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What is the Price of a Trust in New York?
The price of a trust in New York starts at $1,500 for a pooled trust joinder and can go past $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 what has to go into it and around it.
What raises the price of a trust
| Factor | Why it raises the price |
|---|---|
| Complexity and irrevocability | An irrevocable trust, or one with complex terms, takes more drafting than a simple revocable instrument. |
| Medicaid or general asset protection | Protective provisions must be drafted so the trust actually does what it is meant to do. |
| A sizeable trust estate | More assets mean more funding work and more at stake. |
| Deed or coop transfer | Each property transferred into the trust is a separate transaction. |
| A close relative being left out | Additional protection and safety measures are built in, and the attorney may later have to appear in court to testify to the validity of the trust. |
| A defensive drafting situation | When a challenge is foreseeable, the trust is drafted and executed with it in mind. |
| The grantor needing a nursing home | Timing and Medicaid consequences must be worked through alongside the trust. |
| 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 work. |
Some examples
An irrevocable trust with Medicaid asset protection, a sizeable trust estate and multiple property transfers to fund it will cost more than a special needs trust. A trust that needs court intervention costs more still, because the attorney’s hourly rate becomes part of the price; an average hourly rate for an attorney is about $400 per hour. A trust that involves unanticipated work will also cost more.
A trust that leaves out a close relative is priced higher because of the extra protection and procedure involved, and because the attorney may have to appear in court in the future to testify that the trust is valid.
What you get for the price
The benefits of a trust more than justify its price. A properly funded trust lets your family avoid the hassle, delay and cost of probate, and it exempts them from giving 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 can protect your family from predators, meaning the government, in-laws, lawsuits and creditors, and protect you from long-term care and nursing home costs. Above all, it keeps your hard-earned money in the family and lets you hand-tailor how your assets will be managed and distributed.
Get an estimate
If you would like an estimate of the price of your trust in New York, call 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].
