The cost of estate planning can range from a few hundred dollars to several thousand, depending on the complexity of your assets and family situation. Creating an effective estate plan requires carefully evaluating your specific needs, goals, and potential challenges.
An estate plan can be as simple as a basic will or include other documents such as powers of attorney, advance healthcare directives, trusts, and life estate deeds. Although working with an elder law attorney involves initial costs, the guidance they provide can offer peace of mind.
Our Texas estate planning lawyers can help you understand the legal tools you need to protect your estate and ensure your wishes are carried out. We have over 120 years of combined experience assisting older Texans and their families. Call us today for an initial consultation.
Call or text (800) 562-9830 or complete a Free Case Evaluation form
Do You Need an Estate Plan?
When people hear the word estate, they often picture wealthy individuals living in sprawling mansions, surrounded by perfectly manicured gardens and luxury cars. If that doesn’t sound like you, it’s easy to assume estate planning isn’t something you need to worry about.
The truth is, estate planning is important for everyone, not just the wealthy. It’s simply the process of putting the right legal documents in place to protect your wishes, your assets, and your loved ones. It’s about ensuring your voice is heard, even if you’re no longer able to speak for yourself.
Without an estate plan, you could risk losing significant assets like your family home through Medicaid estate recovery if you need long term care. If you become incapacitated, important health or financial decisions could fall to someone you wouldn’t have chosen.
For a free legal consultation, call (800) 562-9830
Does Estate Planning Require a Lawyer?
When considering how much estate planning costs, people often wonder if they can draft the necessary documents on their own, without the assistance of an attorney. You can, but without a legal background in elder law, you could leave significant gaps in your plan.
Compared to planning on your own using online resources, the cost of estate planning with an attorney will be higher. However, there are important benefits such as:
- Personal Legal Advice: Your attorney will understand your specific needs and challenges and tailor your solutions to your needs.
- State Specific: Online documents and advice may not account for laws and regulations in Texas, which your lawyer will be well familiar with.
- Avoiding Errors: Your attorney can ensure the language and structure of your documents leave no room for mistakes.
- Peace of Mind: When an elder law attorney handles your estate planning, you won’t need to wonder if you missed anything or if your documents will hold up in court.
- Support: When you work with an attorney, you have someone to turn to for advice and assistance if the circumstances of your life change.
What Documents Do You Need for Estate Planning?
How much your estate planning costs will depend on your assets, your family situation, and your goals. Important things to consider include:
Powers of Attorney
Power of attorney documents designate trusted individuals, known as agents, to make decisions and act on your behalf if you become unable to do so yourself. There are two main types, and you may name the same agents for both or different people.
- Medical power of attorney: Names an agent to help with healthcare decision making in accordance with your wishes, which typically includes consenting to care and admission into facilities.
- Financial power of attorney: Names a trusted individual to handle your banking, contracts, and other financial duties.
Advance Healthcare Directives
Sometimes called a Living Will, your advance directive outlines your wishes for life-sustaining treatments when you can’t choose yourself.
Trusts
Trusts can offer asset protection advantages, particularly irrevocable trusts and Medicaid Asset Protection Trusts. The downside to irrevocable trusts is that you no longer have control of the assets in the trust.
Life-estate Deeds
A life-estate deed transfers ownership of your home to another individual while allowing you to continue living in the home. This can protect your home from the Texas Medicaid estate recovery program if created at least five years before you need Medicaid benefits.
Guardianship Arrangements
If you are a legal parent or guardian, proper estate planning with the assistance of an experienced elder law attorney can ensure your wishes are honored and your loved ones receive the care they need if you’re no longer able to provide it.
Medicaid Planning
Medicaid helps many older people in skilled-nursing facilities pay their monthly cost of care. The downside is that once the recipient passes away, Medical will seek to recover costs by claiming what remains of the estate. That could include a family home and other important assets.
This alone is a big reason to consider involving an attorney in your estate planning process. A knowledgeable lawyer can help you devise ways to protect your assets while maintaining Medicaid eligibility.
Get Help With Estate Planning in Texas
How much an estate plan costs depends on the documents you require and the complexity of your estate. Even people with small estates should consider drafting basic documents such as a will and powers of attorney.
An estate plan offers legal protections as you age and ensures your wishes are carried out after you have passed away. While you can assemble a plan on your own, involving an attorney ensures that documents are legally sound and serve the purpose for which they were intended.
At Marc Whitehead & Associates, our elder law attorneys have been helping older Texans with their estate planning needs since 1992. Call today to schedule a confidential consultation and discuss your plans.