From: "BMS" 
Newsgroups: misc.invest.financial-plan
Subject: Re: cost to set up wills and trusts
Date: 10 Sep 2005 12:10:02 GMT
	iQBVAwUAQyLL3fl/I4+O31e5AQHYrgH/W6JcaAloUuTqpM8rzpIYqn/IVaFeKyrf
	G6yqpsm+/Rb0wq9H22wLXKWAnk3TP12ngdRTXj5uTXJcknM6hj7XAA==
	=lpaK

Again this is when where you are makes a difference.

As states (37 so far) decouple from the Federal Estate tax rules and 
reinstate their own, for example the threshold in MA is 850k with an 
eventual topping out at 1 million and there is an extensive probate process, 
having this planning in place is prudent.


"HW "Skip" Weldon"  wrote in message 
news:u895i11uvgectglaj7laap65bgv78ogik1@4ax.com...
> On Fri, 9 Sep 2005 10:10:17 CST, beliavsky@aol.com wrote:
>
>>I spoke to an estate planning attorney who says my wife and I need
>>
>>wills
>>living wills
>>powers of attorney
>>guardianship documents (in case we are both incapacitated)
>>401(k) trust
>>life insurance trust (we each have big cash-value policies)
>>
>>Our assets excluding the life insurance are in the mid 6 figures and
>>would be a few million upon death. We have two young boys.
>
> Absent greater specificity, we have to keep this general.
>
> I doubt anyone has problems with doing the Will and Powers.  Around
> here those should run around $500-600.
>
> With regard to trusts and other documents, I would keep in mind the
> volatile nature of estate tax rules/rates - meaning changes every few
> years.  There's nobody alive who can tell us what the rules will be in
> five years.  And there are lots of folks out there who, several years
> back, paid serious money to take care of the estate tax burden above
> $650,000.  
>
> That leads me, as a general matter, to be wary of extensive trust
> work except for older folks (+75) or with families with significant
> family money involved.
>
> On the other hand, for well-heeled younger couples where a few
> thousand of legal work is not a big deal, have fun.  $2,000 is about
> right.
>
>
>
> -HW "Skip" Weldon
> Columbia, SC
>