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.
Costs of estate planning
Re: Costs of estate planning
Depends on the simplicity. Could be as little as a few hundred to a thousand bucks up to the of thousands for complicated trusts.
Re: Costs of estate planning
With generation skipping trusts you’re probably looking at least a few thousand, depending on the part of the country.
Gill
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
Re: Costs of estate planning
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.
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.
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sandramjet
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Re: Costs of estate planning
Only on bogleheads is 5-10 million be considered "not a huge estate"
Anyway, 5-7k is probably what you'd spend, based on my experience.
Re: Costs of estate planning
$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.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.
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.