Costs of estate planning

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Smokey21
Posts: 118
Joined: Fri Oct 31, 2014 7:07 am

Costs of estate planning

Post by Smokey21 »

I was wondering what people have paid in recent years for estate planning. This is not a huge estate. By the end of my working years, if everything goes well, would be in the 5 to 10 million dollar range in today's dollars.

Our current needs are to change trustees and to implement a generation skipping trust.

Thanks in advance.
Lee_WSP
Posts: 3707
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: Costs of estate planning

Post by Lee_WSP »

Depends on the simplicity. Could be as little as a few hundred to a thousand bucks up to the of thousands for complicated trusts.
Gill
Posts: 6948
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Costs of estate planning

Post by Gill »

With generation skipping trusts you’re probably looking at least a few thousand, depending on the part of the country.
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
Arbol
Posts: 63
Joined: Sun Jul 14, 2019 3:12 pm

Re: Costs of estate planning

Post by Arbol »

It depends. No idea what your $5-$10M assets are. How complex you want things.

With a GST and a sizable estate, you are looking at $5,000 and above for competent estate planners.

$5000 is 0.1% of your estate on the low end. Spending 0.1% to protect the other 99.9% is money well spent.
sandramjet
Posts: 308
Joined: Thu Oct 23, 2014 11:28 pm

Re: Costs of estate planning

Post by sandramjet »

Smokey21 wrote: Mon Nov 18, 2019 9:41 am This is not a huge estate. By the end of my working years, if everything goes well, would be in the 5 to 10 million dollar range in today's dollars.
Only on bogleheads is 5-10 million be considered "not a huge estate" :D

Anyway, 5-7k is probably what you'd spend, based on my experience.
bsteiner
Posts: 5386
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Costs of estate planning

Post by bsteiner »

Arbol wrote: Mon Nov 18, 2019 11:14 am It depends. No idea what your $5-$10M assets are. How complex you want things.

With a GST and a sizable estate, you are looking at $5,000 and above for competent estate planners.

$5000 is 0.1% of your estate on the low end. Spending 0.1% to protect the other 99.9% is money well spent.
$10 million for a couple is small in the sense that it won't be subject to Federal estate tax, even when the exclusion amount reverts to $5.7 million (indexed) in 2026.

Of course, if you're in a state that has a state estate tax with a lower exclusion amount, or a state estate tax that doesn't have portability, you may want to take that into account in the planning.

The cost doesn't depend very much on whether you provide for your children in trust rather than outright. That doesn't add much to the time involved.

You raise a good point about working with someone competent. That may be of more importance to someone at that level.
Post Reply