TRUST SERVICES
Our Trust Services are here to help you develop long-term financial security. West Milton State Bank wants to help our neighbors secure their financial future today, which is why we offer a variety of investment and planning services.
Designed to help our customers lay the groundwork needed to build long-term financial security, West Milton State Bank’s Trust Division offers estate, investment, and retirement planning services with products ranging from life and long-term care insurance to pension and IRA rollovers.
Fiduciary Services
Estate Settlement Probate assets, fee based on inheritance tax value
First $250,000...............................................5%
Next $500,000...............................................4%
Next $500,000...............................................3%
Balance..........................................................2%
Non-probate assets.....................................1% of value
Income earned during administration......5%
Minimum principal fee..................................$1,000
Agencies, Power of Attorney, Trust Administration, & Custody
Fee based on market value
First $500,000................................................$6 per $1,000
Next $500,000................................................$5 per $1,000
Next $1,000,000.............................................$4 per $1,000
Balance............................................................$3 per $1,000
Minimum annual fee.....................................$500
Guardianships* Fee based on market value
First $500,000.................................................$6 per $1,000
Next $500,000.................................................$5 per $1,000
Next $1,000,000..............................................$4 per $1,000
Balance.............................................................$3 per $1,000
Minimum annual fee.......................................$500
*Upon termination of the Guardianship, a fee not to exceed 5% of all principal distributions will be charged after reductions for principal fee received during the period of service.
Other
Tax letter............................................................$40
1041 tax return..................................................$75
1040 individual return for guardianship account $75
Retirement & Pension Services
Pension & Profit Sharing Fee based on market value
First $500,000.................................................$6.50 per $1,000
Next $500,000.................................................$5.50 per $1,000
Next $1,000,000..............................................$4 per $1,000
Next $3,000,000..............................................$3 per $1,000
Balance.............................................................$2 per $1,000
Minimum annual fee.......................................$500
Employee benefit statements per employee, per statement $15
401(k) setup fee, per participant...................$5
401(k) loan fee, per participan .....................$50
401(k) loan fee, per distribution....................$50
401(k) hardship distribution...........................$50
5500 Tax Form
100 participants or less...................................$100
100 participants+ Fee based on time to complete
Staff (per hour fee)............................................$50
Officer (per hour fee).........................................$75
Self-Directed IRA
First $200,000....................................................$5 per $1,000
Next $200,000....................................................$4 per $1,000
Next $200,000....................................................$3 per $1,000
Next $300,000....................................................$2 per $1,000
Balance................................................................$1 per $1,000
Minimum annual fee..........................................$100
Additional Service Charges
Because of the work performed and responsibilities assumed, certain services involve charges in addition to those listed (examples below). Fees are set on the requirements of the individual circumstances and are approved by the West Milton State Bank Trust Committee. Examples include:
