New land trust. Set up of a land trust of one property and one or two beneficiaries, including deed, trust, and any other documentation, including trustee's fee for first year or fraction thereof:
A Full Service Standard Land Trust setup is $500. This includes up to an hour of time with us on the phone or in our office, and with us calling title companies or lenders to smooth out the transaction when necessary. It includes preparing the Land Trust Agreement, and either a Direction to Trustee to sign closing documents or a Deed to Trustee. If you have never done a land trust and have questions about the setup and operation of the trust, or if you anticipate issues with the other parties to the transaction, you would be best served by this package.
An Extra Service Land Trust setup is $750 or more depending on the time involved. This would be a full service land trust where there are special issues or problems with the transaction or you need same day service or evening or weekend service or any special issues or problems with the transaction.
A Basic Land Trust setup is $400. This is for people who are familiar with land trusts, who do not need any telephone time with us, and we do not need to do any negotiating with the closing agent, lender, or seller. You send us the setup forms and we send you the trust and send the closing agent the necessary instructions and documentation. If you have used land trusts before and do not need to use our time on the phone, this package would cover your needs. We would answer simple questions by email for free.
Consultation on trust setup. If you have questions before deciding to set up a land trust, about creative or ordinary uses of land trusts or want an explanation of how any type of land trust transaction works, you could have a consultation either in our office or by phone. Per one-half hour: $100
Assignment from a seller or to a buyer. If you are setting up a trust in the seller's name to be assigned to you, or if you are assigning your existing trust to a buyer we prepare the assignment, two Form 56s (terminate seller, initiate buyer), explanation letter to closing agent, and provide Forms DR-228 and DR-430 with explanation for $150
Annual trustee fee for future year or fraction thereof if paid on time. Includes forwarding of tax notices and important mail and disposal of junk mail $100; if not paid within 30 days $5 per month bookkeeping fee.
Additional land trust. Set up of an additional land trust for an existing client with same parties as existing trust would be entitled to a $50 discount from normal trust setup fees above.
Additional setup fee for adding parcels to a trust $250. Only adjacent parcels of vacant land should be combined in one trust. Other properties should be in separate trusts.
Additional annual fee for additional parcel in the same trust $100
Additional setup fee for additional primary beneficiaries (more than two) in a trust $100
Amendment to Trust for simple changes to a trust $50
Receipt and forwarding of service of process (lawsuit against trust) $25
Receipt and forwarding of registered and certified mail $10
Letter to government official. If your property is in violation of some law and we receive a government notice which threatens to affect other properties of our other clients and we must write to the government agency to correct this problem there is a fee of $25 to $100 depending on the situation.
Sale of property from trust, including preparation of direction to trustee, IRS Form 56 and checking and execution of closing documents, normally $200. You should pick a closing agent who agrees in advance to comply with the trust rules and make the proceeds check to the beneficiary. If the buyer picks the closing agent and it is someone we have never worked with before, it could be $100 or $200 extra, since it takes extra time to explain to them how to comply with the trust rules.
Needing to review and have extra papers notarized after a closing package has been completed $50 to $100
Extra time negotiating or fighting with a closing agent about incorrect forms or refusing to issue check to beneficiary will be billed by the time involved. (In Miami-Dade County the buyer chooses the closing agent so there are usually problems there for sellers.)
Deeding property to beneficiary, including preparation of direction to trustee, IRS form 56 and execution of deed $150 plus recording fee.
Deeding property to Successor Trustee, including preparation of direction to trustee, IRS form 56, preparation and execution of deed, copying file and forwarding trust file to new trustee $200 plus recording fee and mailing expenses for file.
Assignment of beneficial interest, including Assignment, two form 56s (termination of seller, initiation of buyer) and Preparing form DR-228 (stamp taxes extra) $150
Assignment to spouse or your own LLC $75
Emergency fee. We can usually prepare trust papers within a couple of days and this works for most of our clients. But when a client must have something prepared the same day and we must stop everything else we are doing there is an emergency fee of $100.
Authorization letter. If you don't want to show your trust agreement when dealing with utility companies, building permits, contractors, etc., we can prepare a letter authorizing you or your agent to represent the property $35.
Signing documents. During the life of a land trust the trustee does not normally need to sign anything. Most matters can be handled by the beneficiary. We even put in our trust agreement that the beneficiary can sign listing agreements and sales contracts because too many realtors were arguing with us! But if you need, or if you prefer, for us to sign something there is a fee to cover the time. It can be as low as $25 to sign a simple form without going to a notary, or it can be $100 or $300 or more if there are loan documents that need to be carefully checked, revised, and re-checked, and then notarized.
Scheduling. Please keep in mind that we are sometimes out of town lecturing or giving seminars so it is best to contact us at least a week in advance of any closing or other transaction. You should also advise your title company to contact us in advance.
Sample of Florida Land Trust Agreement. Occasionally people contact us asking to see a copy of our trust agreement before they set up a trust with us, never intending to use our services. Therefore we charge $50 for a copy. If you use our services the $50 is a credit against fees. If not, we will also send you a copy of our 200 page book, Land Trusts in Florida.
Asset protection one-hour consultation on the best methods of asset protection, considering your specific risks and the assets you have to protect. $200
Bad check fee. If we receive a check that bounces, there is a $25 fee to send out a new invoice, plus whatever the bank charges us, plus late fees if it becomes past due.
Fees are subject to change but you are free to change trustee or close your trust at any time if you are unhappy with the new fees.
In the event of sudden monetary inflation prices will be adjusted to match inflation levels.
Note: Recording fees, documentary stamp taxes, courier charges and other costs are additional.