QUESTION
What is the average cost of setting up an irrevocable trust?
Asked on Mar 27th, 2018 on Elder Law - New York
More details to this question:
I have a will and health care proxy in place and would like to protect my home and liquid assets under an irrevocable trust for my children. I am am widowed and have two children
1 ANSWER
Civil Rights Law Attorney serving Rockville Centre, NY
Partner at
Lori Nevias, Attorney at Law
1 Award
Irrevocable trusts can be valuable tools for protecting your assets if you're planning on qualifying for Medicaid, and for minimizing probate when you pass away- but can also be wonderful tools for lawyers to rip off clients. A trust should cost no more than $2500- $3,000. I have heard of lawyers who charge double or triple that amount. Most important, a consultation is always necessary to first determine whether you really need a trust.
Answered on Mar 28th, 2018 at 11:10 AM