Legal Question in Wills and Trusts in California
Trusts
I'm a single parent, Head of Household, 57 years old with one house and one child 21 years old who is in college. My situation is not complicated. I would like to create a Will and Living Trust to protect assets.
1. What can I expect the average cost of trust preparation to be?
2. Is the cost of trust preparation tax deductible? If so, which portion?
1 Answer from Attorneys
Re: Trusts
the costs of a basic estate plan vary widely depending upon the attorney. my fee to prepare a basic estate plan for a single person - to include a revocable trust, a pourover will, a durable power of attorney for asset management and an advance health care directive ranges between $1500 and $2000. beware of "trust mills" and others with lower fees that may not tailor the plan to your needs or follow through to fully implement your plan.
only tax related fees are potentially tax deductible, and for most individuals an complex estate tax analysis is not needed. in any case even such fees are subject to the floor of 2% of adjusted gross income for miscellaneous deductions.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
