How Much Does An Estate Plan Cost?
What Does the Law Offices of Robert S. Grodberg Charge for an Estate Plan?
$1,750 for a single individual
$2,950 for couples
Our Estate Plans include a Will, Trust, Revocable or Irrevocable, Deed of a Residence into the Trust, Medical Power of Attorney, Business/Personal Commercial Power of Attorney, Declaration of Homestead, and these and other documents as needed
What Is Included in Our Typical Estate Plans?
Most individuals know they should complete an estate plan but are reluctant to do so out of fear of the complexities or expense. At the Law Offices of Robert S. Grodberg, Esq., we provide comprehensive and understandable estate plans at affordable fixed fees, so our clients needn’t worry about surprise fees or a running clock.
Unlike many other estate planning packages that offer only basic, template documents, our estate plans are comprehensive and customized, meaning that you will receive multiple estate planning documents that are tailored to your specific needs and objectives, including some or all of the following:
- Last Will and Testament
- Revocable Trust
- Irrevocable Trust
- Deed of a residence (into a trust)
- Medical Power of Attorney
- Business Power of Attorney
- Personal Power of Attorney
- Declaration of Homestead
- Other Documents (as needed)
As a Jamaica Plain estate planning attorney with decades of experience, Bob Grodberg will listen to your goals, construct an estate plan designed to meet your objectives, and protect your hard-earned assets and, as you request, benefit your loved ones. Call today, 617-983-2626, to schedule a free consultation to learn how we provide peace of mind to you by working with you until it is clear that you are comfortable that your estate affairs will be handled in accordance with your wishes. We also encourage you to read through the following, to learn more about the individual components of our robust estate planning practice.
What Is a Will?
A will is critical, as it allows individuals to clearly communicate their wishes regarding the distribution of their assets. Without a will, the Probate Court is obligated to distribute assets in accordance with the Massachusetts laws. This court proceeding is referred to as an intestate action, and the resulting distribution may not produce the results that a decedent may have wanted. For example, if an individual is not legally married, his or her partner may not be entitled to any portion of the estate under the intestate laws. Alternatively, if an individual desires to disinherit a family member, such parties may still be entitled to assets if a valid will does not exist.
A will generally:
- Designates an executor, now referred to as a Personal Representative, and successors, if needed (the party who fulfills the provisions of a will);
- Names beneficiaries (the individuals who will inherit assets);
- Instructs when and how assets will be distributed to beneficiaries; and
- Appoints guardians, if not otherwise in the will designation, for minor children or beneficiaries lacking capacity.
What is a Trust?
Trusts are agreements used, if appropriate, to minimize estate taxes and to pass assets outside of probate, which results in saving significant time and costly legal and court fees. A trust is a fiduciary arrangement in which a third party (the “Trustee”) holds and manages assets on behalf of a beneficiary, or beneficiaries, in accordance with the terms of the trust agreement.
The following are the basic types of trusts:
- Marital trust
- Revocable trust
- Testamentary trust
- Irrevocable Trust
- Charitable Trust
- Generation-skipping trust
- Qualified terminable interest property (“QTIP”) trust
Trusts, as indicated above, can be revocable or irrevocable; however, if a trust is irrevocable, it cannot be altered, and under certain circumstances, its assets may not be considered part of the taxable estate, helping, of course, to minimize estate taxes upon death. On the other hand, a revocable trust can assist in passing assets outside of probate, and allows an individual to retain control of property during the trust creator’s lifetime. This type of trust is flexible, as it allows for its terms to be altered or revoked.
What is a Power of Attorney?
A power of attorney is a document that allows a person to select an “attorney-in-fact” (or “agent”) who is thus authorized to make financial or medical decisions. Under Massachusetts law, an individual can grant financial, medical, parental, tax, or any other authority to a designated person. If a power of attorney is durable, the designated agent will retain privileges even if the principal is no longer mentally capable.
The following are common types of powers of attorney:
- Durable power of attorney. An agent can be appointed to act on an individual’s behalf for financial and other matters, which will begin or continue through incapacity.
- Financial power of attorney. Financial powers of attorney can be utilized to appoint a third party to handle financial affairs while a person is incapacitated.
- Limited power of attorney. A limited power of attorney is used to appoint someone to handle affairs for a specified period of time, or to accomplish a particular transaction.
- Medical power of attorney. A medical power of attorney authorizes a designated party to make medical decisions on a person’s behalf if he or she cannot do so.
- Minor’s power of attorney. A temporary guardian can be designated to care for minor children and make medical, educational, and other critical decisions.
- Real estate power of attorney. It can be highly advantageous to have someone else handle one or more real estate transactions or properties. As such, a real estate power of attorney can be drafted to allow another party to manage tenants, negotiate property sales, or purchase real estate.
- Tax power of attorney. Under a tax power of attorney, a person can appoint a representative, usually a tax attorney or accountant, to make online filings and/or manage tax issues with taxing authorities.
Call Today to Schedule a Free Consultation with Experienced Massachusetts Estate Planning Lawyer Bob Grodberg at 617-983-2626.
At our offices, we are committed to provide our clients with the compassion, determination, and tenacious legal advocacy the client deserves. Whether you are interested in planning for the future, need guidance through the probate process, or are in need of other complex estate planning assistance, we invite you to call our office at 617-983-2626 to schedule a free consultation with experienced Jamaica Plain will and estate planning lawyer Bob Grodberg.