Hiring an effective Long Island estate planning lawyer is a difficult decision. One must consider the costs associated with legal representation and the financial risks that arise when working with ineffective counsel. Some of the most frequently asked questions that we receive from prospective clients include the following.
How Much Does an Estate Planning Lawyer Serving Long Island, NY Cost?
Creating a comprehensive and effective estate plan is rarely straightforward. There are an array of factors that must be taken into consideration to create a tailored plan that optimizes a person’s finances most completely. For this reason, many people seek out legal guidance from attorneys who have the experience and knowledge necessary to structure an estate plan. For affluent Long Island residents, the need for estate planning is especially relevant. This begs the question: how much does an estate planning lawyer serving Long Island, NY cost?
The costs associated with hiring an estate planning lawyer serving Long Island vary depending on the specific location and the quality of the legal representation. When you have a consultation, your prospective attorney will ask you about your needs, goals, and expectations. They will aim to understand the type of estate plan that you require as well as the property and assets that you wish to leave behind to your loved ones. Depending on how extensive your estate plan will be and the legal fees of the law firm, you could spend anywhere from hundreds to thousands of dollars.
Different law firms utilize different fee packages for estate planning. Generally speaking, a law firm will use one of two different billing structures, namely:
- Flat fee packages
- Billable hours
Using a flat fee package, an estate planning attorney will set forth a specific amount for a particular project. This package will depend on the documents and services that are required to complete your estate plan. Flat fee packages are beneficial because they allow the client to understand precisely what they will get for a predictable fee, avoiding surprises.
On the other hand, many attorneys utilize billable hours to charge their clients based on the time spent working on your estate plan. Estate planning attorneys may use billable hours if they anticipate that the case will be complex or require outside guidance, like from a financial planner. Hourly rates vary from state to state and from city to city. Generally, estate planning attorneys in metropolitan areas will charge more than those located in small towns.
What Are the Financial Risks of Not Hiring an Effective Estate Planning Attorney?
Not hiring an effective estate planning attorney can have serious financial consequences. Each law firm is different, utilizing different planning strategies and tools to create estate plans for their clients. In some cases, an attorney may implement a one-size-fits-all estate plan rather than taking the time to understand their clients’ goals and creating a tailored plan to match. This has the adverse effect of mismanaging a person’s finances and weak protection of a person’s assets and property. For example, if an attorney improperly handles a business succession arrangement in a person’s estate plan, the transaction can fall through after the person passes away, causing financial devastation for the business.
If an estate planning attorney creates an imperfect plan for your assets and property, you risk paying a great deal more in court fees, taxes, and attorney fees in the long-term. Even the smallest details of an estate plan matter and a highly experienced attorney will get it right, down to the wording. This is key to creating an estate plan that effectively mitigates financial risk.
Moreover, since the law is constantly changing, it is essential to stay up-to-date on the latest rules and regulations as well as administrative and tax laws. Creating an effective estate plan involves strategy, paperwork, and careful attention to the most complex financial matters. As such, hiring ineffective legal counsel puts your assets, property, and financial portfolio at risk.
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Contact Davidov Law Group Today
Making the decision to consult an estate planning attorney is a long-term investment into your financial success and the wellbeing of your loved ones. As such, it is imperative to hire the right counsel for your specific goals, ensuring that your attorney keeps your personal and financial needs as the central priority. At Davidov Law Group, we pride ourselves on our innovation and creative problem solving as it relates to estate planning. To begin the process of protecting your estate, contact our office at 516-908-8689 today.
