SimplyTrust Knowledge Base

A: When you hire an attorney to set up a trust, you’re usually paying for their time. That means the drafting of a legal document (or documents) reflecting your goals. The documents may include related estate planning documents like a pour-over will, power of attorney, and healthcare directive.The cost of attorney fees for establishing trusts varies based on location, the complexity of your estate, and how much customization you need. But here are some rough figures:National averages show that setting up a basic revocable living trust with an attorney typically costs between $1,200 and $3,000. For a simple trust in a lower-cost region, fees might be as low as $900 to $1,200. For a highly customized trust in a metro area, fees can range from $4,000 to $7,000 or more.

A: Nevada is a "trust-friendly" state. One major reason is its tax structure. Nevada has no state income tax, and it also imposes no state estate or inheritance tax.

A: Nebraska inheritance tax is a tax on beneficiaries, not by the estate itself. The rate and exemption depend on how closely the beneficiary was related to the person who passed.

A: An estate tax is a tax on the estate itself before assets go to heirs. The state once had a state estate tax, but it applied only to people who passed away before January 1, 2007. After that date, the statute that created the tax simply stopped applying, so the state no longer collects it. Today, when people talk about estate tax in Nebraska, they're usually referring to two different things that can still show up: federal estate tax and the state inheritance tax.