- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What should I avoid per a trust and will? Lawyer? No lawyer?
Posted on 9/30/25 at 10:16 pm
Posted on 9/30/25 at 10:16 pm
Talking to an attorney who does trusts, estate planning, probate (avoidance, I think), and etc.
Quoting me $3,500, seems reasonable I guess.
The trust would initially include real estate, to go to family if I die or if the Planet of the Apes remove my brain.
Initially, all nest egg money would not be in the trust, but I think can be added at any time. Some kind of "five year rule" ??
I've got the E-Sign email from the attorney, I believe I trust him, but man, this is all so new.
Quoting me $3,500, seems reasonable I guess.
The trust would initially include real estate, to go to family if I die or if the Planet of the Apes remove my brain.
Initially, all nest egg money would not be in the trust, but I think can be added at any time. Some kind of "five year rule" ??
I've got the E-Sign email from the attorney, I believe I trust him, but man, this is all so new.
12
Posted on 9/30/25 at 10:25 pm to Harry Rex Vonner
If you don’t understand it, take a time out and have the lawyer walk you through it. You need to understand what you’re doing and why.
Trusts have their place, but they add complexity and have downsides too. Get your questions answered and understand what you’re doing. Any good lawyer expects questions.
Trusts have their place, but they add complexity and have downsides too. Get your questions answered and understand what you’re doing. Any good lawyer expects questions.
Posted on 9/30/25 at 10:30 pm to SloaneRanger
Yes, thank you
ETA: doesn't seem like he was rushing me, but I had to wait several days for an appointment for him to call me.
Kinda sucks.
ETA: doesn't seem like he was rushing me, but I had to wait several days for an appointment for him to call me.
Kinda sucks.
This post was edited on 9/30/25 at 10:31 pm
Posted on 9/30/25 at 11:24 pm to Harry Rex Vonner
You've waited 50 years for this. You can wait one more week.
Well, just don't die between now and then, I suppose.
Well, just don't die between now and then, I suppose.
Posted on 10/1/25 at 2:13 am to Harry Rex Vonner
Do you work at a company that has prepaid legal? When my wife worked at a major hotel chain we had the prepaid legal and we used it to do our trust, will, and POA and it cost us about $1,000. Even without prepaid legal, $3,500 sounds high but I am no attorney.
Posted on 10/1/25 at 5:23 am to Harry Rex Vonner
Where do you live?
Posted on 10/1/25 at 6:17 am to Sho Nuff
quote:
Even without prepaid legal, $3,500 sounds high but I am no attorney.
Mine was $3,000-5000 recently. I got 2 different quotes and neither was anywhere close to being a fancy lawyer.
The lawyer I used took almost 3 weeks to get an appt so I don’t think that’s abnormal OP.
Posted on 10/1/25 at 6:32 am to baldona
Damn, baw. Should have hit me up. I would have hooked you up with a TD.com discount
Posted on 10/1/25 at 7:33 am to Harry Rex Vonner
Paid about $3500 for a trust for my mother back in 2011.
Posted on 10/1/25 at 7:35 am to Harry Rex Vonner
Yes, $3500 is appropriate. My husband and I updated ours (almost started from scratch since we changed a lot of stuff from our previous will) last year and that was around what we paid. Set up trusts for both of us and did the whole POA, medical, financial, living wills, etc.
Posted on 10/1/25 at 7:37 am to baldona
That sounds normal. 3k 3 years ago for my mother in law that had a fairly complex estate.
Posted on 10/1/25 at 7:46 am to Harry Rex Vonner
Take a breath before you sign anything and ask some questions. You are paying them after all.
First make sure you actually need a trust and not just a will. In Texas you pretty much do not need one, unless your net worth goes over $3million and even then it is only if you have some complexities. Arkansas is similar, do not really need one under $3 million. Trusts can of course streamline the process and avoid exposure, but that is what you are really paying for under $3million. You 100% need a trust when your net worth goes over $10million.
You should also get the following drawn up from the lawyer for that price.
1. Will
2. Beneficiary Designation (retirement accounts, life insurances, bank accounts, etc.) - These will override your will and you should be able to change free of charge.
3. Durable Power of Attorney
4. Healthcare Power of Attorney
5. Advance Healthcare Directives
If you own a business, there are a few more items to take care of as well.
First make sure you actually need a trust and not just a will. In Texas you pretty much do not need one, unless your net worth goes over $3million and even then it is only if you have some complexities. Arkansas is similar, do not really need one under $3 million. Trusts can of course streamline the process and avoid exposure, but that is what you are really paying for under $3million. You 100% need a trust when your net worth goes over $10million.
You should also get the following drawn up from the lawyer for that price.
1. Will
2. Beneficiary Designation (retirement accounts, life insurances, bank accounts, etc.) - These will override your will and you should be able to change free of charge.
3. Durable Power of Attorney
4. Healthcare Power of Attorney
5. Advance Healthcare Directives
If you own a business, there are a few more items to take care of as well.
Posted on 10/1/25 at 7:57 am to Harry Rex Vonner
quote:
Some kind of "five year rule" ??
He's probably referring to the Medicaid 5-year lookback period.
Putting your assets in a certain form of irrevocable trust can keep them from counting when determining whether you qualify for Medicaid (which requires you be dead arse broke) to pay for nursing home care. People often use a trust to preserve assets for the next generation while being able to qualify for Medicaid if needed.
If you were to apply for Medicaid, they will look back for the prior 60 months to see if you gave away assets or transferred them for less than fair market value (to the trust, a family member, or otherwise). If you stroke out within that 5 years and need to go in the nursing home, the money/assets you gave to the trust can count as your assets and make you not qualify.
Per AI: In Louisiana, the average annual cost for a semi-private nursing home room is approximately $89,790, and a private room costs about $91,250 per year as of early 2025.
It's complicated, and what (I think) I know about it just scratches the surface. Consult your professional adviser about your particular circumstances.
Posted on 10/1/25 at 10:28 am to Harry Rex Vonner
Accurate advice in this thread
Posted on 10/1/25 at 10:51 am to Harry Rex Vonner
You should also talk to your CPA to fully understand what you are getting into from a tax perspective. I've seen many clients of mine make avoidable mistakes thinking a trust is a blanket solution to all of their estate tax problems.
Posted on 10/1/25 at 11:48 am to Harry Rex Vonner
If its a complicated plan to avoid inheritance tax or other more complex/nuanced issues, its not an unreasonable quote and you should pay him to do it because there’s a lot of traps for the unwary setting up stuff like this. Just a basic estate plan with no nuance, that’s a pretty high price tag but not so high it’s unethical depending market, firm, specialty, etc.
For comparison, my firm does basic estate plans (will and POAs) for a couple at $1500 and $950 for a single. That’s in a mid-size market with board-certified EP attorneys.
For comparison, my firm does basic estate plans (will and POAs) for a couple at $1500 and $950 for a single. That’s in a mid-size market with board-certified EP attorneys.
Posted on 10/1/25 at 6:09 pm to baldona
quote:
Mine was $3,000-5000 recently.
Well shite, makes me feel really good about that plan we had. This was in 2023 so not too long ago but I think she only paid about $150-$200 a year for the legal. We used it for a few different things over the years when she worked there.
Posted on 10/1/25 at 6:39 pm to TheOcean
quote:
Where do you live?
Northwest Arkansas
Posted on 10/1/25 at 6:45 pm to SalE
quote:
Accurate advice in this thread
yes, thank you to everyone
Posted on 10/1/25 at 7:51 pm to Harry Rex Vonner
Well, hell. Why didn't you say you were in NW Arkansas? I'm in Conway.
Give Jamison Bonds a call with Providence Estate Planning. He has an office in Ft. Smith, I believe. He did my family's trust about 2 years.
A trust seemed to be best option for my family and Jamison was one of the nicest, most patient people I've ever met. We had SOOOO many questions. And no, I did not know him at all prior to the experience.
LINK
Give Jamison Bonds a call with Providence Estate Planning. He has an office in Ft. Smith, I believe. He did my family's trust about 2 years.
A trust seemed to be best option for my family and Jamison was one of the nicest, most patient people I've ever met. We had SOOOO many questions. And no, I did not know him at all prior to the experience.
LINK
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News