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When considering an estate plan, many people contemplate whether a trust is necessary or a will alone is suitable. Depending on whether an attorney is hired, a trust can be considerably more costly than a will.
Once the deed is changed, it should be recorded with the registrar of deeds, and is subject to the same fees as any real estate transaction. You can check with your local registrar of deeds for your state’s fees associated with a deed transfer.
Whether or not you choose to hire an attorney to draft your living trust, you will be responsible for the expense of titling assets to the trust.
This article is reprinted from my friend and asset protection attorney Jacob Stein of Kleuger & Stein, LLP.
On December 16, 2010, Congress passed and sent to the President the “Middle Class Tax Relief Act of 2010.” The law contains the most sweeping change in the taxation of estates in 29 years.
For instance, is the cost of drafting a new deed to add real property to the trust included in the price?
Does the attorney's fee include retitling of assets?
Estate planning is about ensuring that your property goes to your designated beneficiaries as quickly as possible, while at the same time minimizing any estate taxes.
To achieve these goals, you may need to use several different types of legal devices.
The cost of hiring an attorney to draft a trust can be five to six times that of drafting a will.