#305

[@BradPeacock-l8e]

This video resonated with me. I appreciate the rationale of charging by the service rather than charging by the hour, and the confidence Chris states in that he gets more efficient over time.

[@CMSLawFirmLLC]

Great to hear!

[@freddylong4095]

What are your thoughts on a testamentary trust for minor children, assuming the cost of establishing this form of trust will save the client a few hundred or thousands of dollars as opposed to setting up a separate trust document for each minor beneficiary?

[@silver6054]

I think there are exceptions to the billing by the hour sign. For an absolutely standard revocable living trust, sure. But some things are more complicated. We were setting up a semi-complex trust with international features. The attorney gave us an estimate with a plus/minus $2000 factor, depending on how various unknowns would resolve. And this was still an estimate, the hours would be the real factor. I thought that this was fair, especially as she eventually came in below her lower estimate, after giving us a $2,500 courtesy discount!

[@hampharris7609]

Thanks for the Info. Chris

[@CMSLawFirmLLC]

You're welcome!

[@lxsmith2]

thanks for the info

[@CMSLawFirmLLC]

You're welcome!

[@Adammadawooww]

Thanks very much

[@michaeldaisey3546]

If will ur personal reb everything leftto me hpw find out anout amy trust or stocks

[@MrChuckwagon55]

Do you receive a step up in basis (for a piece of real estate - like a home) in an irrevocable trust or can you only receive a step up in basis in a revocable trust?

[@AlaskaEsq]

Generally speaking, there is no step-up in basis at your death for assets transferred to an irrevocable trust during your life. The assets should be part of your estate if you want the step up in basis. Note that there are situations where the step up does not even yield a tax benefit to beneficiaries, like with inherited real estate up to a certain threshold. Consult an attorney.