My mother passed 5 years ago, and set up an LLC within her estate. I am the President/Manager of this LLC, and there are 2 commercial buildings and one residence that I am managing. I am collecting a 10% fee.
My brother was the Trustee for the Estate until his passing in 2008. I am the successor Trustee. I have been essentially wearing two hats if you will, since May of 2008. Am I entitled to compensation for both? Can I collect the Trustees fee and my LLC management fee?
Asked on 11/04/10, 1:30 pm
1 Answer from Attorneys
James Smith
James E. Smith Ltd.
Although you are entitled to be reimbursed for your expenses as Trustee, you would not be able to take a fee unless the Trust provides you one by its terms unless you get Court approval.
Answered on 11/13/10, 7:09 am
