In order to ensure successful implementation of the Restricted Property Trust prior to December 31st, 2019, we have prepared the following information to include deadlines, plan setup fees, and ongoing costs.
2019 Restricted Property Trust Important Deadlines
- November 29, 2019 – Medical Offers Must Be Obtained
- December 6, 2019 – Law Firm Must Be Retained to Draft Trust
It is important to recognize that in order to obtain medical offers prior to November 29th, 2019, the participant must agree to completing an application and paramedical examination. In some cases, we will need to request medical records from the participants physician(s). This process can take 2 to 6 weeks. As a result, the underwriting process should begin no later than October 15, 2019.
2019 Restricted Property Trust Plan Setup Fees & Ongoing Costs
Restricted Property Trust Plan Setup Legal Fees
- The legal setup fee is $7,500 plus $1,000 per participant.1
- Legal fees paid between January 1, 2019 and November 29, 2019 will receive a $1,500 discount
1 The fees reflect standard fees. Fees may increase based on complexity and customization.
Restricted Property Trust Trustee Fees & Ongoing Costs
- The trustee setup fee is $2,000 plus $500 per policy.2
- Trustee fees paid between January 1, 2019 and December 13, 2019 will receive a $500 discount.
- Ongoing trustee fees are currently $500 per policy.
2 The trustee fee is paid when the trust is funded. All new trusts funding in the last two weeks of the year will not receive the discount.
The only ongoing cost of the Restricted Property Trust after Year 1 is the Trustee Fee of $500 per policy. However, if you wish to engage the law firm on an ongoing basis there will be additional legal fees incurred.
For any additional questions please email us at firstname.lastname@example.org.