Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Retirement - Now what? -- Ignore unavailable to you. Want to Upgrade?

To: Drygulch Dan who wrote (176)	6/5/2007 10:48:28 AM
From: deeno	Respond to of 288

IMHO "I talked with another lawyer and his fees were about $3K for a comprehensive package" VERY high, unless VERY complicated trust. "not sure how many properties this would include probably just one locally. " for 3 grand ought to include taj majal, buckingham palace and the pyrimids if you want. "The great thing about talking with this lawyer was that he was HONEST" At those prices might as well be. What kind of parrot was sitting on his shoulder? "On the back end of a Living Trust (AB or Disclaimer)type, after the first person dies, that person's share of the Trust has to be allocated to an irrevocable sub Trust" It all depends on the total amount of assets. " For these back end tasks our good lawyer charges the nominal fee of one half percent of the estate's value after the first death, and then 1% after the second death. " A one legged pirate with a hook. The only time Ive ever heard of this kind of fee (other then trust companies) is when the trust is being contested or is so complicated that a team has to be assembled to complete it. Not only that, but I beleive in CA it is frowned upon to have an attorny name him/herself as trustee or adminstrator (not sure if it rises to the level of unethical but I beleive it has) "This honest lawyer indicated that these percentages would typically net him about $50K for the total process. " So is it "honest" to gouge people becasue your going to tell them they are being gouged? Again I have no idea of the value, complexitiy or contentioness of your situation, and it is possible that the above charges are warrented, but "its not rocket science". I have known numerous people that have administered and settled their own trusts without the "help" of any lawyer. Though I have not met any that have written up the trust themselves. With the amount of time and energy you have expending, I see no reason why you shouldnt attempt it.