Services
Madigan Fiduciary serves as a connection linking you, your family members, healthcare advisors, accountants, attorneys, and other individuals within your support network. The financial services provided can range from managing household expenses to overseeing investments and trusts, while the management of personal affairs can involve oversight of coordinating daily care, housing arrangements, and addressing medical requirements. Clients have the opportunity to designate and delegate these responsibilities through various roles and capacities:
PROFESSIONAL FIDUCIARIES ARE BOUND BY ETHICAL AND LEGAL OBLIGATIONS TO ACT IN THE BEST INTEREST OF THEIR CLIENTS.
Trustee
A trustee is an individual or entity appointed to manage and administer the assets held in a trust on behalf of the trust's beneficiaries. The trustee is responsible for ensuring that the terms and instructions outlined in the trust document are carried out faithfully, prudently, and in the best interests of the beneficiaries, consistent with all applicable fiduciary duties and legal standards.
Personal Representative
The Fiduciary, appointed by the court, takes charge of managing and guiding the decedent's estate through the probate process.
Power of Attorney for Finances
A power of attorney for finances is a legal document that grants authority to an appointed agent to manage financial and property matters on behalf of the individual creating the power of attorney. The agent, also known as the attorney-in-fact, can handle various financial responsibilities, including managing bank accounts, paying bills, collecting benefits, making investment decisions, handling tax matters, and conducting other financial transactions. The scope of the agent's authority can be tailored to specific needs and can be effective immediately or upon the occurrence of a specified event, such as the incapacitation of the individual granting the power of attorney.
Advanced Helathcare Directive - Healthcare Agent (Attorney-In-Fact)
An Advance Health Care Directive is the most effective way to ensure your medical wishes are known and honored if you cannot speak for yourself. It allows you to state your preferences for medical treatment and to appoint a trusted person as your health care agent. Your agent has legal authority to make health care decisions on your behalf if you become unable to make those decisions yourself.
Professional Fiduciary Fees
Trust Administration
-
Asset value less than $1 million Billed at the Hourly Rate
-
Asset value = $1million - $5 million 1%/year of estate value
-
Asset value over $5 million 0.75%/year of estate value
Estate value will be calculated annually for estates billed at a percentage.
Asset value will be calculated annually for estates billed at a percentage. 1/12th of the estate may be billed monthly.
In addition to the annual fee, extraordinary fees may be charged for services such as, but not limited to, tax issues, real property sales and litigation. Extraordinary fees are charged at $185/hour.
Agent Under Power of Attorney/Advance Health Care Directive
-
Billed at the Hourly Rate
Hourly Rate
-
$150/hour unless otherwise governed by law or court order.
-
$185/hour for extraordinary fees may be charged for services such as, but not limited to, tax issues, real property sales and litigation.
-
Services include, but are not limited to acting as Trustee, Executor and/or Healthcare Agent, Power of Attorney, and/or other fiduciary services provided to the client.
-
Telephone calls, emails and travel time are billed at the Hourly Rate.
-
Hourly Rate does not apply to Trusts with asset value over $1 million. Those estates will be charged at a percentage (see Trust Administration)
All Accounts
-
Estate value must be at least $500,000.
-
All fees are subject to periodic adjustment. This applies to current and future matters.
-
All accounts are subject to a $4800 annual ($400 monthly) minimum.
-
Telephone calls, electronic communications, and travel time are subject to billing.
-
All time working on a matter is tracked. Fees will be billed at the greater of either the percentage fee, where applicable, or hourly fee.
Probate Administration
Fees for probate estates are statutory and are set by the California Probate Code §10800:
-
4% of the first $100,000 of the estate
-
3% of the next $100,000 of the estate
-
2% of the next $800,000 of the estate
-
1% of the next $9,000,000 of the estate
-
.5% of the next $15,000,000 of the estate
-
For an estate larger than $25,000,000, the court will determine the fee for the amount that is greater than $25,000,000.
Reimbursements and Third-Party Fees
-
The professional fiduciary will be compensated for all justifiable costs and expenses incurred while fulfilling their responsibilities at the exact rate of the cost or expense incurred.
-
Third party fees for professionals such as, but not limited to, Attorneys, CPAs, Accountants, Bookkeepers, Tax Professionals, Investors, Realtors, Property Managers and Care Managers, will be directly passed on to the client.