Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
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How Much Does a Trust Cost in NYC?
How much does a trust cost in NYC? It starts from $1,500 for a pooled trust joinder and can go up to over $10,000 for a complicated irrevocable trust with multiple property transfers and a defensive strategy. An average price for an irrevocable trust is $6,000. A special needs trust usually costs less than other types of trusts. Where a particular trust falls in that range depends on a handful of factors.
What raises the cost of a trust
| Factor | Why it raises the cost |
|---|---|
| Complexity of the trust; an irrevocable trust; a sizeable trust estate | More provisions to draft and more assets to account for. |
| Medicaid asset protection or general asset protection | The trust must be drafted to survive scrutiny by Medicaid or by creditors. |
| Deed transfer or co-op transfer | Each property transfer into the trust is separate work. |
| A close relative is being left out | Additional protection and safety measures are built in. |
| A defensive trust drafting situation | The trust is drafted in anticipation of a challenge. |
| The grantor needing a nursing home | The trust must be coordinated with Medicaid planning. |
| Additional documents | A gift and loan promissory note, a Medicaid application, a spousal refusal, a springing power of attorney, a living will, a health care proxy or a last will and testament each add to the fee. |
Some examples
A complex irrevocable trust with Medicaid asset protection, a sizeable trust estate and multiple property transfers that fund the trust costs more than a special needs trust. A trust that needs court intervention costs more, because the attorney’s hourly rate for the court work becomes part of the cost of the trust; an average hourly rate for an attorney is about $400 per hour. A trust that turns out to involve unanticipated work costs extra as well.
A trust where a relative is being left out costs more because of the additional protection and safety measures involved in the drafting and execution, and because the attorney may have to appear in court in the future to testify to the validity of the trust.
What you get for the money
The benefits of a trust more than justify what a NYC trust costs. A trust avoids the hassle, delay and cost of probate and spares your family from having to give notice to creditors on your death. It avoids a restrictive guardianship in which a judge appoints a stranger to make life decisions for you. It protects your family from predators, meaning the government, in-laws, lawsuits and creditors, and it can protect you from long-term care and nursing home costs. Above all, it keeps your money in the family and lets you hand-tailor how your assets will be managed and distributed.
If you would like an estimate of what a trust would cost in your situation, call us at 212-233-1233 or email [email protected].
About the Author
Albert Goodwin Esq. is a licensed New York attorney with over 18 years of courtroom experience. His extensive knowledge and experience make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
