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Custodial Accounts & Custodial Agents
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Estate administration
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financial planning
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investment management agency
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trustee
CUSTODIAL ACCOUNTS AND CUSTODIAL AGENT FOR ESTATE EXECUTOR OR ADMINISTRATOR
(NON-INSTITUTIONAL)
SELF DIRECTED INDIVIDUAL RETIREMENT ACCOUNTS
Holding Unique Assets - Non-Marketable Securities as well as Marketable Securities
Annual Service Charge Based on Fair Market Value of all Assets in Account:
|
Market Value |
Annual Service Charge |
|
On the first $5,000,000 |
0.20% |
|
On the next $5,000,000 |
0.10% |
|
Over $10,000,000 |
0.05% |
Plus:
If holding Real Estate assets: $500 per year Administrative service charge per asset
If holding other unique assets*: $1,000 per year Administrative service charge per asset
*Examples of other unique assets are mortgages, promissory notes, securities of closely held companies,oil, gas mineral rights.
Minimum Annual Service Charge: $5,000
Services Provided
- Coordination of information needed for tax preparation
- Access to administrative officer
- Calculation of Required Minimum Distributions when relevant
- Collection of income and principal
- Custody of assets
- Annual statement of assets and transactions
- Tracking and analysis of corporate reorganizations and other capital changes
- Internet access to account statements and reports
- No distributions without prior written authorization
The costs for obtaining Valuation of Unique Assets will be passed through to the account or client. The IRS mandates that a fair market value indication for each nonmarketable asset held in an IRA making it the responsibility of the Trustee/Custodian of the account to ensure that the values being reported on the tax forms reflect fair market value every year.
It is the responsibility of the account owner, not the Trust Department of the Bank, to know the effects (both tax and otherwise) of any investments or distributions from an Individual Retirement Account that the Trust Department is directed to make, or when those distributions are to be made and in what amount.
Additional service charges may be charged for handling certain special assets or type of transactions, and for additional or extraordinary officer or staff time, based on the Special Management Services Service Charge Schedule.
ESTATE ADMINISTRATION
To serve as executor, administrator, personal representative or agent for executor of an estate (whether sole or co-executor), to serve as trustee in lieu of a probated estate, to serve as Trustee in a pass-through Trust established by will, or other similar fiduciary roles.
An estate settlement service charge based on the total value of the estate:
|
Market Value |
The service charge will be: |
|
On the first $400,000 |
5.0% |
|
On the next $300,000 |
3.50% |
|
On the next $300,000 |
3.0% |
| On balance between $1,000,000 and 10,000,000 |
2.5% |
|
Above $10,000,000 |
2.0% |
|
Non-Probate Assets |
1.5% |
Plus An Income Service Charge: 5% of the income receipts (not including capital gains) received during the account period.
The minimum estate settlement service charge will be: $10,000
Services included in this service charge are:
- Determination of Family needs
- Communication with Family members and beneficiaries
- Collection of assets and maintenance of inventory of assets
- Distribution of assets as appropriate, collecting refunds for prepaid services
- Review and maintenance of property insurance
- Obtaining appraisals of assets
- Review and payment of claims against the estate
- Defend the estate against improper claims
- Review and payment of taxes due
Service not included in this service charge are:
Sale of Real Estate:
- In VA the additional service charge will be 1% of the real estate value.
- For Real Estate not in VA the additional service charge will be 2%
Management and sale of closely-held companies or small businesses:
- Third party managers will be engaged to oversee and manage these assets. The hourly rate will be assessed for supervision of those third parties.
Management and sale of Mineral, Gas or Oil interests:
- Third party managers will be engaged to oversee and manage these assets. The hourly rate will be assessed for supervision of those third parties.
Court Filings:
- The additional service charge will be $1,000
Unique situations creating unusual work or risk:
- The hourly rate will be assessed for this work.
- Examples include: Inventorying personal assets, handling pets.
A Record Keeping and Custodial Service Charge:
A service charge separate from the estate settlement service charge may be assessed for accepting, holding and monitoring the assets of the estate. This service charge will be the custody service charge rate in force at the time. Services for this service charge include: collection of the income, custody of assets, investment of cash in interest bearing money market accounts, bill payment, periodic statements of assets and transactions and valuation of marketable securities.
If the circumstances in the estate require maintaining investable securities during the life of the estate, the department is responsible for managing and overseeing those investments and will therefore assess the full investment management service charge in force at the time for this level of service.
INVESTMENT MANAGEMENT AGENCY AND ADVISORY ACCOUNTS MANAGED INDIVIDUAL RETIREMENT ACCOUNTS
TRUSTEE UNDER WILL, IRREVOCABLE TRUSTEE UNDER AGREEMENT
This Service Charge Schedule is effective 7/10/20 and replaces prior schedules for our Trust and Investment Management Services. This Service Charge schedule is subject to change at any time without notice. A current published service charge schedule is available at any Chain Bridge Trust office upon request.
