Can anyone provide a rec for an estate planning lawyer?
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
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.
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.
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
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.
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.
Is that $75K-100K one time cost? What's the onging cost?
Also, I don't have a wealth manager. How / where can we look to find a good one?
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.
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
Thank you. Very helpful!
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 :-)