Finding the Best Estate Planning Attorney To Help Your Case
While you can create your own estate plan through do-it-yourself software or with a professional, it’s best to work with an attorney who has the legal and tax knowledge to ensure that your documents are correctly prepared. An attorney can help you avoid common pitfalls, such as gifting too much to one person or putting assets into trust that can cause unnecessary taxes. They also can provide a comprehensive review of your family situation, including potential long-term care needs.
The cost of an estate planning attorney can vary widely. Some charge flat fees, while others bill by the hour. According to Nolo, a simple estate plan (including a will, power of attorney and health-care directive) costs about $1,000 to $2,000. For complex plans with trust documents or property transfers, you can expect to pay into the thousands.
An experienced attorney can save you money in the long run by minimizing or even eliminating inheritance taxes and court fees. They can also assist you in coordinating your accounts with your estate-planning documents and ensuring that beneficiary designations match up. They can also help you set up revocable living trusts, which can save your loved ones the hassle and expense of going through probate after your death.
Some attorneys specialize in certain areas of the law, while others focus on specific types of clients. For example, if you have children with special needs or live in a state with its own estate-tax laws, it’s wise to consult an attorney who specializes in those topics. You may also want to find an attorney who has experience in elder or disability law, as these issues can add complexity to your estate-planning goals.
If you’re looking for an attorney to help you craft an estate plan, start by creating a list of prospects. Then interview them by using a prepared set of questions. During this process, ask each attorney about their fees and how they determine the scope of their services. If you are looking for a skilled Estate Planning Attorney, visit https://www.chicagoprobateattorneys.net/estate-planning/ for guidance and Free Consultation!
An experienced Chicago trusts and estates attorney can help you create a comprehensive estate plan. Inna Fershteyn is dedicated to providing high-quality legal assistance in the fields of elder law and estate planning to individuals and families throughout the state. She has a unique background that includes fluency in Ukrainian and Russian, and she’s passionate about helping people prepare for their futures. Contact her firm for a free consultation about your estate-planning goals. She offers immediate telephone consultation and flat-fee retainers in challenging times to make sure you can get the help you need. This article was written by a NerdWallet contributor. NerdWallet’s content team is comprised of subject matter experts who use primary, trustworthy sources to produce expert, unbiased research and analysis. This content is fact-checked and extensively reviewed for accuracy, timeliness and relevance. We aim to keep our content as up-to-date as possible, but it’s not a substitute for the advice of a licensed professional. See our editorial guidelines for more information.