Generations Silver is designed for clients that want to ensure that their trusts are properly funded and maintained for probate avoidance and for proper distribution to the trust beneficiaries.
Clerical or Word Processing Changes to Your Will and Living Trust. We will assist you in making certain amendments to your Will and Living Trust documents, including: changing Trustees, personal representatives or guardians; modifications to instructions or personal property memoranda; adding specific pecuniary gifts or deleting specific bequests; and other clerical changes that do not modify the substance of the plan or require plan re-design.
Amendments to Ancillary Plan Documents. We will amend or prepare new ancillary documents, including Power of Attorney, Health Care Directive, HIPAA Authorization, Certification of Trust, and Community Property Agreement Amendment on an annual basis.
Titling Assistance and Discounted Fee for Deed Preparation. We offer counseling regarding proper titling and funding of assets when contacted prior to the acquisition, sale, or change in disposition of trust property, life insurance, annuities, retirement accounts, business interests, or investment accounts. This service does not include document preparation. You are asked to provide Foley & Pearson with confirmation of “funding” of assets as they are acquired or sold. Deeds will be prepared on a flat fee basis, at a cost of $250 per deed, plus recording costs. Deeds are prepared based on the legal description provided by you, and we make no warranty or assurance as to title.
Asset Tracking. Foley & Pearson maintains a spreadsheet of your assets. Schedules of Assets are updated as information is provided by clients. Trust funding reviews and funding audits are performed by Foley & Pearson every third year. If you would like a review sooner, please contact us. You may provide us with updated information as changes occur in your asset situation. Please be advised that while we will advise you regarding beneficiary designations, the preparation and submission of any required forms is your responsibility.
Plan Review. In conjunction with your funding audit every third year, a Foley & Pearson attorney can meet with you to review your estate planning documents and ensure that your plan best aligns with your goals and any changes in the law. You can also choose to meet with the Generations paralegal to update your asset information. Please be advised that it is your responsibility to schedule this review.
Telephone Consultations and Bank Letters. We are available by appointment for consultations with you, your CPA, financial advisor or broker, to answer questions regarding titling, plan maintenance, and plan operation. We will also provide attorney opinion letters about the terms of your trust to banks and other financial institutions as necessary to refinance real estate held in a trust.
Continuing Education. We will notify you of future estate planning workshops for you, your family, and your successor Trustees regarding basic planning, advanced planning, plan maintenance, and post-mortem administration.
Periodic Newsletter. You will receive our regular newsletter with articles and information about estate and business planning, changes in the law, new ideas, Foley & Pearson news, and other topics of interest.
Powers of Attorney for Adult Children. For your adult children who are still in school, single, and under the age of 26, we will prepare a Power of Attorney, an Advance Health Care Directive and a HIPAA Authorization. Please note that you and your children will be required to sign a waiver of conflict of interest in order for us to prepare these legal documents.
Fixed Fee Post-Mortem Administration. Foley & Pearson will represent and assist your successor Trustees with the administration of your revocable trust at your death at a fixed fee based upon your estate values. The fixed fees for post-mortem administration of estates are as follows:
|Size of the Estate[i]||Guaranteed Fees|
|0 – $500,000||$10,000|
|$.5 Million – $5 Million||$10,000 plus ½ of 1% of the estate over $500,000|
|$5 Million +||$32,500 plus ⅓ of 1% of the estate over $5,000,000|
These fees are guaranteed for all reasonable post-mortem administration costs, expenses, and reasonable legal services for the distribution of trust assets in-kind. The following services and costs are not included for the fees shown:
- Preparation of Federal and State estate, gift, and income tax returns.
- Probate Court proceedings, petitions to construe Will, petitions to receive allowances, petitions, and hearings related to claims of creditors or heirs or devisees, and/or formal hearings to approve final accountings.
- Accounting fees or property appraisal fees.
- Services associated with litigation by creditors or by anyone who files suit to contest terms of the estate plan, or beneficiary objections to the post-mortem administration.
- Legal expenses associated with winding up a business, selling a business, or selling real estate.
This agreement does not obligate your successor Trustees and personal representatives to use our services for post-mortem administration or probate of your plan, but we are obligated to provide these services for the fees shown if you are participating in our Generations Maintenance Program at the time of death.
Excluded Services Related to Estate Tax Planning and Irrevocable Trusts. Legal services, advice, trust interpretation, counseling, or maintenance of revocable trusts with estate tax planning formulas or irrevocable trusts are not included in Generations Silver. We recommend that clients who have taxable estates or planning that includes irrevocable trusts be members of either our Generations Gold or Generations Executive plan.
[i]The size of the estate shall be equal to the fair market value of all assets that are subject to administration, transfer and/or retitling due to the death of the decedent, including life insurance, retirement plans, jointly-titled assets, irrevocable trust transfers or any other non-probate transfers.