Minneapolis Estate Planning Attorney Chris Tymchuck prefers that the cost for an estate plan be completely transparent. She performs her services for a flat fee whenever possible, so that she can focus her attention on good client communication and effective estate planning, rather than watching the clock. A flat fee allows you to budget for her services and to feel free to contact her whenever you have questions. After reviewing your personal situation at the first meeting, Chris will present you with the best planning options based on your personal situation and your goals. You then can choose the plan that works best for you.
The flat fee for Estate Planning services includes:
- An initial meeting to discuss your personal situation and your estate planning goals;
- Review and analysis of your family and asset information;
- Preparation of first drafts of your estate planning documents, which will be legally sound and reflect all the information you have provided to me;
- A “review meeting” to discuss the first drafts and any revisions you may wish to make;
- Preparation of the final drafts, suitable for signing; and
- A final meeting to execute your documents.
You can find more information on the firm’s estate planning process by visiting www.uniqueestatelaw.com and clicking on the tab labeled “The Planning Process."
LEVEL ONE - The Basic Will Plan
Level One is appropriate for an individual, a couple, or a family with minor children, who do not own a home or other significant assets. Level One services include:
- A basic will,
- Advance Health Care Directive,
- A durable power of attorney for financial management,
- Health Insurance Portability and Accountability Act (HIPAA) Waiver,
- Personal Property List;
- Memorial Instructions;
- Anatomical Gift Form (if appropriate); and
- Review life insurance and retirement account beneficiaries.
Fees for Level One services range from $950-1500 for an individual to $1,750-$2,500 for a couple
LEVEL TWO - The Foundational Estate Plan
Level Two is appropriate for an individual or a couple, who either a) own a home; b) want to avoid probate; c) have a minor child; d) provides for another person; e) have assets titled in only one person’s name; or f) own property in another state. Level Two services include all of the above, plus
- Preparation of a revocable trust (sometimes called a living trust),
- A new deed transferring your residence into your trust,
- Certificate of Trust; and
- Instructions and hands-on guidance to help transfer assets into trust.
Fees for Level Two services range from $1,750-$2,700 for an individual and $3,750-$5,500 for a couple.
LEVEL THREE - The Enhanced Estate Plan
Level Three is appropriate for an individual or a who own one or more homes or other real estate, a closely-held business, or other assets of significant value, or have other special planning needs such as planning to reduce possible estate taxes, cabin planning or planning for a loved one with special needs. Level Three services include all of the services described in Level Two, plus
- Creating a LLC or other business entity;
- Drafting and recording new deeds transferring real estate into trust;
- Transferring all other non-real estate assets into your revocable trust;
- Oversight of funding asset into trusts;
- Drafting and funding an irrevocable trust, including life insurance trust;
- Creating a cabin LLC or Trust; and
- Drafting a special/supplemental needs trust
Fees for Level Three services start at $4,500 for an individual and $6,500 for a couple.
Some miscellaneous costs are not included in the flat fee: Mileage charges (trips of more than 50 miles), fees to record new deeds (at cost) and attorney’s fees to file out-of-state deed documents. There is no additional charge to notarize your signature.
Estate Administration and Probate
Probate matters are handled at the current rate of $225 per hour. Factors that impact fees are: size and complexity of the estate; disposition of property; relationships among heirs. Total fees from the opening to closing of the estate generally range from $3,000 - $12,000. Services include:
- Representation of Administrators and Executors of Estates;
- Assistance with opening estate, gathering assets, filing Inventories and Accounts and distributing assets;
- Consultative assistance (rather than full representation) for small estates,
- Assisting agents appointed under a Power of Attorney in carrying out their duties;
Certain cases involving the courts may require court-filing fees, and transactions involving real estate transfers will require County Recorder recording fees.
You will always know ahead of time what the fees will be, so that you can make the best choice for you and your family. When you are ready to get started, please call an experienced estate planning attorney at 952-955-7623. I look forward to hearing from you.