Estate Planning Legal Fees

Author

Morey Law, PC

Posted on

Nov 15, 2019

Book/Edition

Colorado - Colorado Springs

Maybe even more important than the amount of your legal fees is how those fees are determined. Estate planning attorneys charge in two main ways; hourly and flat fee. Hourly billing is how attorneys have charged since the beginning of time. Hourly works great for litigation since the time required is unpredictable and hourly billing takes care of that unknown. Some attorneys use hourly billing for estate planning as well. They send you a draft and if you want changes or there are mistakes you send it back, they change it and you get a bill. They are also billing you while you are telling them about yourself, your family, your goals and your situation.

While there is nothing inherently wrong with this, I just don't believe it is the best way to get to know a client and his or her situation. When a client feels rushed because he or she is being charged $5.00 a minute (which is what $300 an hour works out to) the attorney will never get the full story and therefore the documents are unlikely to perfectly reflect the clients needs. Finally, we come to way that most estate planning attorneys charge: flat fee. Flat fee is when you agree to a price before you move forward and the price doesn't change. Since estate planning is helping you design documents that reflect your needs and wishes and there are no other parties involved, flat fee is the way to go. Of course, sometimes it takes a little longer than anticipated but other times it goes a little quicker too. The advantages to the client are: one; no time pressure to tell the full story and two; you know how much it is going to cost before you commit. I like it because not only can I do a better job when I know the complete story, I can tell jokes without the client looking at the clock because no one is $300 an hour funny; well at least Im not.

Editors Note: This article was submitted by Ryan N. Morey, Esq. Ryan is an estate planning attorney who owns Morey Law, P.C. and may be reached at 719-465-4324 or by email at ryan@moreylawpc.com.

Other Articles You May Like

What are Elder Law and Special Needs Planning?

What Are Elder Law and Special Needs Planning?Elder law and special needs planning involve preparing for expected and unexpected life circumstances, including the possibility of becoming incapacitated as well as protecting and providing for future needs of loved ones with disabilities.At its core, Elder Law focuses on the unique needs of older persons and practice areas that address issues of concern for aging adults, adults with disabilities/incapacity, their families and caregivers.  Unlike traditional estate planning, Elder Law begins by assisting you with issues associated with a long and healthy life, rather than simply planning for death.  It mixes legal and practical issues such as being able to continue residing in your home if you had a chronic condition, having someone help in managing your finances, and not becoming a victim of financial abuse in the process.  Elder law endeavors to help you solve the problem of not knowing what you dont know.Special Needs Law focuses on solving legal problems for individuals with special needs and their caregivers.  Although there is no uniform definition of special needs, the phrase describes individuals with a wide variety of physical or mental conditions who require assistance with personal care needs, activities of daily living, paying bills, managing finances, etc., who may be vulnerable to and need protection from exploitation or abuse, and who may need access to public benefits or any number of other types of assistance. If you currently provide care for a child or loved one with special needs (such as mental or physical disabilities), you must have contemplated what may happen to him or her when you are no longer able to serve as the caregiver.  Frequently, parents and grandparents are concerned about how their children and grandchildren will be cared for after the parents or grandparents deaths and want to plan in advance to protect their special needs loved one.  Elder Law and Special Needs Planning encompass many different fields of law, including, for example:         Disability planning, durable powers of attorney, living trusts, advance directives, other tools to      delegate management and decision-making to another in case of incompetency or incapacity         Estate planning, including the management of finances and assets during life and disposition on     death using trusts, wills, and other instruments         Special/Supplemental Needs Trusts         Conservatorships and guardianships         Long-term care planning and placements          Trust and probate/estate administration         Elder abuse and financial exploitation         Medicaid planning         Retirement and Social Security planningWhen each day seems to present a new challenge, thinking about the future can be overwhelming.  A plan can help break things down into achievable pieces. No matter what age or stage, it is getting started that counts.This article is for informational purposes only and is not intended to be legal advice.This article was submitted by Ashley Day, Esq., A Day Law, LLC.  Reach her at 251-277-3377.  

The Role of Music and Arts in Senior Therapy: Healing through Creativity

In the realm of senior therapy, the integration of music and arts stands out as a transformative approach to holistic well-being. Recent studies highlight the profound cognitive benefits that music can offer to seniors, from stimulating memory recall to enhancing overall cognitive function. Whether through familiar melodies that evoke cherished memories or the joy of learning a new instrument, music becomes a powerful tool for self-expression and connection, particularly for seniors facing cognitive decline. Simultaneously, engaging in visual and performing arts provides an avenue for creative expression, offering a sense of accomplishment and purpose. The emotional impact of these creative endeavors is equally significant, alleviating feelings of loneliness and fostering a sense of community through shared experiences in choir singing or art classes.In essence, the incorporation of music and arts into senior therapy transcends mere entertainment, becoming a vital aspect of promoting the overall well-being of older individuals. By tapping into the creative spirit, seniors can find avenues for cognitive stimulation, emotional connection, and a renewed sense of purpose. As society recognizes the importance of a comprehensive approach to senior care, the role of music and arts in therapeutic practices emerges as a valuable and enriching endeavor for the aging population, contributing to a fulfilling and vibrant later life.

Is a DNR the same as a Living Will?

The short answer is no, they are not the same. A DNR stands for a DO NOT RESUSCITATE order.  A Living Will is a completely different document that is used during a very different time.A DNR should be entered into at your doctors office or in the hospital, not at your local estate planning and elder law attorneys office.Typical estate planning documents that an attorney will assist you with would include a financial and medical power of attorney as well as a Last Will and Testament and maybe a Trust of some type. The confusion often lies in the fact that in a medical power of attorney, you will often see a Living Will as a part of the document.This is collectively known as an Advance Healthcare Directive if medical power of attorney and living will are together in one document. The Living Will does not kick in until the individual is end-stage medical. While there is a very long medical definition for this term, I simply like to state it as when two qualified physicians put in writing that there is no realistic hope of recovery and that you will always remain vegetative, comatose, permanently unconscious, and terminally ill. A medical power of attorney, living will, or advanced health care directive are often documents that are obtained from your estate planning and elder law attorney and not from your health care provider.On the other hand, a DNR or DO NOT RESUSCITATE order is intended to let emergency and other medical professionals know whether or not they should resuscitate you. Methods often used for resuscitation would be things such as defibrillators, breathing tubes, ventilators, CPR, and other invasive techniques.The DO NOT RESUSCITATE order comes into play when the heart has stopped beating or the person has stopped breathing. The medical power of attorney, on the other hand, comes into play when the person simply cannot answer questions for themselves. That could be for numerous other reasons, such as being under sedation or incapacitated, unconscious due to an accident, or unable to speak.Certainly, it does not necessarily mean that the heart has stopped beating or that you have stopped breathing. The Living Will does not kick in until the end of life, but the heart is often beating, sometimes due to heroic and lifesaving measures, but the DNR will prevent those heroics if that is your wish.We truly believe that it is imperative for you to talk to your estate planning and elder law attorney about the estate planning documents as outlined above as well as discuss with your doctor about a DNR order. While you are discussing the DNR order, we would also recommend that you have a conversation with your healthcare professional about a POLST (Physicians Order of Life-Sustaining Treatment). These are documents that will be obtained directly from your doctor and they will be able to assist you with the nuances of how they work.We hope this article provided insight into the definition of a DO NOT RESUSCITATE order and the difference between a medical power of attorney and a Living Will. If you would like further information about these items, contact our office.  Wed be more than happy to assist you. Call us at (717) 845-5390.  

Local Services By This Author

Morey Law, PC

Estate Planning 5125 Centennial Boulevard, Colorado Springs, Colorado, 80919

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation.We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Wills & Trusts, Powers of Attorney and uncontested probates. We also offer free initial consultations.

Morey Law

Trust Management 5125 Centennial Boulevard, Colorado Springs, Colorado, 80909

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation. We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Medicaid Planning, Will & Trusts; Business Planning. We also offer free initial consultations.

Morey Law, PC

Power of Attorney 5125 Centennial Boulevard, Colorado Springs, Colorado, 80919

Morey Law, P.C. is different from most other law firm; we concentrate on planning rather than litigation.We are firm believers that it is better to do a few things very well therefore we practice exclusively in three areas of planning: Medicaid Planning, Will & Trusts; Business Planning. We also offer free initial consultations.