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What is the Price of a Trust in New York?

What is the Price of a Trust in New York?

What is the price of a trust in New York? Prices start at $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. The price for a special needs trust is usually less than other types of trusts. The price of a trust in New York depends on a number of factors.

The following factors would raise the price of a trust:

  • The complexity of the trust
  • Irrevocable trust
  • Medicaid asset protection
  • Asset protection
  • Sizeable trust estate
  • Deed transfer
  • Coop transfer
  • A close relative is being left out
  • A defensive trust drafting situation
  • The grantee needing a nursing home
  • The need for additional documents such as
    • a Gift and Loan promissory note
    • Medicaid application
    • spousal refusal
    • springing power of attorney
    • living will
    • health proxy
    • last will and testament

Here are some examples. The price for a complex New York trust that is an irrevocable trust with Medicaid asset protection, a sizeable trust estate and multiple property transfers that form the funding of the trust would be more than the price of a special needs trust. The price for a trust that needs court intervention would be higher, because an attorney would need to include their hourly rate as part of the price of the trust. A trust that includes unanticipated work would have a higher price as well. An average hourly rate for an attorney is about $400 per hour.

A trust where a relative is being left out will have a higher price, as additional protection and safety measures will increase the procedure involved, and the attorney may have to appear in court in the future to testify to the validity of the trust.

The numerous benefits of a trust more than justify a price of trust in New York. As a reminder, here are some of the benefits:

  • Avoid the hassle, delay and cost of probate
  • Avoid restrictive guardianship where a judge appoints a stranger to make life decisions for you
  • Protect your family from predators (the government, in-laws, lawsuits and creditors)
  • Protect you from long-term care and nursing home costs
  • Exempt your family from giving notice to creditors upon your death
  • Keep your hard-earned money in the family
  • Hand-tailor how your assets will be distributed and managed

If you would like an estimate the price of your trust in New York, you can give me a call at (212) 233-1233 or (718) 509-9774.