Yes and no. At our firm, we take a lot of pride in educating our clients and prospective clients. A proper education on the estate planning process takes time and effort, and we do not believe in shortcuts. Given the value that we provide during initial meetings, and because of the effort it takes to provide that value, our attorneys need to be compensated for their time. Thus, we charge a one-hour consultation fee for all initial meetings; however, if an individual engages our firm for a flat fee service, we apply the initial meeting fee towards their deposit for estate planning services. Consultation fees are due ahead of the initial meeting.

Our general estate planning package includes the following documents:

1) Revocable Trust;

2) Last Will & Testatement;

3) Financial Power of Attorney;

4) Medical Power of Attorney; and

5) Living Will.

Many clients often ask this question. Essentially, is a Will sufficient? Or would the implementation of an estate plan that includes a trust be something of value? A trust is an important document as part of an estate plan, especially if a client’s goal is to do their best to avoid probate upon their passing. Assets owned by a trust, whether revocable or irrevocable, avoid probate upon the passing of an individual due to the fact that the trust continues to exist even after the passing of the trust’s creator.

It depends. The cost of an estate plan is contingent on many factors, such as the overall complexities of each client’s unique circumstances. At Silversmith Legal we have hourly and flat fee services depending on each client’s needs. Flat fees currently range from $2,500 to $8,500 for our various services. We also provide à la carte services for clients who already have an existing estate plan but may need to supplement their estate plan with an irrevocable trust, such as an irrevocable life insurance trust.

We have a lot of experience meeting with clients who have let their estate plans fall by the wayside over the years. We often see documents that are significantly outdated, and do not take into account the ever-changing landscape of tax laws and estate planning considerations. We developed the Elite Planning Program for clients who want to take a consistent approach to the review and updating of their estate plans. To read more about the Elite Planning Program at Silversmith Legal click here.

Yes and no. Clients who participate in the Elite Planning Program receive annual tax law updates and summaries of their existing estate plans. Given that many legal engagements are completed upon the finalization and execution of estate planning documents, clients would be surprised and potentially upset by an unexpected bill associated with the review of their estate plans. To some extent, it is the client’s responsibility to follow-up with our office if there is a change to their personal circumstances. Participation in the Elite Planning Program removes a lot of the guesswork between clients and our office; however, participation in that program is not mandatory to be a client of our firm.