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184. The following diagram is reproduced from Engel, Chapter 10, 1025.04, on page Costs. The issue becomes whether the set-up and maintenance costs associated with a FAPT are worth it to an individual, based on the individual’s own weighing of cost versus benefit. The fees and costs associated with FAPT planning do not generally vary with the size of an estate. Net worth alone is not typically a factor in fees and costs; rather, the factors include whether multiple trusts will be used in any given plan, and the number of related or underlying WCSR 7084580v1 7
entities that are to be utilized. Another variable in fees will be whether there are any major complexities associated with a client’s particular situation or planning goals. Engel in Chapter 10, 1035.01, on page 194. Robert Lowes’ article in the February 21, 2003 issue of Medical Economics (“Protect your assets before you’re sued”) indicates that it takes “$20,000 or more” to create offshore trusts and cites an author on the subject who recommends going offshore only if you have $500,000 or more in liquid assets (meaning stocks, bonds, and such, as opposed to real estate and retirement plans). An October 14, 2003 Wall Street Journal article by Rachel Emma Silverman (“Litigation Boom Spurs Efforts to Shield Assets–Doctors, Executives Turn to <strong>Trust</strong>s That Are Off-Limits to Creditors”) states that “offshore asset-protection trusts can cost anywhere from $20,000 to $50,000 to set up, plus annual administrative fees of $2,000 to $5,000 and assetmanagement fees of about 1% on the assets placed in trust.” Ms. Silverman’s article also states that “because of the high fees, asset-protection trusts generally don’t make sense unless you’re willing to put at least $1 million in them.” WCSR 7084580v1 8
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Page 124 and 125: Family Settlement Agreements in the
Page 126 and 127: 4. South Carolina Code § 62-7-111.
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Page 130 and 131: STATE OF SOUTH CAROLINA ) ) AGREEME
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Page 138 and 139: Agreement regarding distribution of
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