Estate Plan Pricing: Transparent and Predictable Solutions
Our base price for an estate plan is $2,500 and increases with complexity.
Common factors considered in our pricing structure include the complexity of your estate plan, the availability of documents (and/or cost to obtain them), how quickly the plan needs to be completed, and other client requests.
Let’s explore each of these pricing factors and discuss how they bear on the cost of your estate plan:
Complexity
Complexity is by far the primary factor contributing to the cost of your estate plan. Complexity is significant because an estate plan is a collection of different legal documents and provisions which need to work in concert towards the ultimate goal of your plan. We have devoted an entire section to the complexity spectrum. (Scroll down to explore more)
Availability / Procurement of Documents
The next factor contributing to the cost of your estate plan is the availability of documents including the time and cost of obtaining them. For example, we need to see the filed grant deed when planning for the transfer of real property to verify how title is held. When planning for transfer of financial interest in a partnership or corporation we need to review the partnership agreement or articles of incorporation to verify the manner in which financial interest are transferred. These are just a few examples. It can get much more complex.
Generally the client is able to provide these documents, however, the cost of the estate plan increases if the client is unable to procure the documents or wishes ROI to obtain the documents for them.
Special Requests/Needs
Special client request or needs may increase the turnaround time as and the cost of your estate plan. ROI’s streamlined estate planning process is optimized for remote collaboration. We employ video conferencing (Zoom, FaceTime) for remote meetings, email for file uploads, and the Client Portal for payments and access to documents. Often the first time Bryan meets a client in-person is at the signing meeting. With that, we understand the benefits and usefulness in-person conferences bring and welcome the opportunity. Special requests or needs that may increase the cost or time of your estate plan are usually multiple meetings, exclusive correspondence through US Mail, and multiple phone conferences.
Timing/Turnaround Time
Another factor contributing to the cost of your estate plan are timing issues and turnaround time. We employ a process to achieve stellar results for our clients. Complete estate plans usually take about one month to complete. However, sometimes clients need advice or documents quickly. We encounter timing issues frequently with unanticipated travel and emergency medical procedures. The cost of your estate plan may increase if your circumstances demand tight deadlines which require other matters be pushed aside or staff overtime.
The Complexity Spectrum
Our base pricing for an estate plan is $2,500 and increases with complexity.
The major components contributing to the complexity of an estate plan are comprised of the client’s assets, family dynamics, health, business interest and responsibilities.
Examples of Complex Assets:
- Out of State Real Property
- Vacation Homes / Property
- Family Business
- S Corporation Stock
- Farms, Ranches, and Vineyards
- Compensatory Stock Options
- Restricted Securities
- Professional Corporations
- Law Practice
- Copyrights and Patents
- Digital Assets
- Works of Art and Collectables
Examples of Complex Situations
Unmarried Client
An unmarried client who has easily identifiable beneficiaries such as children, other close family members, friends, or charities/churches usually presents a straightforward planning situation. In fact, the assets held in the client’s name alone have a value of less than $184,500 and are not expected to increase above that level, a simple will may be sufficient.
A more difficult situation occurs with an unmarried client who does not have clear beneficiary choices. This situation requires careful guidance in developing a plan that reflects their intentions and desires, but minimizes the probability of a post-death challenge.
Married Client
Married clients who have had no prior marriages and have no children from another relationship present a comparatively uncomplicated planning situation. Particularly if the marriage is a long one, the couples assets may have been acquired entirely during the marriage and are community property. There is typically little, if any, separate property.
Clients who have prior marriages, domestic partnerships, and children by those other relationships, and perhaps by the current spouse as well, present a more challenging situation. Though the client’s assets may be modest, planning for them in the context of the “blended family” requires careful analysis.
For example, if both clients have children from prior marriages and intend for those children to be the primary beneficiary of their estate, the divergence in objectives may be tricky.
Characterization of Property
Married clients with previous marriages are likely to include both community and separate property. They may well have acquired assets during the present marriage, which will be treated as community property. However, one or both of them may also have received assets asa the result of the termination of a prior marriage whether by death or dissolution. These will be characterized as separate property.
Clients may have executed a premarital agreement before their current marriage that defined their separate and community property interests. Despite the agreement, it is quite possible that the nature of the assets has become confused over time due to mistitling or commingling. There may have been a specific intention during the course of the marriage to change the charter of the assets from separate to community or from community to separate.
Final Thoughts
Every estate plan is unique. We take the time to understand your situation, assets, and wishes to craft a comprehensive plan that meets your needs.
If you have questions about pricing or complexity, contact us today to discuss your estate planning goals.
