[MRM]

Of course they are. You want someone with specialized knowledge above and beyond what regular lawyers know, that can save you hundreds of thousands on an estate worth something less than a million (one meeeelion dollars) and you think the expertise you retain isn't going to be expensive?

But seriously, if your estate is worth a million or less you're not going to be hit with any estate taxes so why worry about it? You don't need to do anything fancy to avoid taxes because you won't pay any (because you're dead) and your heirs won't pay any because you're under the threshold.

As for long term care coverage, there it gets a little tricky. There's a three year look back so regardless if whether you put the money in a trust, bank account or give it away, the state will claw it back if you go into a nursing home within three years if you doing whatever you do to protect your assets. So the basic idea is usually to put it in an irrevocable trust and buy long term care insurance for three years to sit out the look back period.

But again, with a million dollar estate I question why you need to do anything fancy. Hugh's experience probably has more to do with the personalities involved than whether the estate was in a trust or will.

However, you do need a healthcare power of attorney so someone can make decisions for you when you are too sick to make them on your own. That's a simple form that costs hardly anything extra over and above the cost of the will or trust.

Finally, not all wills need to be probated. Only real property or assets over a certain level need to be probated. So without a large estate the value of a trust is again diminished. Talk to someone who does only estate planning in your state and they'll set you straight.

For what it's worth, I have a simple will with a health care directive. It cost about five hundred bucks fifteen years ago. The lawyer I used wanted me to do a trust for something like $2,500. I figured my heirs could pay the extra in probate. Now I need to redo everything since we're older and life has progressed, and I'm doubly glad we didn't do a trust. I won't do one this time around either.