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How to find a good estate attorney and craft a quality financial plan

The cost of setting up a trust varies widely depending on several factors, including the complexity of the trust, the assets involved, geographic location, and the attorney’s fees if you choose to use one for the setup. Generally:

  1. Simple Trusts: For straightforward trusts, such as a basic revocable living trust, the costs can range from $1,200 to $2,000 if set up by an This type might cover basic asset distributions and avoid probate without complex stipulations.
  2. Complex Trusts: More complicated trusts, including those designed to minimize estate taxes, protect assets from creditors, or provide for a special needs family member, can cost significantly more. Fees for these can range from $3,000 to $5,000 or more, depending on the complexity and the specific goals of the trust.
  3. Do-It-Yourself (DIY) Kits: There are also online legal services that offer trust setup for much lower costs, ranging from $100 to $300. However, these options may not provide full customized solutions or the expertise that some situations require.
  4. Ongoing Costs: Beyond the initial setup, there may be ongoing costs associated with managing the trust, including trustee fees, investment management fees (if the trust holds financial assets), and any taxes due on income generated by the trust’s assets.
 

To find out if an attorney has a good track record and ensure they’re reputable and suitable

for your needs, consider the following steps:

  • Call IPS to help with vetting: We have a network of attorneys that we trust and work with frequently. Call us and we can make a recommendtaion.
  • Check State Bar Association: Start by checking the state bar association’s website where the attorney is licensed to practice. Most state bar associations maintain public records of attorneys’ licensing status, disciplinary history, and sometimes even client This can help you verify that the attorney is in good standing.
  • Online Reviews and Ratings: Look for reviews and ratings on legal directories such as Avvo, Martindale-Hubbell, and Lawyers.com. These platforms often include peer reviews, client reviews, and general ratings that can give you insight into the attorney’s professionalism, expertise, and client satisfaction.
  • Ask for Referrals: Personal referrals from friends, family, or professionals (like your accountant or financial advisor) who have had direct experience with the attorney can provide valuable insights into the attorney’s effectiveness and client service.
  • Consult Legal Forums and Local Groups: Online legal forums or local community groups can offer anecdotal experiences and While these should be taken with a grain of caution, they can sometimes highlight patterns of behavior or reputation.
  • Check Their Professional Achievements and Memberships: Look into any professional achievements, certifications, or memberships in legal associations. Memberships in specialty groups like the American Trial Lawyers Association or specific state trial lawyers associations can indicate a lawyer’s commitment to their area of law.

Having IPS review trust documents is crucial for integrating the trust with you and

your family’s broader financial and estate planning goals. IPS offers a comprehensive perspective, ensuring the trust complements your overall financial plans, including retirement, tax planning, and investment strategies. We bring investment expertise, evaluating the trust’s investment guidelines to ensure they are realistic and match market conditions and the grantor’s risk tolerance.

IPS plays a key role in navigating the complex tax implications of trusts, structuring them to be tax-efficient and minimize potential liabilities. We bridge the gap between the legal and financial sides of trusts, ensuring their terms support financial goals without causing unforeseen issues, crucial for effective asset management and distribution.

Furthermore, IPS contributes to the ongoing management and compliance of the trust, adapting to legal and regulatory changes to maintain its effectiveness. We prioritize beneficiary interests, planning for their future needs and managing risks associated with the trust’s assets, such as market volatility and interest rate changes, to protect the trust’s assets in line with the grantor’s wishes.

In essence, involving IPS Strategic Capital in your planning or review process ensures the trust is not only legally sound but also financially optimized, enhancing its ability to meet your objectives and serve the beneficiaries’ best interests.

 

 

If you are thinking of setting up a trust, or would like a review of the trust you currently have call IPS Strategic Capital at 303.697.3174 or email mallory@investps.com as the first step or next step of your financial journey.

 

Disclaimer

The information in this article should not be misconstrued as an offer, nor a solicitation, to buy or sell securities. Any past performance of any investment(s) does not necessarily indicate the future performance of any investment(s). No client, current or prospective, should assume the future performance of their investments will be profitable based on historical performance. Any backtest charts and data presented are purely hypothetical and do not represent the performance of accounts managed by IPS Strategic Capital. The results were obtained by applying a rules-based investment process to historical data. All investments have the potential for profit and the potential risk of loss. Changes in investment strategies, contributions, or withdrawals may cause the performance results of one’s portfolio to differ materially from the reported composite performance. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client’s portfolio. One should always consult an investment advisor before making any investment decisions.

One should always consult an investment advisor before making any investment decisions as well as consider the investment’s objectives, risks, charges, and expenses carefully before investing or sending money. This and other important information about the strategy is available upon request.