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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 cost depends on a number of factors: how complex your estate plan needs to be, same issue with the trust, and whether there are any other ancillary documents such as POA and/or Living Will.
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?
Garden Artist, thanks for your response. We have a Dr. appt. so I just read through and will carefully consider all you have written later. Everything seems to require learning new terminology. Today I have to focus on what the Dr. will tell us. Somedays I just want to be someone else.
Sunflower, I think many of us feel overwhelmed at times, sometimes all the time! Just take it one step at a time, one project or new idea at a time and let it set in and be absorbed before moving on to the next.
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.
Yes, getting older has become so very complicated. I got my Will/Trust completed last year.
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.
Not to contradict FF, who offers great advice, but having worked for solo practitioners, small, mid and large sized law firms, I would avoid a solo practitioner. My experience was that they were less flexible, not as up to date on ancillary estate planning issues, and often had much more limited experience. They were not as likely to raise issues and offer suggestions, especially as to related tax issues.
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.
GardenArtist raises some good points. I know for myself I picked a large law-firm because if my Elder Law attorney wasn't available, there were a half dozen Elder Law attorneys in the firm who could help.
The possibility of Medicaid recovery should have been a very active part of the conversation because with appropriate planning, there should be no recovery. However, many estate planners do not recognize these issues. Did the attorney actually represent themselves as an "elder law" attorney? I would check to see the attorney is listed at www.naela.org (National Academy of Elder Law Attorneys) and/or ElderCounsel, both of which are nationally recognized elder law groups. This area of law is extremely complex and I can tell you that the fees are typically much higher than regular estate planning, but what they can do for a client is prevent them from going broke if they have to enter a nursing home and can also save their homes and assets from Medicaid recovery once they die.
Thanks SallyB. I am still trying to understand what I have read so far. You are right it is complex and gives me a headache. Time to do a walk in the yard and ask God for discernment.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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.
https://www.agingcare.com/discussions/gardening-as-therapy-187150.htm
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.