JONES & WATKINS, LLC
Estate Planning Fee Schedule
(Effective 10/2011 – Subject to Change)
We offer flat-rate, up front pricing on all of our estate plans. The following represents our standard estate planning “packages.” Of course, not every client’s situation fits these packages exactly. In those instances, we will work with potential clients to develop a plan that properly meets their needs. Such a plan may include documents not discussed below. We will always quote a “flat fee” prior to starting the work. After the initial estate plan is completed and signed, amendments to the plan will be subject to additional fees.
| BASIC PACKAGE
$575 Individual |
Includes (for each person):
This is our basic estate planning package. This plan is designed for individuals or families with no minor children. It allows you to direct the distribution of your estate through the probate process. It also allows you to name individuals of your choice to manage your financial affairs and make your health care decisions in the event of your incapacity. Finally, it also allows you to provide directions for your health care in the event you are in a terminal, non-responsive condition. It does not avoid probate, and does not involve any estate tax planning. |
| FAMILY PACKAGE
$775 Individual $1,050 Couple |
Includes (for each person):
This package is designed for families with minor children. It provides all of the benefits of the Basic Package. In addition, in the event both parents should die before the children reach adulthood, the Will designates who should be appointed guardian(s) of any minor children and sets up trusts to hold your assets for the children’s benefit. Once the children reach certain age or achievement milestones of your choosing, the trust assets can be distributed to them. Like the Basic Package, this plan does not avoid probate or involve any estate tax planning. |
| LIVING TRUST PACKAGE
$1,275 Individual |
Includes (for each person, if applicable)
This plan has all of the benefits of the above packages, with the added benefits that assets transferred to the trust can: 1) be managed by the trustee(s) in the event of trust maker’s incapacity and 2) avoid the expense, delays and public nature of probate on trust maker’s death. A Will (i.e. the “Pour-Over Will”) is still necessary to ensure that assets not transferred to the trust prior to death are transferred to the trust after death (through the probate process). |
| LIVING TRUST PACKAGE WITH ESTATE TAX CREDIT SHELTER PLANNING
$2,625 (“Disclaimer” or A/B Trust) $2,750 (With QTIP) $3,050 (One of the above options with GST planning) |
Includes (for each person, if applicable)
This package can benefit married couples with sizeable assets and/or life insurance policies. It has all of the benefits of the above packages, plus provisions that will enable married couples to preserve their estate tax exclusion amounts, potentially saving hundreds of thousands of dollars, or more, in estate taxes. Currently (2009), each person is entitled to shelter $3,500,000 from estate taxes. In 2010 (and only that year), the federal estate tax is repealed. However, in 2011, unless new legislation is passed, the exclusion amount will decrease to $1,000,000. |
ADDITIONAL DOCUMENTS/SERVICES
| Missouri “Beneficiary Deed”
$100 (plus recording fees) |
Missouri is one of a handful of States that permits the use of beneficiary deeds. A beneficiary deed offers a means to transfer real estate (located in Missouri) at the death of the owner(s) to one or more stated beneficiaries. The benefit is that the transfer occurs outside of the probate process. In estate plans with living trusts, rather than transfer real estate into the trust immediately, we often use a beneficiary deed that will cause the property to be transferred to the trust upon the death of the owner(s). One reason for doing this is because if you ever refinance your mortgage, having the property titled in the name of a trust can cause some inconvenience. Another benefit is that property held jointly by spouses in Missouri enjoys some protection from the creditors of one of the spouses. The law is not clear at this time whether such creditor protection extends to property held in trust. |
| Deed of Transfer
$100 (plus recording fees) |
This would include the preparation and recording of a transfer deed, such as a Warranty Deed or Quitclaim Deed, to make a current transfer of Missouri real estate to a trust, family member, or other party. |
| Irrevocable Trust
Price is Negotiable |
An Irrevocable Trust, as the name implies, involves an irrevocable transfer of assets into a special trust. If properly drafted, assets held in an Irrevocable Trust can continue to provide benefit to you, but are not included in your taxable estate, thereby providing potential estate tax savings. Additionally, such assets are not subject to your creditors (provided that the transfer does not constitute a “fraudulent transfer”). The downside is that you lose control of the assets, and there can be gift tax implications. |
| Irrevocable Life Insurance Trust (ILIT)
Price is Negotiable |
The purpose of an ILIT is hold a life insurance policy in a manner that will prevent the life insurance death benefit from being included in the taxable estate of the insured. Depending on the size of the policy, this can save substantial estate taxes. |
| Charitable Trusts
Price is Negotiable |
If there is a charitable organization to which you want to donate funds, either during your lifetime or at your death, a charitable trust should be considered as an alternative to an outright transfer. For example, with a Charitable Remainder Trust, you can benefit from a current charitable deduction while still enjoying a stream of income for a period of years, or even for the rest of your life. The charity benefits by receiving the remainder of the trust funds at the end of the trust’s term. Alternatively, a Charitable Lead Trust provides a stream of income to the charity for a number of years, with the remainder coming back to you (or your heirs). |
To discuss these and other services that we offer, call us at (573) 234-1130, or contact us through our website www.joneswatkins.com.
