Estate Planning
All of our estate plans include:
Last Will and Testament
Healthcare Power of Attorney
Power of Attorney for Finances
If you want your loved ones to receive their inheritance from you without going to court, you will also want to include:
Trust
Assignment of Personal Property
Certificate of Trust
Funding support
Deed for real estate.
If you are over the age of 55, and you wish to be sure that your home and other assets are not liquidated to pay for nursing home care (that you may not want but are forced to accept), you would want the following instead of the trust above:
Asset Protection Trust
Trustee instructions
What to Expect
When you book your appointment, an attorney in our office (not a paralegal) will call you or meet you in person at the appointed time.
Don’t worry about bringing lots of detailed information, deeds, bank statements, or anything with you. If you have an existing will or trust, it would be helpful – but not required – that you bring it with you.
The attorney will hear from you about your unique family situation and what has you considering estate planning. She will then explain the options available to you for your situation, as well as provide a recommended option for you to minimize costs and ensure your wishes are documented.
If you hire us, we will have you sign an Engagement Letter that states exactly what we will do for you and at what cost. We will also provide a list of family information we need from you to get started.
When we receive that information from you, we will draft your estate plan and contact you to schedule a day to review and sign it.
At the final meeting, you will need to be present with your driver’s license or state issued identification to sign your documents in front of the notary. If you select an Asset Protection Trust, it is best if your trustee can be present, too, but this is not absolutely necessary. In fact, we work with families out of state all the time, and can make arrangements for an out of state trustee to sign.
We will provide instructions on how to update the beneficiaries listed on bank accounts and some other minor housekeeping items.
Then you are done.
FAQs
How long does trust administration take?
The time can vary. In a simple estate in which everyone is friendly with each other, a Trust that holds a house and a bank account can be resolved in three to four months, maybe a little longer if the Trustee decides to sell the house. If the family is fighting with each other, or if someone is living in the house and refuses to leave, the process can take as much as a year or more.
Does the trustee receive payment for his or her work?
Usually yes, unless the Trust Agreement prohibits the Trustee from receiving payment for his or her work. State law sets a percentage fee for the Trustee if the Trust does not specify the amount of payment. This is 4% of the first $100,000, 3% of the second $100,000, and 2% thereafter. In addition, if the Trustee does additional work such as cleaning out the house instead of hiring a service to do it, the Trustee can be paid a fair market rate for the time expended. The Trustee is also entitled to reimbursement for out of pocket expenses, such as if he or she made mortgage payments after the Decedent died and before the house was sold.
Does the trustee decide who gets trust property?
No, the Trustee does not decide who gets the trust property. This was already decided by the person who died, and the written instructions are in the Trust Agreement. If the Trustee does not abide by these instructions, the Trustee can be sued personally.
Are inheritances from a trust taxed?
Sometimes. When a person dies, their property has a dollar value. If the trust administration takes a long time, the property may increase in value. The difference between the value on the date of death and the distribution date may be taxable if the increase in value is more than the cost of the trust administration. Also, certain states have inheritance taxes (Nevada is not one). Also, if trust property exceeds the federal limit for taxes (currently $11 million for individuals), federal estate tax could be due.
What if the trustee does something wrong?
If the Trustee fails to act, overpays himself or herself, or refuses to distribute the trust property to the rightful beneficiaries, the beneficiaries can sue the Trustee. The Court will require the Trustee to account, and if the Court finds that the Trustee did something wrong, the Court may also remove the Trustee and can issue financial penalties.
FEES
Will plans range from $795 to $1,295 for singles and married couples.
Trusts range from $2,500 to $3,500 for singles and married couples.
Asset Protection Trusts range from $3,500 to $4,500 for singles and married couples.
These prices assume that you have one piece of real estate. For families that own additional real estate and/or own businesses, there may be costs associated with handling those interests.