What are the costs associated with setting up a trust?
An example of an AI chatbot conversation about costs of establishing a trust.
What are the costs associated with setting up a trust?
Setting up a trust can involve several costs, including legal fees, filing fees, and ongoing management fees. Legal fees can vary widely depending on the complexity of the trust and the attorney's rates.
Can you give me an estimate of the legal fees?
Legal fees for setting up a trust typically range from $1,000 to $3,000, but they can be higher for more complex trusts.
Are there any additional costs I should be aware of?
Yes, in addition to legal fees, you may encounter costs for asset transfer, tax preparation, and ongoing trustee fees, which can vary.
What about annual maintenance costs?
Annual maintenance costs can include trustee fees, tax filings, and any necessary legal consultations, which can add up to several hundred to a few thousand dollars each year.
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