Summary
This document is a fee schedule for Comerica Trust Services, detailing trustee compensation structures for various fiduciary arrangements including full delegated investment management, directed trusts, irrevocable life insurance trusts, special needs trusts, and estate settlement services. It sets forth asset-based tiered percentage fees, minimum account sizes (e.g., $1,000,000 for standard trusts), minimum annual fees (e.g., $4,000), and additional charges for tax preparation, illiquid assets, insurance policies, and extraordinary services. The schedule also includes important conditions such as a two-year fee requirement for illiquid assets, early termination fees, and the exclusion of co-trustee or third-party advisor fees.
Topics
Practice areas
Key quotations
“Comerica and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation.” (TRUST SERVICES CAS 11/23)
“Securities and other non-deposit investment products are not insured by the FDIC; are not deposits or other obligations of or guaranteed by Comerica Bank or any of its affiliates; and are subject to investment risks, including possible loss of principal invested.” (TRUST SERVICES CAS 11/23)
Factual background
The document is a fee schedule for trust services offered by Comerica Bank & Trust, N.A., effective November 2023. It outlines fee tiers for full fiduciary trusts with delegated investment management, directed trusts, interests in closely-held businesses, irrevocable life insurance trusts, special needs trusts, guardianships, conservatorships, and estate settlement services. The schedule includes minimum account sizes, annual minimum fees, and percentage-based fee brackets tied to asset values. It also includes important notes regarding tax return charges, early closure fees, co-trustee arrangements, insurance policy fees, and extraordinary service charges.