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alexb
LIF Adult
Member since 5/13 960 total posts
Name:
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How much did you pay your lawyer to draft your will?
My husband and I have a consultation this week and i was wondering what the going rate was.
Thx!
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Posted 11/6/14 9:12 AM  |
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Long Island Weddings
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: How much did you pay your lawyer to draft your will?
I'd like to know too. also any lawyer recc's in eastern suffolk?
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| Posted 11/6/14 9:35 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: How much did you pay your lawyer to draft your will?
Usually for 2, I charge $1500 for the will, living will and health care proxy but it's not my line of work and I only do it on referral basis so I'm not sure if somebody who does it regularly charges more or less but I'm pretty sure I'm in the ball park. That's basic will...no trusts.
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| Posted 11/6/14 9:51 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: How much did you pay your lawyer to draft your will?
I used Legal zoom and had everythinf notarized.
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| Posted 11/6/14 10:13 AM |
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stonecrest
LIF Infant
Member since 12/11 97 total posts
Name:
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How much did you pay your lawyer to draft your will?
People who are older are better advised to forget wills and look into irrevocable trusts in order to protect their assets so if they have to have medicaid help, they will still have money left that the government will not be able to obtain. I am looking for a lawyer myself who is a speciallist in irrevocable trust but don't relish spending upward of $5,000.00 which is what the charge seems to be.
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| Posted 11/6/14 10:18 AM |
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jendar
happy bday mom! 7yrs married
Member since 12/13 1323 total posts
Name:
thank you mom. i love you
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Re: How much did you pay your lawyer to draft your will?
Posted by stonecrest
People who are older are better advised to forget wills and look into irrevocable trusts in order to protect their assets so if they have to have medicaid help, they will still have money left that the government will not be able to obtain. I am looking for a lawyer myself who is a speciallist in irrevocable trust but don't relish spending upward of $5,000.00 which is what the charge seems to be.
We have an irrevocable trust. For my dh and I it cost a little over 3 thousand. We are OOS not sure that makes a difference.
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| Posted 11/6/14 10:48 AM |
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momtimes2
LIF Infant
Member since 4/14 333 total posts
Name:
stephanie
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How much did you pay your lawyer to draft your will?
I think DH and I paid 500 for our wills, including guardianship paperwork for the kids
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| Posted 11/6/14 10:51 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: How much did you pay your lawyer to draft your will?
Posted by stonecrest
People who are older are better advised to forget wills and look into irrevocable trusts in order to protect their assets so if they have to have medicaid help, they will still have money left that the government will not be able to obtain. I am looking for a lawyer myself who is a speciallist in irrevocable trust but don't relish spending upward of $5,000.00 which is what the charge seems to be.
What you are talking about is estate planning. That's a whole different ballgame. It's extremely involved and you definitely need an estate lawyer.
Your will just dictates who you want your assets to go to or care of your children, etc. The irrevocable trust is basically a tool to help you "hide" (for lack of a better word but that's really what you are doing) your monetary assets so that in the event you need extensive medical care and are forced to go on Medicaid to pay for same, the government can not come in and take all that is yours first. Your home, bank accounts and other monetary assets go in the names of beneficiaries leaving you with a life estate so you have control on it but technically your have no ownership interest; therefore, the government can not take it.
However, even though the house, bank accounts, etc. may be in one person's name, the will dictates how the assets will be distributed once the person has passed.
With estate planning, it is super important to hire an attorney who specifically practices that area of law. It is a tricky and dynamic area of the law that involves knowing a lot about tax law as well. There is also a ton of work that goes into it; that is why the cost is so high.
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| Posted 11/6/14 11:26 AM |
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alexb
LIF Adult
Member since 5/13 960 total posts
Name:
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How much did you pay your lawyer to draft your will?
Thx for all the info- very helpful!
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| Posted 11/6/14 8:18 PM |
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