Fair Fees for Changing Living Trust

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Clip8
Posts: 5
Joined: Sat Apr 18, 2015 12:36 pm

Fair Fees for Changing Living Trust

Post by Clip8 » Fri Jul 03, 2015 2:41 pm

Have any Bogleheads had an experience with a Trust Amendment and Restatement?
Back in 2000 my wife and I set up Revokable Living Trusts. At the time $650,000 was excluded from estate taxes but of course it is now much more. I understand that trusts are not as desirable now as they were 15 years ago, but we have already invested a lot of time and effort effort into funding them. One metro Atlanta attorney (we met him at a seminar) suggested that we ditch our trusts and let him set up new wills for us. We would prefer to keep our trust but make some changes and bring it up to date. What would be a reasonable attorney fee for a Trust Amendment and Restatement?

Gill
Posts: 4726
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Fair Fees for Changing Living Trust

Post by Gill » Fri Jul 03, 2015 3:26 pm

Keep in mind a restatement is essentially drawing up a new trust, but the restatement technique is often used to retain the date of the original trust so there is no need to retitle assets. The fees would likely be about the same as for a new trust. Also, for many purposes trusts are just as necessary and desirable as ever. If it made sense in your estate plan before it probably still does. You're getting sale talk, not good legal advice.
Gill

mjdaniel
Posts: 111
Joined: Sat Jan 21, 2012 2:20 pm
Location: Temecula, CA

Re: Fair Fees for Changing Living Trust

Post by mjdaniel » Fri Jul 03, 2015 4:04 pm

When my wife and myself setup our trust in 1999, it cost us 400.00 which included transferring our house into it. May of this year, we did a restatement with my mother in law's lawyer and it cost us 600.00. He went to high school with my brother in law, so not sure the 1000.00 discount was for that reason, or they over charge to begin with and do the discount to make you feel good. Just recently, my cousin handled my mother's estate and her bill had a sizeable discount. Lawyers giving a discount, go figure, what's up with that!

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