by Attorney Karl M. Rice
Q. Are attorneys and accountants more expensive?
A. Often, no. The companies which are not attorneys or accountants may seem less expensive, at first glance, but may actually cost as much or more than an attorney or an accountant. Watch out for hidden costs! Most of the non-attorney or non-accountant services keep the interest on any funds held in trust or escrow. Attorneys do not do this, and are not allowed to do this by law. One service I found through the Internet charges a fee of $700.00, which sounds reasonable, but also keeps the interest on any funds up to $500,000.00, and on funds over $500,000.00 it keeps the interest for 30 days! This could amount to $1,600.00 or more! This same company advertises on the Internet that "there are no other hidden or extra fees." In most, if not all, cases you can find an attorney or an accountant who will give you professional advice, help you decide if an exchange makes sense for you, structure your transaction, and make sure it is done right, at a cost which is very competitive. Rice & Stallknecht, P.C. would be honored to assist you.
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