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Can you give me the citation for the Florida Supreme Court…

Can you give me the...
Can you give me the citation for the Florida Supreme Court ruling that says, "$3000 on the first $100,000 and then 3% on the next intervals of $100,000."?
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Answered in 2 minutes by:
8/23/2017
Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31,949
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist.

What is this in regard to / what are you applying this formula to?

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Customer reply replied 11 months ago
You responded some years ago to a question about reasonable trustee fees in Florida. You cited FL(###) ###-####and then said that the "Florida Supreme Court has said that a reasonable fee is $3000 on the first $100000 of assets and 3% on the remaining assets in $100000 increments." I need to know the cite for that statement.
Customer reply replied 11 months ago
Expert: Roger replied 9 years ago.
According to Florida law, trustees have an inherent equitable right to be reimbursed all expenses which they reasonably and properly incur in the execution of the trust, and it is immaterial that there are no provisions for such expenses in the instrument of trust. If a person undertakes an office for another in relation to property, he has a natural right to be reimbursed all money necessarily expended in the performance of the duty. And for losses that may accrue to himself in the proper administration of the trust. State ex rel. Smith v. Gomez, 131 Fla. 385.
Also, the Trustee should be awarded a "just and reasonable" fee for his services. Smith v. Massachusetts Mut. Life Ins. Co., 116 Fla. 390. There is no amount set by statute, but the Florida Supreme Court has said that as a general rule, the trustee should receive $ 3,000 on the first $ 100,000 and then 3 percent on the next intervals of $100,000.
Again, this is not required, but this is generally accepted as appropriate pay.This is what I read.
Customer reply replied 11 months ago
I am requesting Trustee fees for a trustee - now deceased - for a trust with assets of $947,450 and the Successor Trustee is requesting the cite for the Supreme Court case you referenced in your above quoted answer to a question regarding Trustee Fees.
Obviously, that's been nearly a decade ago and I don't recall the research, and I can't say whether the law has changed any or not. Have you read the cited case?
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Customer reply replied 11 months ago
No. I can't do that until you provide me with the cite.

Unfortunately, I am traveling and cannot research the issue to see the current state of the law on this issue whether it has changed, etc. However, my assumption -- based on your post of my response -- is that the court has approved this scheme in the past. But, that doesn't mean that is the default calculation. Instead, the law allows for a reasonable fee -- but doesn't get into what is reasonable.

I'll opt out so someone who is in a position to research the issue can do so.

Good luck.

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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,253
Experience: 30 years in civil, probate, real estate, elder law
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Ray here a new expert.

Here are the cases on the subject

http://www.florida-probate-lawyer.com/probate/trustees-fee/

You argue this is analogous to Florida executor fees

According to 2014 Florida Statutes, "reasonable compensation" for an executor involved in formal administration of an estate is as follows: 3 percent for the first $1 million of an estate's value, 2.5 percent from $1 million to $5 million, 2 percent from $5 mission to $10 million, and 1.5 percent for anything above $10 million.

This is a good argument here, you can show the amount of work you have done including managing properties, selling them, preparing accountings, and other trust related business.

An itemized item sheet of dates, hours spent, and what you did is a great record for the court to base an approval here as reasonable and necessary, especially if challenged by the beneficiaries.

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Under §736.0708(1) trustees are entitled to “reasonable compensation.” The most comprehensive Florida case that gives guidance on reasonable compensation for a trustee is West Coast Hospital Assoc. v. Florida National Bank, 100 So.2d 807, 811 (Fla. 1958) where the court stated that the following factors determine a reasonable fee:

The following factors may be influential in enabling the court to reach a conclusion as to the appropriate amount of pay which should be granted the trustee in a given case: The amount of capital and income received and disbursed by the trustee; the wages or salary customarily granted to agents or servants for performing like work in the community; the success or failure of the administration of the trustee; any unusual skill or experience which the trustee in question may have brought to his work; the fidelity or disloyalty displayed by the trustee; the amount of risk and responsibility assumed; the time consumed in carrying out the trust; the custom in the community as to allowances to trustees by settlors or courts and as to charges exacted by trust companies and banks; the character of the work done in the course of administration, whether routine or involving skill and judgment; any estimate which the trustee has given of the value of his own services; payments made by the cestuis to the trustee and intended to be applied toward his compensation."

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Customer reply replied 11 months ago
Thank you.

You are so welcome thanks for rating 5 stars at top of page.

Ray
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Experience: 30 years in civil, probate, real estate, elder law
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