Wills, Trusts & Estate Planning Packages


Estate PlanningMost adults can benefit from an estate plan, and we offer packages to meet the needs and budget of a wide range of individuals and couples. While many people do not consider estate planning until their retirement years, estate planning is also important for individuals and couples who have or or planning to have children. Estate planning covers more than just a Will or Trust: we provide power of attorney documents so that you can choose trusted individuals to handle your finances or medical decisions in the event you can not do so yourself. Estate Planning Packages and Pricing

 

Our estate planning packages include:

Level 1: Powers of Attorney

Every adult can benefit from a Medical and Financial power of attorney. Without a power of attorney, even spouses will find it difficult to do simple things such as: reviewing medical records of a disabled spouse; selling jointly titled property; filing tax returns; receiving insurance benefits on behalf of a disabled spouse, etc.

Please note that, powers of attorney are included in all of our estate planning packages.

Includes:
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney


Please contact us to schedule your Estate Planning initial consultation.
Individual: $900.00
Spouses $1,200.00

Level 2: Last Will and Testament

Our Level 2 package includes all of the Incapacity Planning documents in Level 1, and includes a Last Will and Testament. An agent of your choice will be nominated as Executor of your Will to guide your assets through the court supervised process of probate after your death. If you have minor children, then your Will includes the appointment of Guardians to raise your children in the event of your untimely death.
Includes:
  • Estate Planning counseling session
  • Last Will and Testament
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney

Please contact us to schedule your Estate Planning initial consultation.
Individual: $1,200.00
Spouses $1,500.00

Level 3: Last Will and Testament with Testamentary Trusts

A Testamentary Trust is created by your Will at the time of your death. This Trust allows you to control the management and use of the assets that you leave in your Will to your beneficiaries for at least one (1) more generation. Anyone with beneficiaries who are minors (children, grandchildren, nieces, nephews, etc.) or who have special needs can benefit from a Testamentary Trust. Our Last Will and Testament with Testamentary Trusts creates trusts for all minor beneficiaries and creates spend-thrift trusts for any special needs beneficiaries to ensure that they receive the maximum government benefits while obtaining supplemental support from their Trust. While a Testamentary Trust allows you to control the disposition of your assets for some time after your death, it does not avoid the time and expense of probate. In order to avoid probate, you need a Revocable Living Trust included in our Level 5 Plan.
Includes:
  • Estate & Tax Planning counseling session
  • Last Will and Testament with Testamentary Trusts for Minor Children or Special Needs Beneficiaries
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney

Please contact us to schedule your Estate Planning initial consultation.
Individual: $1,500.00
Spouses $1,800.00

Level 4: Last Will and Testament with Testamentary Trusts + Transfer-On-Death Deed

A Revocable Transfer-On-Death Deed is a specialized form of real estate deed that allows you to designate one or more beneficiaries within the deed itself. Use of this type of deed allows you to maintain full ownership and control over the real estate during your lifetime while also transferring the real estate directly to the designated beneficiaries following your death, avoiding most, if not all, of the court’s probate process for that particular real estate asset.
Includes:
  • Estate & Tax Planning counseling session
  • Last Will and Testament with Testamentary Trusts for Minor Children or Special Needs Beneficiaries
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney
  • One Virginia Revocable Transfer-On-Death Deed

Please contact us to schedule your Estate Planning initial consultation.
Individual: $2,350.00
Spouses $2,650.00

Level 5: Revocable Living Trust

If your primary goal is to avoid probate, and you want to retain absolute and unrestricted control of your assets during your lifetime while streamlining the process of managing various types of assets as part of a unified estate plan, then you need our Level 5 Plan. Our Level 5 Plan includes the core estate planning documents in our lower planning levels, but adds a Revocable Living Trust so that your assets can be transferred to your loved ones with the utmost simplicity and convenience after your death, avoiding the time, complexities, and expenses that make up the court supervised probate process.

Although a Revocable Trust does not provide asset protection for you during your lifetime (e.g., no protection from lawsuits or nursing home expenses) our Level 5 Revocable Trust is specially designed to protect each beneficiary’s inheritance from lawsuits, divorces, and nursing home expenses. Our Level 5 Revocable Trust also includes numerous other important features not found in ordinary living trusts, such as protection for possible under-age beneficiaries, special needs beneficiaries, and any pets that you may own at the time of your death. Basic Estate Tax planning is also provided, if needed, at no additional cost. Additional Estate Tax planning can be added if needed.

Except for deeds to real estate, which we typically handle, all asset transfers will be handled by you, with detailed guidance, instructions, and support from us. Preparation of one (1) Deed in Virginia, Maryland or the District of Columbia is included, and additional Deed preparation incurs additional fees.


Includes:
  • Estate & Tax Planning counseling session
  • "Pour Over" Last Will and Testament
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney
  • Revocable Trust (Single, Joint or Separate Spouse Trusts)
  • One Real Estate Deed

Please contact us to schedule your Estate Planning initial consultation.

Individual: $3,500.00
Spouses: $5,000.00

Level 6: Revocable Living Trust with Life Insurance Estate Tax Planning

Our Level 6 package includes all of the benefits of the Level 5 package, plus one Irrevocable Life Insurance Trust for each client.

If you are concerned about the effect that Estate Tax may have on the assets you intend to leave to your beneficiaries and have one or more sizable Life Insurance policies, our Level 6 package is designed to meet your needs. By incorporating Irrevocable Life Insurance Trusts into your estate plan we are able to remove significant assets from your estate, mitigating the impact of Estate Tax, while continuing to ensure that your beneficiaries will receive their intended share of the life insurance proceeds.


Includes:
  • Estate & Tax Planning counseling session
  • "Pour Over" Last Will and Testament
  • Durable General Financial Power of Attorney
  • Advance Medical Directive and Medical Power of Attorney
  • Revocable Trust (Single, Joint or Separate Spouse Trusts)
  • Irrevocable Life Insurance Trust
  • One Real Estate Deed

Please contact us to schedule your Estate Planning initial consultation.

Individual: $6,000.00
Spouses: $9,000.00

Irrevocable Trusts

In addition to our Level 1 – 6 packages, which typically form the core of a client’s estate plan, clients who have potential Estate Tax exposure, significant long term care expenses, or beneficiaries with special needs may benefit from one or more irrevocable trusts. These irrevocable trusts typically are prepared in addition to a core estate plan, and some but not all of the client’s assets are then transferred to one or more of these irrevocable trusts.

Income-Only Irrevocable Trust

If your goal is to protect your assets from probate and the significant expense of needing nursing home care, then you need to consider an Income-Only Irrevocable Trust. A typical Income-Only Irrevocable Trust will provide general asset protection immediately upon funding, and Medicaid asset protection five (5) years after funding. You are a candidate for an Income-Only Irrevocable Trust provided you are living independently and have no significant health problems that are likely to require nursing home care within the next five (5) years.

An Income-Only Irrevocable Trust offers you the peace of mind of knowing that the assets you place in trust:

  • Will be protected immediately from lawsuits and other general creditors;
  • Will be protected for Medicaid purposes (completely after five (5) years, with partial protection possible in less than that amount of time); and
  • May possibly be used by your beneficiaries to enhance your dignity and quality of life, if and when you need nursing home care.

Whatever assets remain in your Income-Only Irrevocable Trust will, upon your death, be held for your beneficiaries, free of probate, in a sub-trust designed to protect each beneficiary’s inheritance from lawsuits, divorces, and nursing home expenses of the beneficiary.

Please contact us to schedule your Estate Planning initial consultation.

$5,000.00

Spousal Limited Access Trust (SLAT)

For married individuals, the Spousal Limited Access Trust (SLAT) can provide protection from lifetime creditors and estate tax planning benefits, similar to the income- only trust, while adding some flexibility during the lifetime of both spouses. One spouse creates the SLAT with separate assets, making the other spouse and additional individuals, such as children or grandchildren, the beneficiaries. An independent trustee is required for major distributions to maintain tax and creditor protection benefits.

Please contact us to schedule your Estate Planning initial consultation.

$7,000.00

Intentionally Defective Grantor Trust (IDGT)

An Intentionally Defective Grantor Trust (IDGT) takes advantage of the differences between the income tax and estate tax rules to potentially reduce estate tax exposure for high net worth individuals. The individual who creates the Trust (the "Grantor") typically retains the right to swap assets of like value in and out of the Trust during his or her lifetime, depending upon future changes to the tax code and growth in the value of assets.

Please contact us to schedule your Estate Planning initial consultation.

$7,000.00

Virginia Domestic Asset Protection Trust (DAPT)

The Virginia Domestic Asset Protection Trust ("DAPT") is an irrevocable trust, created during your lifetime, which provides protection from general creditors. This trust is appropriate for holding financial assets (stocks, bonds, etc.) or real estate located in Virginia. The Trust requires the appointment of an independent Trustee, located in Virginia, which may not be a close relative. Transfers to the Trust are irrevocable, but the Trust can give the independent Trustee the discretion to make payments on behalf of the person(s) creating the trust, and other beneficiaries designated in the Trust document.

The Virginia DAPT is most appropriate for professionals (e.g. doctors, veterinarians, attorneys, accountants, etc.) who are concerned about malpractice liability, or any other individual with concerns about general creditors. A Virginia DAPT is ideally funded with a portion of your assets, such as investment portfolio or rental real estate that is located in Virginia, and the funding needs to occur at a time when the person creating the trust does not have any current issues with creditors.

Please contact us to schedule your Estate Planning initial consultation.

$7,000.00

Life Insurance Trust

Creating a Life Insurance Trust ensures that your life insurance proceeds are paid to your beneficiaries tax-free and without increasing the size of your taxable estate, giving you the best value for your insurance dollar while providing for your your loved ones.

 

Please contact us to schedule your Estate Planning initial consultation.

Individual: $3,000.00
Spouses: $5,000.00

Optional Additional or Standalone Services

The following services can be added to any package to complement other planning, or can be undertaken as separate planning projects.

Designation of Standby Guardians

The Designation of Standby Guardians provides guardians for your minor children in the event that you are incapacitated or debilitated from a serious illness and unable to care for them. This can be added on to any estate planning package.

 

Please contact us to schedule your Estate Planning initial consultation.

$400.00 - $750.00

Pet Trust

A Pet Trust llows you to set aside a specific pool of money for the care of your pets after your life. A Pet Trust can be a standalone Trust, or can be incorporated into any of our other Trusts for no additional charge.

 

Please contact us to schedule your Estate Planning initial consultation.

$1,200.00

Virginia Revocable Pay on Death Deed

In Virginia, a property may be transferred by a Revocable Pay On Death Deed. This Deed allows you to specify one or more beneficiaries for your property upon your death, while maintaining ownership in your own name during your lifetime. You may revoke or amend the Revocable Pay On Death Deed during your lifetime, or sell the property. If you do not revoke, amend, or sell such property, then the Revocable Pay on Death Deed will transfer the property on your death directly to the beneficiaries, without requiring court probate. The Revocable Pay On Death Deed is useful in smaller estates and can be combined with our Level 1, Level 2 or Level 3 planning. We charge a fixed fee of $850.00, which includes our limited title search, preparation of the new Deed, notarization of your signature on the new Deed, and recordation of the new Deed at the appropriate Virginia land records office. Recordation fees are extra, but are typically $20 - $25 per Deed in Virginia.

 

Please contact us to schedule your Estate Planning initial consultation.

$850.00

Deed of Gift

Gifting a property to a family member, friend, or other beneficiary during your lifetime may be an appropriate part of your overall estate planning. We can prepare a Deed of Gift for a fee of $750.00, which includes our limited title search, preparation of the new Deed, notarization of your signature on the new Deed, and recordation of the new Deed at the appropriate land records office. Recordation fees are extra, but are typically minimal for a Deed of Gift.

 

Please contact us to schedule your Estate Planning initial consultation.

$750.00

Warranty Deeds

We can handle private sales of property between family members or unrelated parties. Our fee for preparing a Warranty Deed is $950.00 and includes a title search, preparation of a new Deed, notarization of your signature on the new Deed, and recordation of the new Deed at the appropriate land records office. Recordation fees are extra, and typically are based upon the sales price of the property.

 

Please contact us to schedule your Estate Planning initial consultation.

$950.00

All Other Estate Planning Matters

  $375.00/hour

Please contact us to schedule your initial consultation: Contact Arlington Law Group