How Are Elder Law Attorneys’ Fees Charged?

Considering having a will drafted?  Need to discuss the creation of a power of attorney?  An Elder Law attorney in Fayetteville can assist you with those, and many other, elder law and estate planning issues.  Elder law attorneys, like most other attorneys, usually offer a free initial consultation to potential clients.  There is no cost for discussing your concerns and determining what type of assistance you need.  Elder law attorneys’ fees for subsequent legal work will always vary based on the type of services needed and the complexity of the work required.

Examples of elder law services provided

Elder law is a legal specialty, like criminal law or corporate law.  There are a number of common types of legal matters that elder law attorneys in Fayetteville handle, including:

• Medicare and Medicaid coverage for long-term care
• Estate planning and administration of estates
• Guardianships
• Establishing and administering various types of trusts
• Probate matters

Charges for most elder law or estate planning services are based on a flat rate, depending on the service provided.  However, each client’s needs are different, so it is generally not feasible to provide a list of services and applicable rates.  At Wilcox Attorneys, PA, we always explain in detail the plan we propose and inform our clients as to the fees for all options in advance.  Once an estate plan has been established or a legal document (such as a will or trust) is prepared, it should be reviewed and updated throughout your lifetime, as your family and financial status change.

Elder law attorneys fees for probate services in Arkansas

In Fayetteville, the fees that attorneys are allowed to charge for probate work is set by statute, based on the gross value of the estate.  The attorney’s fee schedule is as follows:

• 5% of the first $5,000
• 4% of the next $20,000
• 3% of the next $75,000
• 2 ¾% of the next $300,000
• 2 ½% of the next $600,000
• 2% of the balance

In addition to attorney’s fees, there may be additional fees incurred during the probate process, including court fees, personal representative fees, accounting fees, appraisal and/or business valuation fees.  Court fees and personal representative fees are also set by state law.

There are some miscellaneous fees that may also be incurred, depending on the nature of the estate.  These can include the cost of postage to mail notices to the Personal Representative and beneficiaries and to mail documents to the court and taxing authorities; the cost of insuring and storing personal property; shipping personal property; and the cost of moving personal property.  These fees are all deducted from the estate being probated.

If you have questions regarding elder law services and fees, or any other estate planning needs, please contact Wilcox Attorneys, PA, online or by calling us at (479) 443-0062.