At what net worth/reasons/etc does it make sense to do irrevocable trust? Asking for a friend

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Jun 27, 2024
12:34:41pm

FromCAtoUT All-American

At what net worth/reasons/etc does it make sense to do irrevocable trust? Asking for a friend

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FromCAtoUT

Previous username: jholling
Bio page: FromCAtoUT
Joined: Feb 23, 2007
Last login: Jun 29, 2024
Total posts: 8,865 (101 FO)

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Messages

Author

Time

Just got a quote from an attorney for $5k to set up our trust, or whatever

TunaOne

Jun 27, 12:12pm

I paid $500 for a will..not sure about setting up a trust

Don_Juan_El_Guapo

Jun 27, 12:13pm

Depending on the complexity, but that’s a bit high.

reagan21

Jun 27, 12:14pm

how complex are your assets? If it's all pretty straightforward, you could try

CougarTwins

Jun 27, 12:16pm

Our assets couldn't be much simpler. Nothing complex at all. One

TunaOne

Jun 27, 12:23pm

yeah, get another quote, or go the legal zoom route.

CougarTwins

Jun 27, 12:24pm

If you go the legal zoom route don’t forget to fund the trust. I can’t tell you

reagan21

Jun 27, 12:30pm

I used an attorney recommended on Cougarboard and paid twice that. Granted my

homegrown

Jun 27, 12:29pm

At what net worth/reasons/etc does it make sense to do irrevocable trust? Asking for a friend

FromCAtoUT

Jun 27, 12:34pm

It depends. There are 1000 different things it depends on, but some of the most

BYUMizzou

Jun 27, 12:45pm

This is a loaded question since things are set to change, but anything more than

TPcoug

Jun 27, 12:46pm

Actually for an IRREVOCABLE trust, the threshold is lower - about $14 million

BYUMizzou

Jun 27, 1:32pm

What state?

Jun 27, 12:38pm

What state are you in? Do you have minor children? You might not even need a

BYUMizzou

Jun 27, 12:39pm

Utah. No minor children or dependents.

TunaOne

Jun 27, 12:42pm

In Utah (as of 2018), you can now do a transfer on death (TOD) deed for your

BYUMizzou

Jun 27, 1:08pm

Deed on deaths are not always a good deal. For instance, NV law allows for them, but no one uses them because it often

vegasnative

Jun 27, 1:39pm

That's why I said it depends on your state. Here in Missouri they're used

BYUMizzou

Jun 27, 1:45pm

Paid around half that a year ago, I think.

Soupie

Jun 27, 12:41pm

Seems a bit high. I just paid $3k for a trust, will, POA, etc. from a well

Jun 27, 12:44pm

RE: Just got a quote from an attorney for $5k to set up our trust, or whatever

Hinta

Jun 27, 12:56pm

As someone who is building a nation wide estate planning practice, I can tell you that it depends entirely where you are

vegasnative

Jun 27, 1:35pm

Just saw you are in Utah. Utah is a lower cost legal market. That seems fairly high for Utah. If you were in Chicago or

vegasnative

Jun 27, 1:40pm

I paid $1200 to do a trust years ago in Utah. A friend paid $1500 to probate

Monomachos

Jun 27, 2:17pm

Yes. That is about the starting range for a trust...depending on the state you

Thrill

Jun 27, 2:45pm

If you have more than $5 million than yes that is a normal number

BYU Grounds

Jun 27, 2:59pm

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