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I am not setting things up for myself, so I cannot reply on myself to unravel what I setup. I need to leave my heirs in the hands of an expert, with E&O coverage, training, etc. When one gets to a point where there is something to manage outside of intestate, one should likely pay an expert.

Your question is like asking how much we charge for tax returns. There are many factors that go into pricing any personal service that will vary by region, urban v. suburban, the size/reputation/expertise of the firm, and the complexity of the trust. I would never suggest DIY online documents for a trust. Too many pitfalls. To answer though, around my area a few years ago for basic planning and setup (suburban of Wilmington DE, and definitely less than Philly or Baltimore) I've seen a range of $1,500-$2,500 and more.

Copied from Accounting Today: "As a result of Section 2102 of the Taxpayer First Act, the IRS is launching an online portal that will allow taxpayers to electronically file both small and large volumes of Forms 1099, according to Mankowski. "The new portal, known as Information Return Intake System, will launch in January 2023 for tax year 2022," he said. "It's a means for smaller practitioners or small to midsized businesses that only do a handful of 1099s to go in and upload data. They will know that it's been filed and has been received and isn't just sitting there." With IRIS, practitioners will be able to: Submit small or large volumes of the 1099 forms series, and the system will retain the records from year to year; File electronically without software; and Choose an electronic filing option." This sounds promising since it's free, although it doesn't say which 1099s will be available?

Yep. I've had many cases over the years where someone applied for the EIN and the IRS mailed them a letter 2 years later wondering why nothing was received. I spend more time on the letter than I do a 1041 showing $1 of income.

I recently posted about this very topic and received some excellent feedback. With that in mind, my wife and I decided to move forward and establish a Grantor Trust. We are literally in the very midst of completing it and should have it all set by Christmas. One of my clients is an attorney with a large regional firm and I requested a reference from her for someone within the firm who deals with estate planning. After a Zoom consultation and a few follow-up meetings, they were able to prepare 2 sets (one for me, one for my wife) which we had to have notarized: Living Grantor Trust Documents Pass Through Documents Personal Property Memorandum Living Will Will Power of Attorney Certificate of Trust They provide all the completed forms in both an electronic version and a binder of paper copies. We'll keep the binder in our safety deposit box. We've sat with our children and explained what we've done and how it will impact them. God willing, we and they won't have to deal with this for many years. One set fee of $3,000.

If you're comfortable using an online firm, it's a good deal. Personally, I wouldn't be but that's me.

If they applied for and received a tax ID number, I would. IRS might want to know why you got a number and never filed a return, and if they ask, you are going to have to spend time on the account anyway. Tom Longview, TX

Ours is a Grantor Revocable. Obviously, you must fund the Trust. If you don't fund it, it's useless.

We will see how it shakes out. Almost sounds too good to be true. I hope it is as advertised. Tom Longview, TX

Exactly,I have two clients where it's just paperwork to be filed away. Then I have to try to keep them from screwing up because they don't understand attorneyspeak and won't ask questions. aarrgh

In CA, probate takes about 9 months, or longer. It is wise to have an inter vivos trust (also known as Revocable Living Trust, or Family Trust) as this will avoid probate.

There is no "one size" fits everyone's situation. Every client has different circumstances, needs and preferences. There is a wide variation in probate systems from state to state. I have had several different Attorney's tell me that in my state a well written will is a good choice.

MeF accepts the current and prior 2 years for e-filing. You are correct that the e-file for 2019 was rejected because of the shutdown and will need to be paper-filed. IRS will reopen the MeF system again in late January, 2023 for the 2022 tax year. At that time, the 2020 tax year returns will be the earliest that can be e-filed (current year 2022 and two prior of 2020 and 2021).