Legal Question in Wills and Trusts in New York

i am a heir of an estate, one of 10 and also appointed as executor. Can I choose to receive my executor fee as a disposition instead of a taxable fee?


Asked on 2/03/12, 6:05 am

3 Answers from Attorneys
David Slater David P. Slater, Esq.

No. Your commission is separate and apart from your inheritance.

Read more
Answered on 2/03/12, 8:51 am
Walter LeVine Walter D. LeVine, Esq.

I agree. Your fee/commission is taxable income, although not subject to SS.

Read more
Answered on 2/03/12, 10:06 am
Antoinette Wooten The Wooten Legal Consulting, PC

The short answer to this question is "no". An executor's fee is separate and apart from a distribution. I can appreciate the commentor's desire to minimize taxes. The executor may choose to waive his/her fee which would in fact allow that fee to go back into the estate to be distributed amongst the many beneficiaries. However, whether or not the ultimate distribution will have a tax component depends on the character of the assets. You should consult a tax, trust & estates professional, as this is not a simple question...

Marcel Florestall, Esq.

Senior Counsel

The Wooten Legal Consulting, PC

Read more
Answered on 2/03/12, 4:50 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New York