Stautz Law

Tag: Cost-Benefit

  • Saving Money with Revocable Trusts

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    Hi, it’s Andy Stautz at Stautz Law. Today we’re back talking about estate planning. And my topic for today is why estate planning is worth it. In other words, how you can save lots of money with a revocable trust.  

    Is Getting a Trust Done Worth It?

    Now. You know. I think I provide overwhelming value to my clients. I think doing an estate plan is always worth it. UM. Because. The comparison between the upfront cost of doing an estate plan. And the back end savings is huge. And every time.  

    So today we’re just doing a simple example. I’m not going to go into the whole thing. I’m just going to point out that, you know, a will based plan is kind of the the cheapest, most basic option. A step up from that and what I recommend for lots of my clients is a revocable trust based plan.  

    Now. Writing a trust is more difficult. It’s more expensive, and there’s a little bit more administrative complexity. But it saves money in the long run. And the math is really simple.  

    How a Revocable Trust Saves on Probate Costs

    You know, setting up the trust costs a little over $3000. But a trust avoids probate, which a will based plan does not – and which “no planning at all” does not.  

    Estimating Indiana Probate Costs without a Trust

    Well, guess what? Probate administration in Indiana right now pretty much starts at $3000. That’s for a simple, you know, unsupervised, uncontested estate. That’s just how long it takes to get through the court process. 

    And that’s a minimum. So it goes up from there. So if someone comes out of the woodwork and challenges the will; if you’ve got a bunch of creditors that you didn’t know about; You know if, uh, you need it supervised for some reason… You know, all the complexities add up.  

    So. The fees I charge for my trust-based planning are…. intended to demonstrate overwhelming value. It’s going to save you the minimum financial cost of going through probate, not to mention the risk of more expense, the risk of conflict. And you know, the emotional strain of having to deal with lawyers and court while you’re grieving.  

    Is an Indiana Estate Plan Worth the Cost? How to Decide

    I think the comparison’s a no brainer. You know, if you can afford it, paying to have it done upfront is definitely going to save you money. It’s also going to make your life easier. So that’s why your financial planner. You know, advises you to get an estate plan. That’s why I try to get my clients to, like, come on, sit down and do your estate plan. Because it’s just … it’s the responsible thing to do. It’s good for you.  

    And that’s why I love my job because. I really get to help clients out. I get to deliver a product that is, you know, that is great. It’s a great deal. So that’s my point for today. I’m sure we’ll talk about it in the future.  

    You can look around on the website, you can book an appointment online or you can give me a call if you want to talk. And we’ll see what plan is right for you. Thanks and bye.

    Want to talk more?

    Book your initial planning meeting with Stautz Law and we’ll discuss your individual needs. No obligation.

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  • Saving Money with a Power of Attorney

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    Hi, we’re back at Stautz Law. It’s Andy Stautz and today we are talking about estate planning and money.  

    Is a Financial Power of Attorney Worth the Cost?

    So the big question for a lot of people is why pay for estate planning? You know, getting a will written is expensive. Getting a trust written is even more expensive. You know: why do it?  

    Well, the obvious answer is because it’s a good purchase. It’s an investment that saves you lots of money and time and trouble and worry. In the long run.  

    So today’s example is just one piece of my basic estate plan package. You know, I don’t do individual little documents because I want to make sure my clients have a plan that that works as a whole. So even my most basic will-based plan, it’s not just the will, right? It’s the will, and healthcare advance directive, and a financial power of attorney, and then one deed, … for real estate.  

    A Financial Power of Attorney as Insurance against Guardianship

    A lot of people think, OK, it’s about the will. It’s about the will, yes. My point today is the financial power of attorney is underrated, underappreciated. Because. And a financial power of attorney having one in place is an is insurance against your being incapacitated later.  

    Well, it doesn’t prevent you from being incapacitated, but it saves your children or family members or friends from having to get a guardianship to carry on your affairs after your incapacity.  

    What Does a Guardianship Proceeding Cost?

    So a guardianship proceeding is going to the court and saying. Please, Mr. Judge, please, Mrs. Judge, can you give me control over this person’s affairs?  

    Well, that’s exactly what a financial power of attorney does. It gives someone else power over your affairs.  

    But with the guardianship proceeding, you have to go to court. You know you have to pay a lawyer to show up. It’s expensive. You know, you’re probably paying at least $2000, probably more. Just for an uncontested, you know, emergency guardianship.  

    So the financial power of attorney, which is just one piece of that will package, makes the whole thing worth it if it turns out you need it.  

    Will Package Cost: $1,100
    Guardianship Cost: $2,000+

    So my point here is I really do believe in my work. I think it’s overwhelming value to my clients to have this plan in place, with, you know, these different pieces that work together. And, you know, we talk about probate costs all the time, but well, I save my clients guardianship costs too.  

    How a Financial Power of Attorney Makes Life Easier

    So I urge you to consider that as when you’re thinking about OK, is this something I can afford? Is this something I want to do right now? Hopefully that tilts the answer toward yes, because I really do think it’s the best thing for my clients. It saves them, you know, dollars, money. It also saves so much time and stress and panic. Because the moment you need it is the moment when everything’s gone wrong elsewhere, right? It’s going to be an emotional time. It’s going to be difficult.  

    So having planned for it in advance is a real gift that you can give to the people you love. So I encourage you to talk to me about your situation and we can come up with the best plan for you. You can book online, you can give me a call. I look forward to talking with you about your specific situation. Thanks! And bye.

    Want to talk more?

    Book your initial planning meeting with Stautz Law and we’ll discuss your individual needs. No obligation.

    Book Now