Trust setup costs - am I missing something?
- Thread starter johnnyb
- Start date
My understanding is that in the case that the trustee does a bad thing, the only assets under fire are those they personally own. The trust paying for any debt that the trustee incurs only comes into effect while the trustee is incuring debts for the trust.
Yes, the only way for the trusts assets to come under fire is if the trust does the bad thing, not the trustee.
I will bow to superior knowledge on this one, but I believe this is the way it works. Dale? Nickm? Comment?
Jas
Costs also vary depending on if they include advice.
My guy charges $2500 for a trust with a corp trustee. I could have set it up much cheaper through someone else but this fee also includes ongoing advice. I've had a 4 hour working breakfast with him that cost me $15 where my old accountant would have charged me $720 ($180/hr) for the time. I beleive setting up the structrue is only part of it, knowwing how to run it to it's full potential is the key.
My guy charges $2500 for a trust with a corp trustee. I could have set it up much cheaper through someone else but this fee also includes ongoing advice. I've had a 4 hour working breakfast with him that cost me $15 where my old accountant would have charged me $720 ($180/hr) for the time. I beleive setting up the structrue is only part of it, knowwing how to run it to it's full potential is the key.
