My cousin's cpa is the executor of her estate. What percent can he claim of her estate when she dies?
Asked on 1/02/11, 12:59 pm
2 Answers from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
In NJ, executor's fees are set by statute. The fee will depend on the value of the estate [it is a sliding percentage].
Answered on 1/07/11, 1:11 pm
Walter LeVine
Walter D. LeVine, Esq.
NJ Statutes provide that an Executor may charge the following fees:
a. 6% on all estate income;
b. 5% of the estate up to $200,000;
c. 3.5% on excess above $200,000 up to $1,000,000;
d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine.
While the law allows this, the NJ Inheritance Tax Department may not recognize all of the statutory fees if taxes are involved and the estate is relatively simple. This might require a Court proceeding for a final allowance.
Answered on 1/08/11, 10:00 am
