Estate plans fail because most trusts are standard forms and not drafted with your specific situation in mind.
For example, the trust funding formula for high net worth clients should be different from that of a low net worth client or from clients with blended families (his kids, her kids & our kids). Minor children need special trust language. Spendthrift beneficiaries need special attention. Non US citizens need special trust language in order to not incur a tax liability at the death of the first spouse. Clients with physical or mentally impaired beneficiaries need special trust provisions in order to maintain welfare benefits and not lose your assets to the State. Some clients may want to install incentive distribution provisions or guidelines for how their guardians and trustees should interact. If desired, remarriage protection or asset protective sub trusts can be installed. These are just a few of many issues that need proper drafting and customizing with the latest technology under today's laws.
"For example, at Trust Design Center, full service estate planning packages start at $995, the average family pays about $1,700, and the most expensive estate plans will be about $2,600. This is a discount of about 40% - 50% from the good law firms preparing similar quality trusts."
Who needs a trust? If you have more than $50,000 in assets your estate will likely require a probate, and we all know what that means: court intervention, lawyers, time delays, fees and potential disputes. This could cost you several thousands if not tens of thousands of dollars, and worse; your assets could end up with the unintended heir of good ole Uncle Sam taking taxes that could have been avoided.
If you have more than $50,000, you have enough assets to require an estate plan. Do you have minor children, do you have children outside your current marriage (blended family), do you have more than $200,000 in an IRA or 401 (k) plan, do you own a family business or real estate, are you a resident alien, do any of your children need asset protection so your money is not lost once it reaches their hands? Do you have a beneficiary with special needs such as mental or physical disability? Do you need to install spendthrift provisions to protect your children from themselves? These are all issue spotting fact patterns that should perk your ears because they require special provisions in your living trust.
The price is always in your control. You select the various options best for your situation with full knowledge of the cost for each option you choose. For example, if you value asset protection for the additional $595 charge, then you can select that option. If not, then you can choose not to install the asset protection provisions. The important fact remains that you control the price you pay. With base prices starting at $995 for single clients and $1,295 for married clients, Trust Design Center estate plans are bargain basement prices and nowhere else will you find this level of quality and customization at this low price!