Elder law attorney i saw told me 2 wills and a trust would be $ 1,200.My husband had medicaid for a time. Now I am concerned about" estate recovery" if I die first. Who said these are the golden years? I want to punch them
The hard part is over.
I'm matching you with one of our specialists who will be calling you in the next few minutes.
Additionally, and you should ask this of the attorney:
1. Will the attorney be handling funding of the trust? This would include preparing any deed if the house is to be transferred into the trust. It would also include changing ownership of financial assets to the name of the trust.
2. Will transfer of assets (funding) into the trust include a bill of sale that the attorney will prepare?
3. Have you contacted other attorneys to get prices so you can make a comparison?
3. Did you feel comfortable with this attorney, and felt as if you could trust him or her?
As to the issue of Medicaid and the concern of estate recovery: I assume your husband is no longer getting Medicaid? Did you raise the issue of recovery with the attorney? How long ago did your husband stop receiving Medicaid?
These are issues that should be addressed before any assets are transferred into the trust.
And BTW, I assume it's a Revocable Living Trust, not an Irrevocable Trust, with two separate Pour-Over Wills?
If you need any help with the terminology, please feel free to ask. I use legal terminology b/c that's my background, but it doesn't always fall within someone else's vocabulary.
Don't forget you can ask questions of your doctor; if he/she has a PA or assistant, ask for that person's name so you can call him/her afterwards if you think of something else.
It's planting time!
The cost of two Wills and a Trust will vary from area to area. My Will/Trust, just for myself, was over $2,500. But I live in a larger metro area, the Washington DC burbs, and I had used a large well known law firm. I bet the smaller metro areas the costs would be less. And using a solo Elder Law attorney might even be less expensive if cost is an issue.
The estate planning attorneys I've used have been 2 -one with a mid-sized law firm and another with a larger law firm. The former was reasonably priced; the second was not.
Actually, FF's cost was reasonable, especially for the DC area where a lot of high powered law firms hold sway.