Estate planning also helps to defray costs associated with probate, guardianships, and long-term care.
Savings by avoiding probate:
- Probate fees of $200 per every $100,000 of property you own.
- Attorney fees of approximately $1500 to $4000 for handling an uncontested probate.
- Double the above costs in the event that you have property in more than one state. Approximately an additional $1500 to $5000
Savings by avoiding a guardianship:
- Approximately $2000 in Attorney fees for an uncontested proceeding.
- Fees may be higher for contested proceedings, as these often require the services of up to three different attorneys.
- $1000 to $2000 in attorney and accounting fees per year to maintain the guardianship.
- Courts require that guardians make annual accountings to the court.
Savings by planning in light of long-term care:
- An Elder law attorney helps save tens of thousands of dollars on average with adequate Title 19/Medicaid planning.
- Nursing home costs in Wisconsin are approximately $100,000 per year. Planning in advance has only been made more important with changes made to Wisconsin’s Medicaid laws, which try to take money from the estate of a spouse who was not in a nursing home for costs incurred by any spouse on Medicaid.
The above provisions are estimated savings that apply to the majority of individuals. Each client, however, may have their own special needs that may be addressed through estate planning. Call to make a meeting and see what Estate Planning may be able to do for you. For more information, please feel free to call Attorney Heller-Neal at (262) 902-0595 or email: firstname.lastname@example.org.
Derrick Heller-Neal is a solo lawyer located in Racine, Wisconsin.