical directives, and power of attorney as the main documents. Spoke to someone else who used a no name Delaware attorney now retired, they had charged $4-5K for the same work on $1MM assets. $100K sounds wild and I can't fathom it, as its often just understanding your assets/plan and modifying inhouse templates to customize?
Yeah, I've heard it's usually around $5000, sometime a bit more or less, depending on where you go, and how much work is needed. $15K sounds really steep.
Ask your wealth manager, they may have someone on site to do this. For my parents' estate it was very pricey and they hired a trust company to administer it as well as an outside atty. in all cost $75-$100k for @6mm in assets. Be prepared.
We paid $100 to sign up with a service DH's company was offering at the time. The guy did our will, guardianship forms and a basic trust for minor children.
Sometimes it really helps to be poor :-)
It was a lot because it was dissolution of assets, transferring stock, dealing with money manager, sale of house and generally keeping the peace among the children which was actually a smart thing to do as I think one of my sibs would easily have taken off with everything if attorneys weren't watching . What you are describing sounds less involved and less people to pay For services
I am actively researching this now. Asked Fidelity and Merrill and they will give recommendations but no one in-house. Spoke to someone else who used Lawrence Mendular at Venable LLP. Charged $10-15K for what I think is $5MM assets, for trusts, medical directives etc. Sounds like need will/trust, medical directives, and power of attorney as the main documents. Spoke to someone else who used a no name Delaware attorney now retired, they had charged $4-5K for the same work on $1MM assets. $100K sounds wild and I can't fathom it, as its often just understanding your assets/plan and modifying inhouse templates to customize?
Ask your wealth manager, they may have someone on site to do this. For my parents' estate it was very pricey and they hired a trust company to administer it as well as an outside atty. in all cost $75-$100k for @6mm in assets. Be prepared.